PS Business Parks (PSB) Tops Q4 EPS by 31c

PS Business Parks (NYSE: PSB) reported Q4 EPS of $1.00, $0.31 better than the analyst estimate of $0.69.

“We are extremely pleased to report strong operating results for the fourth quarter, a satisfying end to a great year of performance for PS Business Parks,” said President and Chief Executive Officer Maria Hawthorne. “Same Park cash NOI was up 6.6% in the fourth quarter and 5.5% for the full year 2019, and notably we were able to achieve this growth while maintaining our disciplined approach to managing capital expenses. For the year, we achieved total portfolio cash rental rate growth of 8.3% while containing transaction cost capital to just 5.6% of total rents, an extraordinary display of our dedicated in-house leasing and property management teams’ ability to execute throughout our markets.

“We are also very pleased with our recent acquisitions, including a 1031 exchange that we wrapped up just after year end. We sold Metro Park IV, a government occupied single-tenant property in Montgomery County, Maryland, and redeployed the sale proceeds into two parks in California which are both bolt-on acquisitions to our existing portfolios. With this sale, we have completed the disposition of the three suburban Maryland parks that we announced early in 2019, and we are confident that the acquired parks will be great assets for us.

“As we look ahead, we entered the year with positive momentum and are planning for another strong year in 2020. Fundamentals of our Same Park portfolio remain strong, our recent acquisitions are poised to stabilize favorably, and our fortress balance sheet remains positioned for growth as we continue to seek accretive acquisition opportunities in nearly all of our markets. Additionally, we intend to commence construction on the next phase of multifamily development at The Mile in Tysons, Virginia, in mid-2020, and we also intend to develop two multi-tenant industrial buildings on excess land parcels at existing parks in our Dallas and Seattle markets. On all fronts, 2020 is shaping up to be another terrific year for PSB.”

For earnings history and earnings-related data on PS Business Parks (PSB) click here.

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