PS Business Parks Inc. posted first quarter revenue that beat analyst estimates, while funds from operations were hit by a secondary offering.
The Glendale real estate investment trust late Monday reported FFO of $42 million ($1.22 a share) in the quarter ended March 31, compared to $39.1 million ($1.23) in the same period a year earlier. Revenue increased about 8 percent to $95.3 million.
FFO is a key REIT metric that adds amortization and depreciation expenses back into net income to get a better picture of cash flow.
Analysts on average expected FFO of $1.22 a share on revenue of $93 million, according to Thomson Financial.
The company said the decrease in FFO per share was due to an increase in shares outstanding as a result of a November equity offering.
PS Business Parks develops and operates multi-tenant flex, office and industrial properties. As of March 31, the company owned 29.7 million rentable square feet with approximately 5,100 customers located in eight states.
Also, the company declared a quarterly dividend of 50 cents a share, payable on June 30 to shareholders of record on June 13.
Shares closed down 60 cents, or a fraction of a percent, to $84.93 to the New York Stock Exchange.
A multinational company that provides business-security systems has opened an 18,000 square foot office in Burbank.
Tyco Integrated Security LLC will house some 132 employees focused on sales, operations, installation, service and administration in the 104 East Graham Place office.
The business, a unit Tyco International Ltd. of Switzerland, signed a 65-month lease for the space valued at more than $2.2 million.
Tyco relocates from Chatsworth, where it shared about 30,000 square feet with alarm company ADT Corp. of Boca Raton, Fla.
“The southern California market is one in which we’ve seen consistent growth across several industries over the years,” said Angel Guerrero, Southern California area operations support manager, in a statement.