Glendale real estate investment trust PS Business Parks Inc. outperformed Wall Street’s estimates on quarterly and yearly earnings.

For the period ended Dec. 31, PS Business Parks (PSB) reported adjusted funds from operations, a metric used by REITs, of $48.4 million ($1.39 a share), compared to $45 million ($1.31 a share) for the same period a year ago. The REIT also reported fourth-quarter revenue of $98 million, an increase from $94 million for the year-ago quarter.

That exceeded the 32 cents a share on revenue of $96 million expected by the one analyst covering the company, according to Thomson Financial Network.

For the year ended Dec. 31, 2016, the REIT said its adjusted funds from operations were $189 million ($5.44 a share) compared to $167 million ($4.83 a share) for the prior year. That also outpaced analysts’ estimates of full-year earnings of $2.62 a share.

The adjusted figures excluded non-cash distributions, a lease buyout payment, costs relating to an acquisition and a non-cash stock compensation charge, PS Business Parks said.

Full-year revenue was $383 million, up from $367 million for the prior year.

In February, the board of directors widened its quarterly dividend by more than 13 percent to 85 cents a common share.

While the company’s business model is focused on industrial and office buildings, PS Business Parks said in its financial report that it’s entitling an apartment complex in Tyson, Va. for development on the site currently occupied by a 123,000-square-foot building.

As of Dec. 31, PS Business Parks owned about 28 million square feet in 99 business parks in six states. The majority of its space is industrial and in California and Texas.

The company reported its financials after market close Tuesday. Shares closed Wednesday down $1.78, or 1.5 percent, to $115.19 on the New York Stock Exchange.