PS Business Parks Posts Positive Results

The narrow focus of real estate investment trust PS Business Parks has proven to be a winner with the company posting a 21 percent gain in net income for the second quarter of 2008. Glendale-based PS earned $4.6 million, or $0.22 per diluted share, on revenues of $70.1 million for the period ending June 30, compared to $3.8 million on revenues of $67.5 million for the same period in 2007. The company’s stock (AMEX:PSB) ended the day on a positive note as well, with the stock closing up a little less than one percent, at $53.55. The board of directors also said they would be paying a quarterly dividend of $0.44 per common share.