Public Storage, PS Business Parks Report Quarterly Growth

Two Glendale real estate investment trusts reported improved results in first-quarter earnings this week. PS Business Parks Inc., a real estate investment trust that owns industrial and office properties, reported funds from operations, a metric used by REITs to define cash flow from operations, of $43.7 million ($1.26 a share), for the period ended March 31, an increase from the same year-ago period amount of $39 million ($1.13 a share). Revenue was up 4.8 percent to $94 million. Public Storage, also a REIT, said funds from operations increased to $364 million ($2.10 a share), compared to $331 million ($1.91) a year ago. Net income rose to $241.3 million ($1.39 a share), compared to $212.6 million ($1.23). Revenue was up 6.5 percent to $507 million. Both REITs reported results after market close on Tuesday. Shares of Public Storage closed Thursday up 80 cents, or less than a percent to $249.01 on the New York Stock Exchange. PS Business Parks closed Thursday up 42 cents, or less than a percent to $96.85 on the New York Stock Exchange.