Earnings Soar at PS Business Parks

PS Business Parks Inc. reported net income allocable to shareholders more than doubled to $16.9 million or $0.77 per diluted share on revenues of $56.2 million for the three months ended Dec. 31, 2004. For the comparable period last year, the Glendale-based company reported net income of $6.7 million or $0.31 per diluted share on revenues of $49.7 million. For the full year, PS Business Parks said its earnings were $29.1 million or $1.33 per share on revenues of $219.1 million. That compares with net income of $33.3 million or $1.54 per share on revenues of $194.7 million for the year ended Dec. 31, 2003.