PS Business Parks Reports Big Increase

PS Business Parks Inc. (PSB) in Glendale surpassed Wall Street’s expectations on both earnings and revenue in its third quarter. For the period ended Sept. 30, the real estate investment trust and owner of industrial and office properties reported that its adjusted funds from operations, a metric used by REITs, grew to $49.6 million ($1.43 a share), up from $41.4 million ($1.20 a share) in the same period a year ago. Analysts predicted $1.40 a share. Revenue was $97.3 million, up from $93.5 million a year ago. Analysts forecasted revenue of $96 million. The company reported its financial after market close Tuesday. Shares closed Wednesday up 41 cents, or a fraction of a percent, to $109.64 on the New York Stock Exchange.