PS Business Parks Beats Expectations

Glendale’s self-storage developer PS Business Parks Inc. (PSB) reported first-quarter earnings that surpassed an analyst’s expectations. For the quarter ended March 31, the real estate investment trust said funds from operations (a metric used by REITS) were $53 million ($1.52 a share), up from $44 million ($1.26 a share) for the same period a year earlier. The one analyst who covered the company over the quarter estimated earnings at only 61 cents a share, according to Thomson Financial Network. Revenue was just over $100 million, up from $96 million a year earlier. The analyst expected revenue of $96 million. The company reported its financials on Tuesday. Shares on Wednesday closed up less than 1 percent to $122.60 on the New York Stock Exchange.