Ps Business Stock Price, News & Analysis

PS Business Parks, Inc. (NYSE:PSB) plans to release its first quarter 2021 earnings on April 27, 2021, after market close. A conference call is set for April 28, 2021, at 10:00 a.m. PDT to discuss the results. The company, part of the S&P SmallCap 400, holds 27.8 million rentable square feet across six states and maintains a 95.0% interest in a 395-unit apartment complex. It also has a 98.2% stake in a developing 411-unit multifamily project. More details are available on their website.

PS Business Parks, Inc. (NYSE:PSB) has appointed Dan “Mac” Chandler, III as President and CEO, effective April 5, 2021. Chandler brings over 22 years of experience from Regency Centers Corporation, where he served as Executive Vice President and Chief Investment Officer. John W. Petersen will continue as Executive Vice President and COO after serving as interim CEO. The chairman expressed optimism about Chandler's leadership, emphasizing his extensive real estate investment experience. PS Business Parks is a REIT focused on commercial properties, owning 27.7 million rentable square feet across six states.

PS Business Parks reported its financial results for the year ended December 31, 2020. The company achieved a net income of $124.6 million, or $4.52 per diluted share, while net operating income (NOI) for the same park portfolio was $270.8 million, a decrease of 0.6% year-over-year. Cash NOI was $267.4 million, reflecting a 0.9% decline. The decline was attributed to lower occupancy rates, which averaged 92.4% in 2020 compared to 94.5% in 2019, compounded by $2.4 million in rent deferrals due to COVID-19.

PS Business Parks, Inc. (NYSE:PSB) will announce its fourth quarter 2020 earnings on February 22, 2021. A conference call is scheduled for February 23, 2021, at 10:00 a.m. PST to discuss the results, accessible via a toll-free number and live webcast. The Company is a member of the S&P SmallCap 400 and operates primarily in the commercial real estate sector, managing 27.5 million rentable square feet across six states, serving around 5,000 commercial customers, and retaining a 95.0% interest in a 395-unit apartment complex.

PS Business Parks, Inc. (NYSE:PSB) announced tax treatment for its 2020 dividends, stating that 100% of distributions for common and preferred stock were classified as ordinary income. No capital gain distributions were declared, and the dividends do not qualify as net capital gains. However, they are considered qualified REIT dividends under the Tax Cuts and Jobs Act provisions for non-corporate shareholders. This information is subject to adjustment and aims to assist in distributing Forms 1099. PSB owned 27.7 million rentable square feet and had a significant presence in the real estate market.

PS Business Parks (NYSE:PSB) reported its operating results for the three and nine months ended September 30, 2020, revealing net income of $30.6 million and $97.7 million, respectively. The company acquired a 246,000 square foot industrial park in Alexandria, Virginia for $46.3 million. Net Operating Income (NOI) from Same Park properties decreased by 0.3% for the quarter but increased by 0.2% year-to-date. The impact of COVID-19 was evident, with rent deferrals totaling $5.5 million and abatements of $1.2 million affecting financial results.

PS Business Parks, Inc. (NYSE:PSB) will release its third quarter earnings on October 28, 2020, after market close. A conference call to discuss these results is scheduled for October 29, 2020, at 10:00 a.m. PDT. With a strong presence in commercial real estate, the company owns 27.5 million rentable square feet across six states and serves around 5,000 customers. The company holds a 95.0% interest in a 395-unit apartment complex, highlighting its diversified portfolio.