PS Business Parks, Inc. Reports Results for the Quarter and Year Ended December 31, 2020
PS Business Parks, Inc. (NYSE:PSB) reported operating results for the quarter and year ended December 31, 2020.
Operating Results for the Three Months and Year Ended December 31, 2020
Net income allocable to common shareholders for the three months and year ended December 31, 2020 was
The Company also reports NOI on a cash basis, which excludes non-cash rental income such as amortization of deferred rent receivable and other non-cash items, and also excludes rents that have been deferred or abated during the period. Same Park Cash NOI was
Further detail on the change in Same Park rental income for the three months and years ended December 31, 2020 and 2019 are provided in the table below (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
For The Three Months |
|
|
|
|
For The Years |
|
|
|
||||||||||||||
|
|
Ended December 31, |
|
|
|
|
Ended December 31, |
|
|
|
||||||||||||||
|
|
2020 |
|
2019 |
|
Change |
|
2020 |
|
2019 |
|
Change |
||||||||||||
Rental income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Base rental income |
|
$ |
73,091 |
|
|
$ |
74,597 |
|
|
$ |
(1,506 |
) |
|
$ |
292,729 |
|
|
$ |
289,361 |
|
|
$ |
3,368 |
|
Expense recovery income |
|
|
22,590 |
|
|
|
21,879 |
|
|
|
711 |
|
|
|
90,225 |
|
|
|
88,523 |
|
|
|
1,702 |
|
Lease buyout income |
|
|
393 |
|
|
|
232 |
|
|
|
161 |
|
|
|
1,199 |
|
|
|
1,373 |
|
|
|
(174 |
) |
Rent receivable write-off |
|
|
(91 |
) |
|
|
(190 |
) |
|
|
99 |
|
PSB
NYSE:PSBPSB RankingsPSB Latest NewsJul 22, 2022
Public Storage Announces $2.3 Billion Special Dividend Related to PS Business Parks Merger Consideration
Jul 15, 2022
PS Business Parks, Inc. Stockholders Approve Acquisition by Affiliates of Blackstone Real Estate
Jul 13, 2022
Public Storage to Release Second Quarter 2022 Earnings Results and Host Quarterly Conference Call
Jun 30, 2022
Public Storage Releases 2022 Sustainability Report
PSB Stock Data
5.18B
20.16M
27.25%
78.17%
2.74%
Other Financial Vehicles
Finance and Insurance
United States
Glendale
About PSBPS Business Parks, Inc., a member of the S&P MidCap 400, is a REIT that acquires, develops, owns, and operates commercial properties, primarily multi-tenant industrial, flex, and office space. As of December 31, 2020, the Company wholly owned 27.7 million rentable square feet with approximately 5,000 commercial customers in six states. The Company also held a 95.0% interest in a 395-unit apartment complex and a 98.2% interest in an entity developing a 411-unit multifamily apartment complex.
|