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PS Business Parks, Inc. Reports Results for the Quarter and Year Ended December 31, 2020

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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 $26.9 million, or $0.98 per diluted common share, and $124.6 million, or $4.52 per diluted common share, respectively. Net operating income (“NOI”) attributable to the Company’s Same Park portfolio (defined below) was $68.0 million and $270.8 million for the three months and year ended December 31, 2020, respectively, representing decreases of 3.0% and 0.6% over the same periods in 2019, respectively.

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 $69.2 million and $267.4 million for the three months and year ended December 31, 2020, respectively, representing decreases of 0.5% and 0.9% over the same periods in 2019, respectively. The decrease in Same Park Cash NOI for the three months ended December 31, 2020 was primarily driven by lower weighted average occupancy in the fourth quarter of 2020, which was 92.0% versus 94.4% in the fourth quarter of 2019. The decrease in Same Park Cash NOI for the year ended December 31, 2020 was primarily driven by lower weighted average occupancy, which was 92.4% in 2020 versus 94.5% in 2019, and $2.4 million of rent deferrals, net of repayments and $1.3 million of rent abatement granted to customers as a result of the COVID-19 pandemic. The Company noted that Same Park Cash Rental Income per occupied square foot increased by 2.4% during the year, from $15.65 in 2019 to $16.03 in 2020. Excluding the effect of the aforementioned rent deferrals and rent abatement, Same Park Cash Rental Income per occupied square foot increased 3.4%, from $15.65 in 2019 to $16.18 in 2020.

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

 

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