10 Year Financial Data of PS Business Parks, Inc. (PSB)

81.45 (1y: +22%)

Market Cap	2.02 B	P/E(ttm)	79.90
Enterprise Value	3.34 B	P/B	3.53

PSB- NYSE (USA)
PS Business Parks, Inc.

Currently 1/5

Business Predictability Rank: 1-Star
Back Testing Results:
Average gain of all 1-Star stocks: 1.1% per year.
% of Stocks that are in still loss if held for 10yrs: 45%.
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$81.45

6 Medium Warning Signs 2 Good Signs

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Annual Rates (per share)	10 yrs*	5 yrs*	12 months*
Revenue Growth (%)	3.9	0.6	13.7
EBITDA Growth (%)	2.9	-0.2	15.1
Free Cash Flow Growth (%)	0	0	0
Book Value Growth (%)	3.9	0.5	24.4

*12-month growth rate is calculated with the per share revenue (EBITDA, FCF, earnings) of the last 12 months over the per share revenue (EBITDA, FCF, earnings) over the previous 12 months. 5-year and 10-year growth rates are calculated with least-square regression based on the 5-year and 10-year numbers.

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See this page for the explanation of the data and charts * All numbers are in millions except for per share data

Per Share Data	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Revenue per Share ($)	9.18	9.98	10.00	11.22	12.55	13.75	12.28	11.31	12.13	14.27	14.40	3.50	3.53	3.58	3.67	3.62
EBITDA per Share	6.47	6.87	6.80	7.44	8.28	9.07	8.13	7.24	7.70	9.22	9.29	2.25	2.29	2.29	2.40	2.31
Free Cashflow per Share	-8.65	3.53	4.04	-0.59	0.12	7.46	6.78	-6.43	-6.73	4.17	4.08	1.84	1.38	-0.04	0.99	1.75
Earnings per Share ($)	1.54	1.33	1.47	0.77	0.82	1.13	2.68	1.58	2.12	0.81	1.02	0.14	0.06	0.21	0.40	0.35
Dividends Per Share	1.16	1.16	1.16	1.16	1.61	1.76	1.76	1.76	1.76	1.76	1.76	0.44	0.44	0.44	0.44	0.44
Book Value per Share	23.29	23.05	22.71	22.30	20.31	20.06	26.65	24.10	23.60	23.05	22.86	23.74	23.26	23.00	23.01	22.86
Month End Stock Price	41.26	45.10	49.20	72.32	52.55	44.66	50.05	55.72	55.43	64.98	78.92	65.54	67.72	66.82	64.98	78.92
Ratios	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Return on Equity %	7.30	6.10	6.90	6.10	5.90	6.20	6.30	7.10	8.00	6.20	5.60	6.80	6.80	6.00	6.40	5.60
Return on Assets %	3.60	4.60	5.10	4.40	4.50	4.80	4.90	5.30	4.40	4.10	4.40	4.00	4.40	4.00	4.40	4.40
Return on Capital - Joel Greenblatt %	6.00	6.10	7.00	5.80	5.70	6.40	7.40	6.50	5.20	5.70	5.60	5.20	5.60	5.60	6.00	5.60
Debt to Equity	0.40	0.01	0.02	0.06	0.05	0.11	0.04	0.12	0.61	0.32	0.22	0.52	0.39	0.33	0.32	0.22

Gross Margin %	72.70	70.30	70.10	69.30	68.90	68.90	68.40	67.60	66.40	67.10	66.70	66.80	67.70	66.40	67.60	66.70
Operating Margin %	40.60	35.20	32.80	30.80	29.70	30.90	35.00	35.80	35.10	33.10	33.50	32.00	33.20	33.00	33.90	33.50
Net Margin %	24.80	28.40	34.20	26.60	25.30	24.60	28.40	30.60	31.50	25.70	25.40	24.40	26.50	25.40	26.30	25.40

Days Sales Outstanding	27.30	29.20	35.30	35.40	32.50	30.40	--	33.20	3.90	5.00	6.50	4.40	5.70	4.60	4.80	6.50

Debt to Revenue	1.34	0.05	0.12	0.28	0.22	0.42	0.20	0.52	2.40	1.35	3.85	7.51	6.08	5.52	5.24	3.85
COGS to Revenue	0.27	0.30	0.30	0.31	0.31	0.31	0.32	0.32	0.34	0.33	0.33	0.33	0.32	0.34	0.32	0.33
Interest Exp. to Revenue %	-1.46	-1.21	1.62	1.77	0.36	-0.88	-1.11	-1.15	-1.75	-5.87	-5.15	-6.25	-5.98	-5.89	-5.38	-5.15

Asset Turnover	0.15	0.16	0.15	0.17	0.18	0.19	0.17	0.17	0.14	0.16	0.04	0.04	0.04	0.04	0.04	0.04
Buyback Ratio	-15.50	-11.20	-2.60	-2.10	-2.10	--	-182	--	--	--	--	--	--	--	--	--
Dividend Payout Ratio	0.51	0.41	0.34	0.39	0.51	0.52	0.51	0.51	0.46	0.48	0.48	0.52	0.47	0.48	0.46	0.48
Income Statement	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Revenue	198	219	220	243	271	284	272	279	299	347	351	84.89	85.79	87.18	89.38	88.28
Cost of Goods Sold	54.06	64.97	65.81	74.67	84.36	88.44	85.91	90.53	100	114	115	28.17	27.72	29.29	28.98	29.38
Gross Profit	144	154	154	168	187	196	186	189	198	233	235	56.72	58.07	57.89	60.40	58.89

Selling, General, &Admin. Expense	4.68	4.63	5.84	7.05	7.92	8.10	6.20	9.65	9.04	8.92	9.05	2.27	2.41	2.24	1.99	2.40
Earnings Before DDA	139	151	150	161	179	187	180	179	189	224	226	54.45	55.70	55.65	58.41	56.50

Depreciation, Depletion and Amortization	59.11	73.79	77.42	86.24	98.52	99.59	84.82	78.58	84.68	109	109	27.30	27.24	26.88	28.07	26.96

Operating Income	80.36	77.14	72.31	74.91	80.70	87.84	95.04	100	105	115	117	27.15	28.46	28.76	30.34	29.53
Interest Income/Expense	-2.89	-2.65	3.56	4.30	0.97	-2.50	-3.02	-3.20	-5.23	-20.38	-19.62	-5.31	-5.13	-5.14	-4.80	-4.55
Net Income	49.10	62.14	75.29	64.58	68.67	70.04	77.18	85.33	94.09	89.08	90.81	20.70	22.71	22.14	23.54	22.42

Preferred dividends	15.78	33.02	43.01	47.93	50.94	-50.86	17.44	46.21	41.80	69.14	65.80	17.19	21.26	16.94	13.75	13.85
Earnings per Share ($)	1.54	1.33	1.47	0.77	0.82	1.13	2.68	1.58	2.12	0.81	1.02	0.14	0.06	0.21	0.40	0.35
Total Shares Outstanding	21.57	21.96	22.02	21.65	21.63	20.66	22.13	24.69	24.60	24.32	24.41	24.24	24.32	24.35	24.37	24.41
Balance Sheet	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Cash and cash equivalents	5.81	39.69	200	66.28	35.04	55.02	208	5.07	4.98	12.88	8.06	6.06	3.04	160	12.88	8.06
Accounts Receivable	14.81	17.55	21.33	23.53	24.17	23.69	--	25.40	3.20	4.75	6.26	4.11	5.42	4.42	4.75	6.26
Other Current Assets	-20.62	-57.24	-222	-89.82	-59.21	-78.70	--	-0.00	--	0.00	25.94	-0.00	0.00	--	0.00	25.94
Total Current Assets	--	--	--	--	--	--	208	30.47	8.18	17.64	40.25	10.17	8.45	164	17.64	40.25

Property, Plant and Equipment	1,336	1,304	1,233	1,361	1,447	1,374	1,326	1,577	2,091	2,093	2,076	2,075	2,065	2,094	2,093	2,076
Intangible Assets	0.08	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--
Other Long Term Assets	22.50	60.29	231	102	69.67	94.94	30.96	13.13	39.75	41.19	10.63	36.99	39.88	42.93	41.19	10.63
Total Assets	1,359	1,364	1,464	1,463	1,517	1,469	1,565	1,621	2,139	2,152	2,127	2,122	2,113	2,301	2,152	2,127

Accounts Payable	35.70	38.45	39.13	42.39	51.06	46.43	46.30	53.42	60.94	69.45	66.15	65.19	68.35	73.66	69.45	66.15
Current Portion of Long-Term Debt	--	--	--	--	--	59.31	52.89	--	--	--	--	--	--	--	--	--
Other Current Liabilities	-35.70	-38.45	-39.13	-42.39	-51.06	-106	--	--	--	--	--	--	--	--	--	--
Total Current Liabilities	--	--	--	--	--	--	99.19	53.42	60.94	69.45	66.15	65.19	68.35	73.66	69.45	66.15

Long-Term Debt	265	11.37	25.89	67.05	60.73	59.31	--	145	717	468	340	638	522	481	468	340
Other Long-Term Liabilities	423	335	344	341	300	289	250	230	181	169	168	179	170	301	169	168
Total Liabilities	688	347	370	408	361	349	349	428	959	706	574	882	760	856	706	574

Common Stock	0.22	0.22	0.22	0.21	0.21	0.20	0.24	0.25	0.24	0.24	0.24	0.24	0.24	0.24	0.24	0.24
Preferred Stock	169	511	593	573	716	706	626	599	599	885	995	664	787	885	885	995
Retained Earnings	81.70	85.55	92.51	84.44	67.86	50.77	41.00	36.85	46.10	23.36	21.23	38.96	29.73	24.26	23.36	21.23
Additional Paid-In Capital	421	420	407	398	371	364	548	558	534	537	537	536	536	535	537	537
Total Equity	671	1,017	1,093	1,055	1,156	1,121	1,216	1,194	1,179	1,446	1,553	1,240	1,353	1,445	1,446	1,553
Cashflow Statement	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Net Income	49.10	62.14	75.29	64.58	68.67	70.04	94.34	102	103	95.37	98.52	21.85	23.36	23.70	26.48	24.99
Depreciation, Depletion and Amortization	59.11	73.79	77.42	86.24	98.52	99.59	84.82	78.58	84.68	109	109	27.30	27.24	26.88	28.07	26.96
Cash Flow from Others	24.21	16.02	-3.29	14.69	16.91	19.71	0.46	-2.66	-5.45	4.26	-2.17	7.01	0.33	0.42	-3.50	0.58
Cash Flow from Operations	132	152	149	166	184	189	180	178	182	209	206	56.15	50.93	51.00	51.05	52.53

Investment for Property, Plant & Equipement	-319	-74.39	-60.41	-178	-182	-35.19	-29.51	-337	-347	-108	-106	-11.44	-17.45	-52.07	-26.83	-9.69
Cash Flow from Acquisitions	-279	-22.32	--	--	--	--	--	--	--	--	--	--	--	--	--	--
Cash Flow from Investing	-295	-26.11	24.39	-170	-180	-35.19	-26.96	-327	-338	-106	-104	-11.44	-17.45	-52.07	-24.77	-9.69

Net Issuance of Stock	-0.50	6.96	-12.53	-14.75	-27.08	-21.63	171	--	-30.25	--	--	--	--	--	--	--
Net Issuance of Preferred Stock	-2.20	237	87.09	-26.40	101	-5.48	-62.53	-49.99	-39.09	255	303	58.54	106	223	-132	106
Net Issuance of Debt	--	--	--	--	--	-1.16	-6.15	91.91	323	-249	-298	-79.21	-116	-40.21	-13.35	-128
Cash Flow for Dividends	-40.54	-82.59	-87.15	-87.78	-85.25	-107	-103	-103	-98.10	-108	-109	-25.89	-27.16	-26.36	-28.28	-27.46
Other Financing	167	-253	-0.47	-0.76	-24.78	0.79	1.10	7.78	1.05	5.91	4.58	2.92	0.59	1.72	0.68	1.59
Cash Flow from Financing	123	-91.97	-13.06	-130	-35.88	-134	0.55	-53.66	156	-95.50	-99.52	-43.64	-36.49	158	-173	-47.66

Net Change in Cash	-39.00	33.88	161	-134	-31.98	19.97	153	-203	-0.09	7.90	2.00	1.08	-3.02	157	-147	-4.83

Free Cash Flow	-187	77.57	89.02	-12.69	2.56	154	150	-159	-165	101	99.45	44.71	33.47	-1.07	24.22	42.83
Valuation Ratios (Daily)	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

PE Ratio(ttm)
Price to Tangible Book
Price-to-Free-Cash-Flow ratio
PS Ratio
EV-to-Revenue
EV-to-EBITDA
EV-to-EBIT
Earnings Yield (Joel Greenblatt)
Forward Rate of Return
Shiller PE Ratio
Valuation and Quality	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Market Cap
Enterprise Value
Month End Stock Price
Net Cash (per share)
Net Current Asset Value (per share)
DCF (per share)
Median PS (per share)
Peter Lynch Fair Value (per share)
Graham Number (per share)
Altman Z-Score
Piotroski F-Score
Beneish M-Score

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PSB Quarterly/Annuals Reports

PSB: 10-Q - PS BUSINESS PARKS INC/CA (0000866368) (Filer): (10-Q) - 2012-11-01
PSB: 10-K - PS BUSINESS PARKS INC/CA (0000866368) (Filer): (10-K) - 2012-02-24
PSB: 10-Q - PS BUSINESS PARKS INC/CA (0000866368) (Filer): (10-Q) - 2011-11-04
PSB: 10-Q - PS BUSINESS PARKS INC/CA (0000866368) (Filer): (10-Q) - 2011-08-08
PSB: 10-Q - PS BUSINESS PARKS INC/CA (0000866368) (Filer): (10-Q) - 2011-05-04

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