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PS Business Parks Inc Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 4, 2011 05:40PM

PS Business Parks Inc (PSB) filed Quarterly Report for the period ended 2011-09-30. Ps Business Parks Inc. has a market cap of $1.35 billion; its shares were traded at around $54.44 with a P/E ratio of 12.1 and P/S ratio of 4.8. The dividend yield of Ps Business Parks Inc. stocks is 3.2%. Ps Business Parks Inc. had an annual average earning growth of 3.5% over the past 10 years. GuruFocus rated Ps Business Parks Inc. the business predictability rank of 2-star.



Highlight of Business Operations:

Facility Management Fees: Facility management fees account for a small portion of the Company’s net income. During the three months ended September 30, 2011, $170,000 of revenue was recognized from facility management fees compared to $165,000 for the same period in 2010. During the nine months ended September 30, 2011, $517,000 in revenue was recognized from facility management fees compared to $501,000 for the same period in 2010.

Interest and Other Income: Interest and other income reflect earnings on cash balances in addition to miscellaneous income items. Interest income was $2,000 for the three months ended September 30, 2011 compared to $27,000 for the same period in 2010. Interest income was $11,000 and $171,000 for the nine months ended September 30, 2011 and 2010, respectively. The decrease for the three and nine months ended September 30, 2011 compared to the same periods in 2010 was primarily attributable to lower average cash balances in 2011. Average cash balances and effective interest rates for the nine months ended September 30, 2011 were $12.8 million and 0.1%, respectively, compared to $128.8 million and 0.2%, respectively, for the same period in 2010.

Pursuant to a cost sharing and administrative services agreement, the Company shares costs with PS and affiliated entities for certain administrative services, which are allocated among PS and its affiliates in accordance with a methodology intended to fairly allocate those costs. These costs totaled $110,000 and $112,000 for the three months ended September 30, 2011 and 2010, respectively and $331,000 and $431,000 for the nine months ended September 30, 2011 and 2010, respectively. In addition, the Company provides property management services for properties owned by PS and its affiliates for a fee of 5% of the gross revenues of such properties in addition to reimbursement of direct costs. These management fee revenues recognized under management contract with affiliated parties totaled $170,000 and $165,000 for the three months ended September 30, 2011 and 2010, respectively and $517,000 and $501,000 for the nine months ended September 30, 2011 and 2010, respectively. PS also provides property management services for the mini storage component of two assets owned by the Company for a fee of 6% of the gross revenues of such properties in addition to reimbursement of certain costs. Management fee expense recognized under the management contract with PS totaled $13,000 and $12,000 for the three months ended September 30, 2011 and 2010, respectively and $39,000 and $28,000 for the nine months ended September 30, 2011 and 2010, respectively.

Read the The complete Report



Stocks Discussed: PSB,
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