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PS Business Parks Inc Reports Operating Results (10-Q)

November 01, 2012 | About:
10qk

10qk

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PS Business Parks Inc (PSB) filed Quarterly Report for the period ended 2012-09-30.

Ps Business Parks, Inc. has a market cap of $1.56 billion; its shares were traded at around $64.42 with a P/E ratio of 14.5 and P/S ratio of 5.2. The dividend yield of Ps Business Parks, Inc. stocks is 2.7%. Ps Business Parks, Inc. had an annual average earning growth of 3.1% over the past 10 years.

Highlight of Business Operations:

Facility Management Fees: Facility management fees account for a small portion of the Companys net income. During the three months ended September 30, 2012, $159,000 of revenue was recognized from facility management fees compared to $170,000 for the same period in 2011. During the nine months ended September 30, 2012, $489,000 in revenue was recognized from facility management fees compared to $517,000 for the same period in 2011.

Pursuant to a cost sharing and administrative services agreement, the Company shares costs with PS for certain administrative services, which are allocated to PS in accordance with a methodology intended to fairly allocate those costs. These costs totaled $110,000 for the three months ended September 30, 2012 and 2011 and $331,000 for the nine months ended September 30, 2012 and 2011. In addition, the Company provides property management services for properties owned by PS 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 PS totaled $159,000 and $170,000 for the three months ended September 30, 2012 and 2011, respectively and $489,000 and $517,000 for the nine months ended September 30, 2012 and 2011, respectively. PS also provides property management services for the self-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 $14,000 and $13,000 for the three months ended September 30, 2012 and 2011, respectively and $41,000 and $39,000 for the nine months ended September 30, 2012 and 2011, respectively.

Read the The complete Report

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