GLENDALE, Calif. – GLENDALE, Calif. (AP) _ PS Business Parks Inc. (PSB) on Tuesday reported a key measure of profitability in its first quarter.
The Glendale, California-based real estate investment trust said it had funds from operations of $55.6 million, or $1.59 per share, in the period.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $46 million, or $1.69 per share.
The office and industrial space real estate investment trust posted revenue of $103.8 million in the period.
The company's shares have decreased roughly 8 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $115.45, a decline of roughly 5 percent in the last 12 months.
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on PSB at https://www.zacks.com/ap/PSB