We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
PS Business Parks (PSB) Q1 FFO Up Y/Y on Rental Rate Growth
Read MoreHide Full Article
PS Business Parks, Inc. reported first-quarter 2020 core funds from operations (FFO) per share of $1.72. The figure increased 2.5% year over year.
Results highlight improvement in same-park net operating income (NOI), aided by growth in rental rates, as well as higher NOI from non-same-park and multi-family assets.
Rental income came in at $106.2 million, displaying a decline of 1.5% from the year-ago quarter’s $107.8 million.
Additionally, the company informed that it has collected about 88% of its average total rental receipts for April. This comprised 85%, 87% and 97% collection for industrial, flex and office spaces, respectively.
Quarter in Detail
Same-park rental income was up 3.3% year over year to about $98 million, while same-park NOI climbed 4.7% to $69.8 million on improving rental rates.
Same-park annualized revenue per occupied-square-foot increased 5.4% to $16.42. However, weighted average square-foot occupancy shrunk 190 basis points year on year to 92.9%.
Portfolio Activity
On Jan 7, PS Business Parks completed the sale of Metro Park IV. This is a single-tenant building spanning 113,000 square feet in Montgomery County, MD. The building was sold for $30 million.
Further, on Jan 10, the company acquired a muti-tenant industrial park, La Mirada Commerce Center, comprising roughly 73,000 rentable square feet in La Mirada, CA, for $13.4 million.
Liquidity
PS Business Parks exited first-quarter 2020 with cash and cash equivalents of $87.8 million, up from the $62.8 million reported at the end of 2019.
Dividend Update
On Apr 22, the company anounced a quarterly dividend of $1.05 per common share. This dividend will be paid on Jun 30, to shareholders of record as of Jun 15, 2020.
We, now, look forward to the earnings releases of other REITs, Omega Healthcare Investors, Inc. (OHI - Free Report) , Vornado Realty Trust (VNO - Free Report) and Realty Income Corporation (O - Free Report) . All three companies are scheduled to release their quarterly numbers on May 4.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2019, while the S&P 500 gained and impressive +53.6%, five of our strategies returned +65.8%, +97.1%, +118.0%, +175.7% and even +186.7%.
This outperformance has not just been a recent phenomenon. From 2000 – 2019, while the S&P averaged +6.0% per year, our top strategies averaged up to +54.7% per year.
Image: Bigstock
PS Business Parks (PSB) Q1 FFO Up Y/Y on Rental Rate Growth
PS Business Parks, Inc. reported first-quarter 2020 core funds from operations (FFO) per share of $1.72. The figure increased 2.5% year over year.
Results highlight improvement in same-park net operating income (NOI), aided by growth in rental rates, as well as higher NOI from non-same-park and multi-family assets.
Rental income came in at $106.2 million, displaying a decline of 1.5% from the year-ago quarter’s $107.8 million.
Additionally, the company informed that it has collected about 88% of its average total rental receipts for April. This comprised 85%, 87% and 97% collection for industrial, flex and office spaces, respectively.
Quarter in Detail
Same-park rental income was up 3.3% year over year to about $98 million, while same-park NOI climbed 4.7% to $69.8 million on improving rental rates.
Same-park annualized revenue per occupied-square-foot increased 5.4% to $16.42. However, weighted average square-foot occupancy shrunk 190 basis points year on year to 92.9%.
Portfolio Activity
On Jan 7, PS Business Parks completed the sale of Metro Park IV. This is a single-tenant building spanning 113,000 square feet in Montgomery County, MD. The building was sold for $30 million.
Further, on Jan 10, the company acquired a muti-tenant industrial park, La Mirada Commerce Center, comprising roughly 73,000 rentable square feet in La Mirada, CA, for $13.4 million.
Liquidity
PS Business Parks exited first-quarter 2020 with cash and cash equivalents of $87.8 million, up from the $62.8 million reported at the end of 2019.
Dividend Update
On Apr 22, the company anounced a quarterly dividend of $1.05 per common share. This dividend will be paid on Jun 30, to shareholders of record as of Jun 15, 2020.
PS Business Parks currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
PS Business Parks, Inc. Price, Consensus and EPS Surprise
PS Business Parks, Inc. price-consensus-eps-surprise-chart | PS Business Parks, Inc. Quote
We, now, look forward to the earnings releases of other REITs, Omega Healthcare Investors, Inc. (OHI - Free Report) , Vornado Realty Trust (VNO - Free Report) and Realty Income Corporation (O - Free Report) . All three companies are scheduled to release their quarterly numbers on May 4.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2019, while the S&P 500 gained and impressive +53.6%, five of our strategies returned +65.8%, +97.1%, +118.0%, +175.7% and even +186.7%.
This outperformance has not just been a recent phenomenon. From 2000 – 2019, while the S&P averaged +6.0% per year, our top strategies averaged up to +54.7% per year.
See their latest picks free >>