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PS Business Parks: 3Q Earnings Snapshot

·1 min read

GLENDALE, Calif. (AP) _ PS Business Parks Inc. (PSB) on Wednesday reported a key measure of profitability in its third quarter.

The Glendale, California-based real estate investment trust said it had funds from operations of $56.3 million, or $1.61 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 $30.6 million, or $1.11 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 dropped 33% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $110.99, a decline of 39% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PSB at https://www.zacks.com/ap/PSB