GLENDALE, Calif. (AP) _ PS Business Parks Inc. (PSB) on Tuesday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.
The Glendale, California-based real estate investment trust said it had funds from operations of $53 million, or $1.52 per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of $1.41 per share.
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 $26.4 million, or 97 cents per share.
The office and industrial space real estate investment trust posted revenue of $100.2 million in the period.
The company's shares have risen slightly more than 4 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $121.57, a climb of 27 percent in the last 12 months.
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
Keywords: PS Business Parks, Earnings Report