PS Business Parks Inc (PSB) reported quarterly earnings results on Tuesday, Apr-26-2016. The company said it had a profit of $1.26 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.01. Analysts had a consensus of $1.25. The company posted revenue of $95.80 million in the period, compared to analysts expectations of $94.49 million. The company’s revenue was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.13 EPS.
PS Business Parks Inc opened for trading at $95.29 and hit $96.49 on the upside on Friday, eventually ending the session at $96.21, with a gain of 0.99% or 0.94 points. The heightened volatility saw the trading volume jump to 1,49,457 shares. Company has a market cap of $2,601 M.
In a different news, on Mar 15, 2016, Edward A Stokx (EVP, CFO & Secretary) sold 6,123 shares at $96.42 per share price. According to the SEC, on Mar 4, 2016, John W Petersen (EXECUTIVE VICE PRESIDENT & COO) sold 3,500 shares at $94.91 per share price. On Dec 15, 2015, Joseph D Jr Russell (CEO) sold 1,000 shares at $85.24 per share price, according to the Form-4 filing with the securities and exchange commission.
PS Business Parks Inc. (PSB) is a self-advised and self-managed real estate investment trust. The Company owns operates acquires and develops commercial properties primarily multi-tenant flex office and industrial parks. PS Business Parks L.P. is a California limited partnership which owns directly or indirectly all of its assets and through which the Company conducts its businesses. It owns and operates around 28.6 million rentable square feet of commercial space comprising around 103 business parks concentrated primarily in states such as California Florida Maryland Texas Virginia and Washington. It owns a range of properties which include Charcot Business Park II McNeil 1 Springlake Business Center II Arapaho Business Park 9 and MICC – Center 23 among others. It owns around 15.1 million square feet of flex space and 8.8 million square feet of industrial space. The Company also manages around 1.1 million rentable square feet on behalf of Public Storage (PS).