Company Quick10K Filing
PS Business Parks
Price182.06 EPS5
Shares28 P/E36
MCap5,014 P/FCF37
Net Debt-8 EBIT138
TEV5,007 TEV/EBIT36
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-04-30
10-K 2019-12-31 Filed 2020-02-19
10-Q 2019-09-30 Filed 2019-10-23
10-Q 2019-06-30 Filed 2019-07-26
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-02-26
10-Q 2018-09-30 Filed 2018-10-29
10-Q 2018-06-30 Filed 2018-07-30
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-02-26
10-Q 2017-09-30 Filed 2017-10-27
10-Q 2017-06-30 Filed 2017-07-28
10-Q 2017-03-31 Filed 2017-04-28
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-10-28
10-Q 2016-06-30 Filed 2016-07-29
10-Q 2016-03-31 Filed 2016-04-29
10-K 2015-12-31 Filed 2016-02-23
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-08-03
10-Q 2015-03-31 Filed 2015-05-01
10-K 2014-12-31 Filed 2015-02-20
10-Q 2014-09-30 Filed 2014-10-31
10-Q 2014-06-30 Filed 2014-08-01
10-Q 2014-03-31 Filed 2014-05-02
10-K 2013-12-31 Filed 2014-02-24
10-Q 2013-09-30 Filed 2013-10-29
10-Q 2013-06-30 Filed 2013-08-02
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-02-22
10-Q 2012-09-30 Filed 2012-11-01
10-Q 2012-06-30 Filed 2012-08-02
10-Q 2012-03-31 Filed 2012-05-01
10-K 2011-12-31 Filed 2012-02-27
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-04
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-06
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-04-29 Earnings, Exhibits
8-K 2020-04-22 Shareholder Vote
8-K 2020-04-18 Officers, Regulation FD, Exhibits
8-K 2020-02-18 Earnings, Exhibits
8-K 2020-01-17 Officers
8-K 2019-10-24 Enter Agreement, Shareholder Rights, Amend Bylaw, Exhibits
8-K 2019-10-22 Earnings, Exhibits
8-K 2019-07-23 Earnings, Exhibits
8-K 2019-07-17 Officers, Exhibits
8-K 2019-04-30 Earnings, Exhibits
8-K 2019-04-25 Shareholder Vote
8-K 2019-02-20 Earnings, Officers, Exhibits
8-K 2018-10-23 Earnings, Exhibits
8-K 2018-09-07 Officers, Regulation FD, Exhibits
8-K 2018-07-24 Earnings, Exhibits
8-K 2018-04-24 Earnings, Shareholder Vote, Exhibits
8-K 2018-02-20 Earnings, Exhibits

PSB 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 psb-20200331xex31_1.htm
EX-31.2 psb-20200331xex31_2.htm
EX-32.1 psb-20200331xex32_1.htm

PS Business Parks Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
2.31.81.40.90.50.02012201420172020
Assets, Equity
0.20.20.10.10.00.02012201420172020
Rev, G Profit, Net Income
0.20.10.0-0.1-0.2-0.32012201420172020
Ops, Inv, Fin

psb-20200331x10q
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

S

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2020

or

£

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission File Number 1-10709

PS BUSINESS PARKS, INC.

(Exact name of registrant as specified in its charter)

California

95-4300881

(State or Other Jurisdiction

(I.R.S. Employer

of Incorporation)

Identification Number)

701 Western Avenue, Glendale, California 91201-2349

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (818) 244-8080

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Ticker Symbol

Name of Each Exchange on Which Registered

Common Stock, $0.01 par value per share

PSB

New York Stock Exchange

Depositary Shares Each Representing 1/1,000 of a 5.200% Cum Pref Stock, Series W, $0.01 par value

PSBPrW

New York Stock Exchange

Depositary Shares Each Representing 1/1,000 of a 5.250% Cum Pref Stock, Series X, $0.01 par value

PSBPrX

New York Stock Exchange

Depositary Shares Each Representing 1/1,000 of a 5.200% Cum Pref Stock, Series Y, $0.01 par value

PSBPrY

New York Stock Exchange

Depositary Shares Each Representing 1/1,000 of a 4.875% Cum Pref Stock, Series Z, $0.01 par value

PSBPrZ

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes S No £

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes S No £

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

S

Accelerated filer

£

Non-accelerated filer

£

Smaller reporting company

£

Emerging growth company

£

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. £

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes £ No S

As of April 27, 2020, the number of shares of the registrant’s common stock, $0.01 par value per share, outstanding was 27,479,439.


PS BUSINESS PARKS, INC.

INDEX

Page

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Consolidated balance sheets as of March 31, 2020 (unaudited) and December 31, 2019

3

Consolidated statements of income (unaudited) for the three months ended March 31, 2020 and 2019

4

Consolidated statements of equity (unaudited) for the three months ended March 31, 2020 and 2019

5

Consolidated statements of cash flows (unaudited) for the three months ended March 31, 2020 and 2019

6

Notes to consolidated financial statements (unaudited)

7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

20

Item 3. Quantitative and Qualitative Disclosures About Market Risk

36

Item 4. Controls and Procedures

36

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

36

Item 1A. Risk Factors

37

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

37

Item 6. Exhibits

38


PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

PS BUSINESS PARKS, INC.

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share data)

March 31,

December 31,

2020

2019

(Unaudited)

ASSETS

Cash and cash equivalents

$

87,874 

$

62,786 

Real estate facilities, at cost

Land

857,758 

846,635 

Buildings and improvements

2,214,861 

2,206,134 

3,072,619 

3,052,769 

Accumulated depreciation

(1,181,660)

(1,159,769)

1,890,959 

1,893,000 

Properties held for sale, net

11,502 

Land and building held for development, net

26,216 

28,110 

1,917,175 

1,932,612 

Rent receivable

2,903 

1,392 

Deferred rent receivable

33,747 

32,993 

Other assets

12,317 

16,660 

Total assets

$

2,054,016 

$

2,046,443 

LIABILITIES AND EQUITY

Accrued and other liabilities

$

78,644 

$

84,632 

Total liabilities

78,644 

84,632 

Commitments and contingencies

 

 

Equity

PS Business Parks, Inc.’s shareholders’ equity

Preferred stock, $0.01 par value, 50,000,000 shares authorized,

37,790 shares issued and outstanding at ($944,750 aggregate

liquidation preference) at March 31, 2020

and December 31, 2019

944,750 

944,750 

Common stock, $0.01 par value, 100,000,000 shares authorized,

27,477,303 and 27,440,953 shares issued and outstanding at

March 31, 2020 and December 31, 2019, respectively

274 

274 

Paid-in capital

734,091 

736,986 

Accumulated earnings

76,739 

63,666 

Total PS Business Parks, Inc.’s shareholders’ equity

1,755,854 

1,745,676 

Noncontrolling interests

219,518 

216,135 

Total equity

1,975,372 

1,961,811 

Total liabilities and equity

$

2,054,016 

$

2,046,443 

See accompanying notes.

3


PS BUSINESS PARKS, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Amounts in thousands, except per share data)

(Unaudited)

For The Three Months

Ended March 31,

2020

2019

Rental income

$

106,216 

$

107,825 

Expenses

Cost of operations

31,263 

33,593 

Depreciation and amortization

26,619 

24,875 

General and administrative

3,323 

3,233 

Total operating expenses

61,205 

61,701 

Interest and other income

557 

618 

Interest and other expense

(161)

(167)

Gain on sale of real estate facility

19,621 

Net income

65,028 

46,575 

Allocation to noncontrolling interests

(11,092)

(7,027)

Net income allocable to PS Business Parks, Inc.

53,936 

39,548 

Allocation to preferred shareholders

(12,046)

(12,959)

Allocation to restricted stock unit holders

(275)

(268)

Net income allocable to common shareholders

$

41,615 

$

26,321 

Net income per common share

Basic

$

1.52 

$

0.96 

Diluted

$

1.51 

$

0.96 

Weighted average common shares outstanding

Basic

27,448 

27,373 

Diluted

27,550 

27,479 

See accompanying notes.

4


PS BUSINESS PARKS, INC.

CONSOLIDATED STATEMENTS OF EQUITY

(Amounts in thousands, except share data)

(Unaudited)

Total PS

Business Parks,

For the three months ended

Preferred Stock

Common Stock

Paid-in

Accumulated

Inc.’s Shareholders’

Noncontrolling

Total

March 31, 2020

Shares

Amount

Shares

Amount

Capital

Earnings

Equity

Interests

Equity

Balances at December 31, 2019

37,790

$

944,750

27,440,953

$

274

$

736,986

$

63,666

$

1,745,676

$

216,135

$

1,961,811

Issuance of common stock in

connection with stock-based

compensation

36,350

Stock compensation, net

760

760

760

Cash paid for taxes in lieu of

shares upon vesting of

restricted stock units

(3,655)

(3,655)

(3,655)

Net income

53,936

53,936

11,092

65,028

Distributions

Preferred stock (Note 8)

(12,046)

(12,046)

(12,046)

Common stock ($1.05 per share)

(28,817)

(28,817)

(28,817)

Noncontrolling interests—

Common Units

(7,671)

(7,671)

Joint Venture

(38)

(38)

Balances at March 31, 2020

37,790

$

944,750

27,477,303

$

274

$

734,091

$

76,739

$

1,755,854

$

219,518

$

1,975,372

For the three months ended

March 31, 2019

Balances at December 31, 2018

38,390

$

959,750

27,362,101

$

274

$

736,131

$

69,207

$

1,765,362

$

218,091

$

1,983,453

Issuance of common stock in

connection with stock-based

compensation

55,808

405

405

405

Stock compensation, net

703

703

703

Cash paid for taxes in lieu of