BX - PS Business Parks Q1 core FFO rises 9% from a year ago in last quarter before sale

PS Business Parks (NYSE:PSB), the industrial and multifamily REIT that agreed earlier this month to be acquired by Blackstone (BX) for $7.6B, posted higher core funds from operation and higher rental income from a year ago. Q1 core FFO per share of $1.82 missed the $1.83 average of two analyst estimates and increased from $1.67 in Q1 2021. Total core FFO of $63.8M rose 9.3% from $58.4M in the year-ago quarter Rental income of $112.8M climbed from $108.0M in the year-ago period. Total operating expenses were $68.6M, up from $60.6M a year earlier. Q1 cash net operating income of $78.1M rose 5.6% Y/Y and cash NOI for the same-park portfolio was $73.7M, up 8.6% Y/Y. The total portfolio weighted average occupancy of 95.5% increased from 93.2% in the year-ago quarter. Total portfolio comparable rental rates on 1.7M square feet of leasing were 23.4% on a GAAP rent growth basis and

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PS Business Parks Q1 core FFO rises 9% from a year ago in last quarter before sale