PS Business Parks, Inc. to Release First Quarter 2003 Earnings and Host Quarterly Conference Call.Business Editors GLENDALE Glendale. 1 City (1990 pop. 148,134), Maricopa co., S central Ariz., adjacent to Phoenix; inc. 1910. It is located in a rich agricultural region irrigated by the Salt River project. Glendale has become one of the fastest-growing U.S. , Calif.--(BUSINESS WIRE)--April 11, 2003 Announces Will No Longer Exclude Straight-Line Rent Adjustment from Calculation of Funds from Operations Funds From Operations (FFO) Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back. PS Business Parks, Inc. (AMEX AMEX See: American Stock Exchange : PSB PSB Pet Shop Boys (band) PSB Public Service Broadcasting (radio and television) PSB Public Service Board (Vermont) PSB Public Security Bureau (China) ) announced today that it will release its first quarter, 2003 earnings on Tuesday, May 6, 2003. In addition, it announced that it will no longer exclude the straight-line rent adjustment from its calculation of funds from operations. A conference call is scheduled for Wednesday, May 7, 2003 at 10:00 A.M. (PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT ) to discuss the first quarter results. The toll free number is 1-800-399-4409; the conference ID is 9729905. A replay of the conference call will be available through May 14, 2003 at 1-800-642-1687. The Company has announced that it will report funds from operations in conformity with the definition provided by the National Association of Real Estate Investment Trusts and, therefore, will no longer exclude the effects of straight-lining rents from its calculation of funds from operations. The Company made this decision after review of Regulation G, governing gov·ern v. gov·erned, gov·ern·ing, gov·erns v.tr. 1. To make and administer the public policy and affairs of; exercise sovereign authority in. 2. public disclosures of non-GAAP financial measures which was recently adopted by the Securities and Exchange Commission. The impact on 2002 and 2001 would be to increase funds from operations by $0.08 and $0.06 per share, respectively, to $3.63 in 2002 and $3.21 in 2001. The Company will continue to disclose the straight-line rent adjustment and exclude it from funds available for distribution. Below is a revised reconciliation of GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). net income allocable al·lo·ca·ble adj. Capable of being allocated. Adj. 1. allocable - capable of being distributed allocatable, apportionable distributive - serving to distribute or allot or disperse to common shareholders to funds from operations for 2002 and 2001. Company Information PSB is a self-advised and self-managed equity real estate investment trust that acquires, develops, owns and operates commercial properties, primarily flex, multi-tenant office and industrial space. The Company defines "flex" space as buildings that are configured con·fig·ure tr.v. con·fig·ured, con·fig·ur·ing, con·fig·ures To design, arrange, set up, or shape with a view to specific applications or uses: with a combination of office and warehouse space and can be designed to fit an almost limitless number of uses (including office, assembly, showroom, laboratory, light manufacturing and warehouse space). As of March 31, 2003, PSB wholly-owned approximately 14.5 million net rentable square feet of commercial space with approximately 3,300 customers located in eight states, concentrated primarily in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). (4,673,000 sq. ft.), Texas (2,895,000 sq. ft.), Oregon Oregon, city, United States Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. (1,973,000 sq. ft.), Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). (2,621,000 sq. ft.) and Maryland Maryland (mâr`ələnd), one of the Middle Atlantic states of the United States. It is bounded by Delaware and the Atlantic Ocean (E), the District of Columbia (S), Virginia and West Virginia (S, W), and Pennsylvania (N). (1,646,000 sq. ft.). Additional information about PS Business Parks, Inc. is available on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the . The Company's web site is www.psbusinessparks.com.
PS BUSINESS PARKS, INC.
Computation of Funds from Operations ("FFO")
Year Ended
December 31,
-------------------------
2002 2001
------------ ------------
Net income allocable to common shareholders $42,018,000 $41,016,000
Less: (Gain)/loss on investment in
marketable securities (41,000) (8,000)
Less: Gain on disposition of real estate (8,123,000) -
Less: Equity income from sale of joint
venture properties (861,000) -
Add: Depreciation and amortization 58,144,000 41,067,000
Add: Depreciation from unconsolidated
joint venture 63,000 15,000
Add: Minority interest in income - common
units 14,243,000 13,382,000
------------ ------------
Consolidated FFO allocable to common
shareholders $105,443,000 $95,472,000
============ ============
Computation of Diluted FFO per Common Share (1):
------------------------------------------------
Consolidated FFO allocable to common
shareholders $105,443,000 $95,472,000
============ ============
Weighted average common shares outstanding 21,552,000 22,350,000
Weighted average common OP units
outstanding 7,305,000 7,306,000
Dilutive effect of stock options 191,000 85,000
------------ ------------
Weighted average common shares and OP units
for purposes of computing fully-diluted FFO
per common share 29,048,000 29,741,000
============ ============
Fully diluted FFO per common share $3.63 $3.21
============ ============
(1) Funds from operations ("FFO") is a term defined by the National
Association of Real Estate Investment Trusts, Inc. ("NAREIT") by
which real estate investment trusts ("REITs") may be compared. It
is generally defined as net income before depreciation and
extraordinary items. FFO computations do not factor out the REIT's
requirement to make either capital expenditures or principal
payments on debt. The Company excludes gains/losses on disposition
of real estate and gains/losses on sale of marketable securities
to more accurately reflect cash flow from real estate operations.
Other REITs may not make these adjustments in computing FFO.
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