The real estate investment trust, which owns and operates business parks, says net income totaled $13 million, or 60 cents per diluted share of common stock, compared with net income of $9.5 million, or 44 cents per share, for the second quarter of last year. Funds from operations for the second quarter this year were $25.8 million or 90 cents per share, compared to $27 million, or 93 cents per share for the same period in 2002. Revenue reached $50.5 million in the latest quarter, versus $48.8 million in the second quarter last year.
PS says net income for this year's second quarter included a gain of $2 million on the sale of securities and a gain of $3.5 million on property sales. PS Business Parks acquires, develops, owns and operates business parks that are primarily flex, multi-tenant office and industrial space. As of June 30, the REIT owned approximately 14.9 million net rentable sf of space with approximately 3,300 customers in eight states, concentrated primarily in California, Texas, Oregon, Virginia and Maryland.
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