PS Business Parks Posts Quarterly Gain

PS Business Parks Inc. in Glendale reported net income of $10.7 million for the first quarter ended March 31, compared with $9.4 million for the same period in 1999. Revenue rose to $35.9 million compared with $29.3 million last year.

The company also announced in the first quarter that it would repurchase up to 1 million shares of its common stock. As of April 30, the company has acquired 334,500 shares on the open market at a cost of $7.1 million.

PSB is an equity real estate investment trust specializing in owning, managing and developing commercial real estate.