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PS Business Parks

NYSE:PSB.PRV
Snowflake Description

Excellent balance sheet with solid track record and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PSB.PRV
NYSE
$6B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

PS Business Parks, Inc., a member of the S&P MidCap 400, is a REIT that acquires, develops, owns and operates commercial properties, primarily multi-tenant industrial, flex and office space. The last earnings update was 23 days ago. More info.


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PSB.PRV Share Price and Events
7 Day Returns
0.4%
NYSE:PSB.PRV
-0.3%
US REITs
0.2%
US Market
1 Year Returns
2.3%
NYSE:PSB.PRV
13.3%
US REITs
2.9%
US Market
PSB.PRV Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
PS Business Parks (PSB.PRV) 0.4% -0.1% 0.6% 2.3% -1.7% 8.7%
US REITs -0.3% 3.5% 3.2% 13.3% 11.3% 24.8%
US Market 0.2% -1.6% 2.4% 2.9% 36.1% 41%
1 Year Return vs Industry and Market
  • PSB.PRV underperformed the REITs industry which returned 13.3% over the past year.
Price Volatility
PSB.PRV
Industry
5yr Volatility vs Market

Value

 Is PS Business Parks undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of PS Business Parks to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for PS Business Parks.

NYSE:PSB.PRV Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:PSB.PRV
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.529 (1 + (1- 21%) (0%))
0.685
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%)
7.5%

Discounted Cash Flow Calculation for NYSE:PSB.PRV using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for PS Business Parks is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

PS Business Parks is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:PSB.PRV DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.5%)
2019 202.00 Analyst x1 187.91
2020 198.03 Analyst x2 171.37
2021 205.70 Est @ 3.87% 165.59
2022 212.96 Est @ 3.53% 159.48
2023 219.97 Est @ 3.29% 153.23
2024 226.83 Est @ 3.12% 147.00
2025 233.65 Est @ 3% 140.85
2026 240.48 Est @ 2.92% 134.86
2027 247.36 Est @ 2.86% 129.04
2028 254.35 Est @ 2.82% 123.43
Present value of next 10 years cash flows $1,512.76
NYSE:PSB.PRV DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $254.35 × (1 + 2.73%) ÷ (7.5% – 2.73%)
$5,480.16
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $5,480.16 ÷ (1 + 7.5%)10
$2,659.43
NYSE:PSB.PRV Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,512.76 + $2,659.43
$4,172.19
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $4,172.19 / 34.72
$18.68
NYSE:PSB.PRV Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in NYSE:PSB.PRV represents 0.15506x of NYSE:PSB
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.15506x
Value per Share
(Listing Adjusted, USD)
= Value per Share (USD) x Listing Adjustment Factor
= $ 18.68 x 0.15506
$2.90
Value per share (USD) From above. $2.90
Current discount Discount to share price of $25.38
= -1 x ($25.38 - $2.90) / $2.90
-776.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of PS Business Parks is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for PS Business Parks's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are PS Business Parks's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:PSB.PRV PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $5.60
NYSE:PSB Share Price ** NYSE (2019-05-23) in USD $163.68
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.92x
United States of America Market PE Ratio Median Figure of 3,085 Publicly-Listed Companies 17.79x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of PS Business Parks.

NYSE:PSB.PRV PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:PSB Share Price ÷ EPS (both in USD)

= 163.68 ÷ 5.60

29.22x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • PS Business Parks is good value based on earnings compared to the US REITs industry average.
  • PS Business Parks is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does PS Business Parks's expected growth come at a high price?
Raw Data
NYSE:PSB.PRV PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 29.22x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
-7%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.41x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.54x

*Line of best fit is calculated by linear regression .

NYSE:PSB.PRV PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 29.22x ÷ -7%

-4.18x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • PS Business Parks earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on PS Business Parks's assets?
Raw Data
NYSE:PSB.PRV PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $29.19
NYSE:PSB Share Price * NYSE (2019-05-23) in USD $163.68
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.89x
United States of America Market PB Ratio Median Figure of 5,201 Publicly-Listed Companies 1.84x
NYSE:PSB.PRV PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:PSB Share Price ÷ Book Value per Share (both in USD)

= 163.68 ÷ 29.19

5.61x

* Primary Listing of PS Business Parks.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • PS Business Parks is overvalued based on assets compared to the US REITs industry average.
X
Value checks
We assess PS Business Parks's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. PS Business Parks has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is PS Business Parks expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is PS Business Parks expected to grow at an attractive rate?
  • PS Business Parks's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • PS Business Parks's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • PS Business Parks's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:PSB.PRV Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:PSB.PRV Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts -7%
NYSE:PSB.PRV Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 2.8%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.8%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:PSB.PRV Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:PSB.PRV Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 453 122 1
2020-12-31 433 111 2
2019-12-31 426 106 1
NYSE:PSB.PRV Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 418 277 153
2018-12-31 414 276 173
2018-09-30 411 269 163
2018-06-30 407 266 156
2018-03-31 405 268 110
2017-12-31 401 272 90
2017-09-30 397 267 82
2017-06-30 394 269 84
2017-03-31 391 261 75
2016-12-31 387 251 63
2016-09-30 384 250 65
2016-06-30 380 246 68

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • PS Business Parks's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • PS Business Parks's revenue is expected to grow by 2.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:PSB.PRV Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from PS Business Parks Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:PSB.PRV Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 3.47 3.47 3.47 1.00
2020-12-31 3.18 3.18 3.18 1.00
2019-12-31 3.02 3.02 3.02 1.00
NYSE:PSB.PRV Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 5.60
2018-12-31 6.33
2018-09-30 5.96
2018-06-30 5.70
2018-03-31 4.04
2017-12-31 3.32
2017-09-30 3.02
2017-06-30 3.08
2017-03-31 2.75
2016-12-31 2.32
2016-09-30 2.40
2016-06-30 2.50

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • PS Business Parks is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess PS Business Parks's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
PS Business Parks has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has PS Business Parks performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare PS Business Parks's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • PS Business Parks's year on year earnings growth rate has been positive over the past 5 years.
  • PS Business Parks's 1-year earnings growth exceeds its 5-year average (39.1% vs 16.1%)
  • PS Business Parks's earnings growth has exceeded the US REITs industry average in the past year (39.1% vs 16%).
Earnings and Revenue History
PS Business Parks's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from PS Business Parks Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:PSB.PRV Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 417.58 153.17 10.54
2018-12-31 413.52 172.90 10.16
2018-09-30 411.18 162.55 10.30
2018-06-30 407.48 155.56 9.62
2018-03-31 405.07 110.08 9.70
2017-12-31 401.37 90.43 9.68
2017-09-30 397.18 82.13 7.90
2017-06-30 394.16 83.71 8.80
2017-03-31 390.96 74.70 11.73
2016-12-31 386.87 62.87 14.53
2016-09-30 383.95 64.92 15.06
2016-06-30 380.32 67.69 15.70
2016-03-31 377.19 63.09 13.82
2015-12-31 373.14 68.29 13.58
2015-09-30 370.48 135.50 14.88
2015-06-30 372.82 124.29 14.69
2015-03-31 373.89 122.99 14.55
2014-12-31 376.92 113.15 13.29
2014-09-30 379.02 48.63 6.84
2014-06-30 373.16 46.37 6.39
2014-03-31 367.09 45.25 5.40
2013-12-31 359.89 43.85 5.31
2013-09-30 355.68 35.06 9.40
2013-06-30 352.93 31.16 9.00
2013-03-31 350.63 23.84 9.05
2012-12-31 347.20 18.83 8.92
2012-09-30 332.54 18.73 11.28
2012-06-30 322.00 26.34 10.40

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • PS Business Parks has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • PS Business Parks used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
  • PS Business Parks has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess PS Business Parks's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
PS Business Parks has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is PS Business Parks's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up PS Business Parks's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • PS Business Parks's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • PS Business Parks has no long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of PS Business Parks's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • PS Business Parks has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from PS Business Parks Company Filings, last reported 1 month ago.

NYSE:PSB.PRV Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,976.28 0.00 39.36
2018-12-31 1,983.45 0.00 37.38
2018-09-30 1,977.40 0.00 8.69
2018-06-30 1,981.02 10.00 7.21
2018-03-31 1,919.65 2.50 39.17
2017-12-31 2,019.94 0.00 114.88
2017-09-30 2,043.11 0.00 132.66
2017-06-30 1,819.42 101.00 5.41
2017-03-31 1,814.37 107.00 4.77
2016-12-31 2,040.71 0.00 128.63
2016-09-30 1,856.69 60.00 5.02
2016-06-30 1,853.75 54.00 3.70
2016-03-31 1,855.29 250.00 195.25
2015-12-31 1,860.60 250.00 188.91
2015-09-30 1,933.88 250.00 252.14
2015-06-30 1,919.61 250.00 200.19
2015-03-31 1,918.76 250.00 188.02
2014-12-31 1,908.21 250.00 152.47
2014-09-30 1,911.56 250.00 57.54
2014-06-30 1,911.66 250.00 62.52
2014-03-31 1,913.19 250.00 45.77
2013-12-31 1,914.64 250.00 31.48
2013-09-30 1,720.91 340.00 17.98
2013-06-30 1,721.19 340.00 18.76
2013-03-31 1,720.54 340.00 8.06
2012-12-31 1,614.26 468.10 12.88
2012-09-30 1,613.46 613.70 159.79
2012-06-30 1,523.37 521.66 3.04
  • PS Business Parks has no debt.
  • PS Business Parks has no debt compared to 5 years ago when it was 13.1%.
  • PS Business Parks has no debt, it does not need to be covered by operating cash flow.
  • PS Business Parks has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess PS Business Parks's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. PS Business Parks has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is PS Business Parks's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.57%
Current annual income from PS Business Parks dividends. Estimated to be 3.35% next year.
If you bought $2,000 of PS Business Parks shares you are expected to receive $51 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • PS Business Parks's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
  • PS Business Parks's dividend is below the markets top 25% of dividend payers in United States of America (3.7%).
Upcoming dividend payment

Purchase PS Business Parks before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:PSB.PRV Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2005 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:PSB.PRV Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 6.28 2.00
2020-12-31 5.52 2.00
2019-12-31 4.67 2.00
NYSE:PSB.PRV Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-02-20 4.200 2.740
2018-07-25 4.200 3.161
2018-07-24 4.200 3.344
2018-05-03 3.400 2.748
2018-04-24 3.400 2.935
2018-02-26 3.400 3.001
2018-02-20 3.400 3.054
2017-10-27 3.400 2.732
2017-10-24 3.400 2.545
2017-07-28 3.400 2.534
2017-07-25 3.400 2.589
2017-04-28 3.400 2.666
2017-04-25 3.400 2.787
2017-02-24 3.400 2.929
2017-02-21 3.400 2.923
2016-10-28 3.000 2.663
2016-10-25 3.000 2.764
2016-07-29 3.000 2.730
2016-07-26 3.000 2.708
2016-04-29 3.000 2.912
2016-04-26 3.000 3.109
2016-02-23 3.000 3.079
2016-02-16 3.000 3.233
2015-10-30 2.400 2.772
2015-10-27 2.400 2.790
2015-08-03 2.400 3.082
2015-07-28 2.400 3.140
2015-04-28 2.000 2.685
2014-10-27 2.000 2.445
2014-07-30 2.000 2.508
2014-04-28 2.000 2.370
2014-02-24 2.000 2.380
2014-02-18 2.000 2.442
2013-10-28 1.760 2.265
2013-07-29 1.760 2.364
2013-05-07 1.760 2.315
2013-05-06 1.760 2.128
2012-10-31 1.760 2.483
2012-08-01 1.760 2.603
2012-02-21 1.760 2.651
2011-10-31 1.760 3.117
2011-08-03 1.760 3.454
2011-05-02 1.760 3.112
2010-11-01 1.760 3.071
2010-08-02 1.760 3.007
2010-05-03 1.760 3.138
2010-02-25 1.760 3.218
2009-11-02 1.760 3.611
2009-08-05 1.760 3.508

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of PS Business Parks's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.4x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess PS Business Parks's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can PS Business Parks afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. PS Business Parks has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of PS Business Parks's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Maria Hawthorne
COMPENSATION $3,773,551
AGE 58
TENURE AS CEO 2.8 years
CEO Bio

Ms. Maria R. Hawthorne has been Chief Executive Officer and Director of PS Business Parks, Inc. since July 01, 2016. Ms. Hawthorne has been President of PS Business Parks since August 24, 2015 and was its acting Chief Financial Officer from August 31, 2017 to September 17, 2018. Ms. Hawthorne served as Executive Vice President, Chief Administrative Officer of the PS Business Parks Inc. from July 2013 to July 2015. Ms. Hawthorne served as Executive Vice President, East Coast from February 2011 to July 2013. Ms. Hawthorne was Senior Vice President from March 2004 to February 2011. From June 2001 through March 2004, Ms. Hawthorne was Vice President of PS Business Parks Inc. From July 1994 to June 2001, Ms. Hawthorne was a Regional Manager of PS Business Parks Inc. in Virginia. From August 1988 to July 1994, Ms. Hawthorne was a General Manager, Leasing Director and Property Manager for American Office Park Properties. Ms. Hawthorne earned a Bachelor of Arts Degree in International Relations from Pomona College.

CEO Compensation
  • Maria's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Maria's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the PS Business Parks management team in years:

2.8
Average Tenure
54.5
Average Age
  • The tenure for the PS Business Parks management team is about average.
Management Team

Maria Hawthorne

TITLE
President
COMPENSATION
$4M
AGE
58
TENURE
2.8 yrs

Jeff Hedges

TITLE
Executive VP
COMPENSATION
$2M
TENURE
0.7 yrs

John Petersen

TITLE
Executive VP & COO
COMPENSATION
$722K
AGE
54
TENURE
14.4 yrs

Trenton Groves

TITLE
Senior VP
COMPENSATION
$570K
TENURE
0.7 yrs

Coby Holley

TITLE
Vice President of Investments
AGE
49

Lily Hughes

TITLE
Assistant Secretary
AGE
55

Bob Murphy

TITLE
Property Manager of Miami International Commerce Center
TENURE
14.8 yrs
Board of Directors Tenure

Average tenure and age of the PS Business Parks board of directors in years:

7.3
Average Tenure
64
Average Age
  • The tenure for the PS Business Parks board of directors is about average.
Board of Directors

Ron Havner

TITLE
Chairman
COMPENSATION
$67K
AGE
60
TENURE
21.2 yrs

Maria Hawthorne

TITLE
President
COMPENSATION
$4M
AGE
58
TENURE
2.8 yrs

Jennifer Dunbar

TITLE
Independent Director
COMPENSATION
$105K
AGE
55
TENURE
10.3 yrs

Peter Schultz

TITLE
Independent Director
COMPENSATION
$102K
AGE
70
TENURE
7.3 yrs

Bob Rollo

TITLE
Independent Director
COMPENSATION
$93K
AGE
70
TENURE
5.6 yrs

Jim Kropp

TITLE
Presiding Independent Director
COMPENSATION
$105K
AGE
69
TENURE
0.3 yrs

Joe Russell

TITLE
Director
COMPENSATION
$36K
AGE
58
TENURE
15.8 yrs

Gary Pruitt

TITLE
Independent Director
COMPENSATION
$93K
AGE
68
TENURE
7.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess PS Business Parks's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. PS Business Parks has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

PS Business Parks, Inc., a member of the S&P MidCap 400, is a REIT that acquires, develops, owns and operates commercial properties, primarily multi-tenant industrial, flex and office space. As of April 30, 2019, the Company wholly owned 28.3 million rentable square feet with approximately 5,100 commercial customers in six states and held a 95.0% interest in a 395-unit apartment complex.

Details
Name: PS Business Parks, Inc.
PSB.PRV
Exchange: NYSE
Founded: 1990
$5,669,267,313
$4,487,763,345
34,723,264
Website: http://www.psbusinessparks.com
Address: PS Business Parks, Inc.
701 Western Avenue,
Glendale,
California, 91201,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE PSB Common Shares New York Stock Exchange US USD 18. Mar 1998
DB W8U Common Shares Deutsche Boerse AG DE EUR 18. Mar 1998
NYSE PSB.PRU S R1/1000 PF U New York Stock Exchange US USD 07. Sep 2012
NYSE PSB.PRV DEP1/1000 PFD V New York Stock Exchange US USD 07. Mar 2013
NYSE PSB.PRW SHS PFD SER W New York Stock Exchange US USD 12. Oct 2016
NYSE PSB.PRX 5.25% CUM PFD X New York Stock Exchange US USD 13. Sep 2017
NYSE PSB.PRY 5.20% SHS PFD Y New York Stock Exchange US USD 01. Dec 2017
Number of employees
Current staff
Staff numbers
156
PS Business Parks employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/24 00:33
End of day share price update: 2019/05/23 00:00
Last estimates confirmation: 2019/05/22
Last earnings filing: 2019/05/01
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.