[PDF]Analysis of Operating Results and Financial Condition - Rackcdn.comhttps://40b8011386169f55de96-725c435c541f29a53fba967f09ea3d89.ssl.cf5.rackcd...
3 downloads
143 Views
2MB Size
Analysis of Operating Results and Financial Condition December 31, 2013
N
ANALYSIS OF OPERATING RESULTS AND FINANCIAL CONDITION FOR THE THREE MONTHS AND YEAR ENDED DECEMBER 31, 2013 INDEX
Page
Fact Sheet............................................................................................................................
3
Funds from Operations (FFO) .............................................................................................
4
Capital Structure..................................................................................................................
6
Consolidated Balance Sheets ...............................................................................................
7
Consolidated Statements of Income .....................................................................................
9
Capital Expenditure Analysis ..............................................................................................
13
Portfolio Analysis ................................................................................................................
14
O
PS BUSINESS PARKS, INC. FOURTH QUARTER FACT SHEET (in thousands, except per share amounts) NET OPERATING INCOME For The Three Months Ended 12/31/13 12/31/12 % Change
12/31/13
For The Year Ended 12/31/12 % Change
Rental income: Same Park (1) (2)
74,941
0.6%
296,062
1.2%
Non-Same Park (3) Total rental income Cost of operations:
$
15,810 91,172
12,500 87,441
26.5% 4.3%
57,470 356,994
48,703 344,765
18.0% 3.5%
Same Park (1) (4)
23,731
24,384
(2.7%)
97,813
97,184
0.6%
5,279 29,010
4,311 28,695
22.5% 1.1%
18,259 116,072
15,683 112,867
16.4% 2.8%
51,631
50,557
2.1%
201,711
198,878
1.4%
10,531 62,162
8,189 58,746
28.6% 5.8%
39,211 240,922
33,020 231,898
18.7% 3.9%
Non-Same Park (3) (4) Total cost of operations Net operating income: Same Park (1) (2) (4) Non-Same Park (3) (4) Total net operating income
$
75,362
$
$
$
$
299,524
$
$
FUNDS FROM OPERATIONS For The Three Months Ended 12/31/13 12/31/12 % Change FFO allocable to common and dilutive shares - as reported
$
51,440
$
39,864
29.0%
12/31/13 $
For The Year Ended 12/31/12 % Change
165,845
$
Acquisition transaction costs Gain on sale of ownership interest in Stor-RE Lease buyout payments
701 (1,144) (2,252)
192 (1,783)
265.1% (100.0%) 26.3%
854 (1,144) (2,252)
LTEIP amortization (5) Non-cash distributions related to redemption of preferred equity FFO allocable to common and dilutive shares - as adjusted
$
(6,879) 41,866 $
1,005 39,278
(784.5%) 6.6%
$
(3,893) 159,410 $
FFO per common and dilutive share - reported FFO per common and dilutive share - as adjusted
$ $
1.54 1.26
1.25 1.24
23.2% 1.6%
$ $
5.15 4.95
24,361 7,305 102 31,768
6.6% (46.1%) 4.9%
Weighted average common shares outstanding - diluted Weighted average common OP units outstanding Weighted average restricted stock units outstanding Total common and dilutive shares
$ $
25,961 7,305 55 33,321
134,472 350 (1,783)
$ $
24,833 7,305 51 32,189
23.3% 144.0% (100.0%) 26.3%
3,893 17,316 154,248
(200.0%) (100.0%) 3.3%
4.24 4.86
21.5% 1.9%
24,323 7,305 107 31,735
2.1% (52.3%) 1.4%
PROPERTY INFORMATION For The Three Months Ended 12/31/13 12/31/12 % Change
12/31/13
For The Year Ended 12/31/12 % Change
Total Portfolio Total rentable square footage at period end
29,740
28,208
5.4%
29,740
28,208
Weighted average occupancy
90.4%
89.3%
1.2%
89.9%
89.4%
Period end occupancy
91.3%
89.7%
1.8%
91.3%
89.7%
5.4% 0.6% 1.8%
Annualized realized rent per sq. ft. (6)
$
13.79
$
13.98
(1.4%)
$
13.91
$
14.05
(1.0%)
REVPAF (7)
$
12.26
$
12.40
(1.1%)
$
12.00
$
12.22
(1.8%)
Same Park Portfolio (1) Total rentable square footage at period end
21,424
Weighted average occupancy
21,424
92.0%
Period end occupancy
92.7%
-
92.2%
(0.2%)
21,424
21,424
92.0% 92.7%
-
91.7%
0.3%
92.5%
0.2%
92.5%
0.2%
Annualized realized rent per sq. ft. (6)
$
15.29
$
15.18
0.7%
$
15.20
$
15.07
0.9%
REVPAF (7)
$
14.07
$
13.99
0.6%
$
13.98
$
13.82
1.2%
MARKET VALUE INFORMATION 12/31/13 Market value of common stock and common OP units Total debt Total preferred equity Total market capitalization Stock price at the end of the period
$
$ $
2,610,138 250,000 995,000 3,855,138 76.42
% of Total 67.7% 6.5% 25.8% 100.0%
12/31/12 $
$ $
2,053,617 468,102 885,000 3,406,719 64.98
% of Total 60.3% 13.7% 26.0% 100.0%
NOTES (1) All assets in continuing operations acquired prior to January 1, 2011. (2) Amounts exclude lease buyout payments of $2.3 million in Q4'13 and $1.8 million in Q4'12. Including the lease buyout payments, rental income and NOI increased 1.2% and 2.9% for the three months ended December 31, 2013 over the same period in 2012. Including the lease buyout payments, rental income and NOI increased 1.3% and 1.6% for the year ended December 31, 2013 over the same period in 2012. (3) All assets acquired subsequent to January 1, 2011. (4) Amounts exclude Long-Term Equity Incentive Plan ("LTEIP") Amortization. (5) In order to provide comparable data points, the impact of the reversal of previously reported compensation expense related to the LTEIP has been neutralized. As such, the 2013 amounts represent the reversal of amortization recorded in prior periods while 2012 amounts represent amortization originally recorded in each period. (6) Represents the annualized revenues earned per occupied square foot. Exclude lease buyout payments of $2.3 million in Q4'13 and $1.8 million in Q4'12. (7) Represents the annualized revenues earned per total weighted average square foot. Exclude lease buyout payments of $2.3 million in Q4'13 and $1.8 million in Q4'12.
P
PS BUSINESS PARKS, INC. ANALYSIS OF FUNDS FROM OPERATIONS (in thousands, except per share amounts)
For The Three Months Ended 12/31/13 12/31/12
Change
For The Year Ended 12/31/13 12/31/12
% Change
Change
% Change
Funds from operations (FFO): Net income allocable to common shareholders Adjustments: Gain on sale of real estate facility Depreciation and amortization Net income allocable to noncontrolling interests - common units Net income allocable to restricted stock unit holders FFO allocable to common and dilutive shares
$
17,682
$
28,730 4,994 34 51,440
Weighted average common shares outstanding Weighted average common OP units outstanding Weighted average restricted stock units outstanding Weighted average common share equivalents outstanding Total common and dilutive shares FFO per common and dilutive share
$
9,760
$
25,864 7,305 55 97 33,321
$
7,922
81.2%
(935) 28,072 2,935 32 39,864 $
935 658 2,059 2 11,576
(100.0%) 2.3% 70.2% 6.3% 29.0%
24,288 7,305 102 73 31,768
1,576 (47) 24 1,553
$
43,851
$
108,917 12,952 125 165,845
6.5% (46.1%) 32.9% 4.9%
$
$
24,732 7,305 51 101 32,189
19,805
$
(935) 109,494 5,970 138 134,472 $ 24,234 7,305 107 89 31,735
24,046
121.4%
935 (577) 6,982 (13) 31,373
(100.0%) (0.5%) 117.0% (9.4%) 23.3%
498 (56) 12 454
2.1% (52.3%) 13.5% 1.4%
$
1.54
$
1.25
$
0.29
23.2%
$
5.15
$
4.24
$
0.91
21.5%
Funds from operations Adjustments: Recurring capital improvements Tenant improvements Lease commissions Straight-line rent Stock compensation expense (excluding LTEIP) LTEIP amortization In-place lease adjustment Tenant improvement reimbursements, net of lease incentives Non-cash distributions related to redemption of preferred equity Capitalized interest expense
$
51,440
$
39,864
$
11,576
29.0%
$
165,845
$
134,472
$
31,373
23.3%
FAD
$
30,747
$
30,309
$
438
FAD per common and dilutive share
$
0.92
$
0.95
$
$
30,747 $ (11,814) (3,214) (34) (182) (2,277) 13,226 $
30,309 $ (10,689) (3,214) (32) (192) (2,664) 13,518 $
49.0%
46.0%
Funds available for distribution (FAD):
(1,889) (7,467) (3,744) (238) 332 (6,879) (30) (419) (359)
(1,857) (6,155) (2,258) (3) 368 1,005 99 (754) -
(32) (1,312) (1,486) (235) (36) (7,884) (129) 335 (359)
1.7% 21.3% 65.8% 7833.3% (9.8%) (784.5%) (130.3%) (44.4%) 0.0% (100.0%)
(10,083) (29,224) (9,850) (1,457) 1,361 (3,893) 118 (1,414) (359)
(8,394) (34,236) (7,244) (2,686) 1,541 3,893 501 (1,315) 17,316 -
(1,689) 5,012 (2,606) 1,229 (180) (7,786) (383) (99) (17,316) (359)
20.1% (14.6%) 36.0% (45.8%) (11.7%) (200.0%) (76.4%) 7.5% 100.0% (100.0%)
1.4%
$
111,044
$
103,848
$
7,196
6.9%
(0.03)
(3.2%)
$
3.45
$
3.27
$
0.18
5.5%
438 (1,125) (2) 192 (182) 387 (292)
1.4% 10.5% 6.3% (100.0%) (100.0%) (14.5%) (2.2%)
$
111,044 $ (43,972) (12,856) (125) (47) (394) (9,018) 44,632 $
103,848 $ (42,684) (12,856) (138) (828) (6,898) 40,444 $
7,196 (1,288) 13 781 (394) (2,120) 4,188
6.9% 3.0% (9.4%) (94.3%) (100.0%) 30.7% 10.4%
3.0%
6.5%
51.3%
53.6%
(2.3%)
(4.3%)
Cash available for debt repayment and investments: FAD Distributions to common shareholders Distributions to common OP unit holders Distributions to restricted stock unit holders Debt Service Joint venture development Non-recurring property renovations Cash available for debt repayment and investments FAD distributions payout ratio
$
Q
$
Adjusted FFO Per Common and Dilutive Share⁽¹⁾
$1.30 $1.24
$1.24
$1.25 $1.20
$1.21
$1.23
$1.22
$1.26
$1.22
$1.20 $1.15
$1.12
$1.12
$1.13
$1.09
$1.10 $1.05 $1.00 $0.95 $0.90 Q1
1 (1) Where
Q2
Q3⁽²⁾
Q4
Q1⁽³⁾
|________2011________| 2 3
Q2⁽³⁾
Q3⁽³⁾
Q4⁽²⁾ ⁽³⁾
4|________2012________| 5 6
Q1 ⁽³⁾
Q2 ⁽³⁾
Q3 ⁽³⁾
Q4⁽²⁾ ⁽³⁾
|________2013________| 7 8
applicable, amounts exclude net gain on repurchase of preferred equity, non-cash distributions related to the redemption/repurchase of preferred equity and acquisition transaction costs.
(2) Amounts
exclude lease buyout payments of $2.9 million in Q3'11 , $1.8 million in Q4'12 and $2.3 million in Q4'13. (3) Amounts
exclude LTEIP amortization.
R
9
PS BUSINESS PARKS, INC. CAPITAL STRUCTURE (in thousands)
Total
As of December 31, 2013 % of Total Market WTD Average Capitalization Rate
As of December 31, 2012 % of Total Market WTD Average Total Capitalization Rate
Mortgage Debt: 5.452% mortgage note, due December 2016 5.520% mortgage note, repaid January 2013 5.680% mortgage note, repaid January 2013
$
Total mortgage debt
250,000 -
$
250,000
6.5%
5.45%
250,000 9,036 9,066 268,102
7.9%
5.46%
Unsecured Debt: $250.0 million unsecured credit facility (LIBOR + 1.10%) $250.0 million unsecured term loan, repaid November 2013
-
Total unsecured debt
200,000
-
Total debt
-
250,000
6.5%
-
200,000
5.8%
1.41%
5.45%
468,102
13.7%
3.73%
Preferred Equity 6.875% Series R preferred stock (3,000,000 depositary shares outstanding as of 12/31/13) callable 10/15/15 6.450% Series S preferred stock (9,200,000 depositary shares outstanding as of 12/31/13) callable 1/18/17 6.000% Series T preferred stock (14,000,000 depositary shares outstanding as of 12/31/13) callable 5/14/17 5.750% Series U preferred stock (9,200,000 depositary shares outstanding as of 12/31/13) callable 9/14/17 5.700% Series V preferred stock (4,400,000 depositary shares outstanding as of 12/31/13) callable 3/14/18
75,000 230,000 350,000 230,000 110,000
Total preferred equity Total debt and preferred equity Common stock (26,849,822 and 24,298,475 shares outstanding as of December 31, 2013 and 2012, respectively) Common operating partnership units (7,305,355 units outstanding as of December 31, 2013 and 2012) Total common equity (1) Total market capitalization
$
75,000 230,000 350,000 230,000 -
995,000
25.8%
6.08%
885,000
26.0%
6.13%
1,245,000
32.3%
5.95%
1,353,102
39.7%
5.30%
2,051,863 558,275 2,610,138
67.7%
3,855,138
100.0%
$
1,578,915 474,702 2,053,617
60.3%
3,406,719
100.0%
Principal maturity dates are represented by the following chart: Principal Maturity Dates 2014 5.452% Mortgage Note $ $ (1)
Closing stock price was $76.42 and $64.98 as of December 31, 2013 and December 31, 2012, respectively.
S
2015 -
$ - $
2016 -
$ - $
250,000 250,000
2017 $ $
2018 -
$ - $
Total -
$ - $
250,000 250,000
PS BUSINESS PARKS, INC. CONSOLIDATED BALANCE SHEETS (in thousands)
12/31/13
12/31/12
Change
% Change
ASSETS Cash and cash equivalents
$
Real estate facilities, at cost: Land Buildings and equipment
$
12,883
$
18,598
827,092 2,346,958 3,174,050 (1,035,387) 2,138,663 23,990 2,162,653
793,352 2,235,448 3,028,800 (942,639) 2,086,161 6,829 2,092,990
33,740 111,510 145,250 (92,748) 52,502 17,161 69,663
$
5,248 25,903 13,274 2,238,559
$
4,754 25,329 15,861 2,151,817
$
494 574 (2,587) 86,742
$
73,919
$
69,454
$
4,465
Accumulated depreciation Land and building held for development
Rent receivable Deferred rent receivable Other assets Total assets
31,481
(a)
(b)
(c) (d)
144.4%
4.3% 5.0% 4.8% 9.8% 2.5% 251.3% 3.3% 10.4% 2.3% (16.3%) 4.0%
LIABILITIES AND EQUITY Accrued and other liabilities Term Loan Mortgage notes payable Total liabilities Equity: PS Business Parks, Inc.'s shareholders' equity: Preferred stock Common stock Paid-in capital Cumulative net income Cumulative distributions Total PS Business Parks, Inc.'s shareholders' equity Noncontrolling interests: Common units Total noncontrolling interests:
Total liabilities and equity
$
T
6.4%
250,000
200,000 268,102
(200,000) (18,102)
(100.0%) (6.8%)
323,919
537,556
(213,637)
(39.7%)
885,000 242 537,091 967,783 (944,427) 1,445,689
110,000 25 162,223 103,192 (103,188) 272,252
12.4% 10.3% 30.2% 10.7% 10.9% 18.8%
196,699 196,699
168,572 168,572
28,127 28,127
16.7% 16.7%
1,914,640
1,614,261
300,379
18.6%
86,742
4.0%
995,000 267 699,314 1,070,975 (1,047,615) 1,717,941
Total equity
(e)
2,238,559
$
2,151,817
$
(f) (g)
PS BUSINESS PARKS, INC. CONSOLIDATED BALANCE SHEETS VARIANCE DETAIL (in thousands) (a) Change in cash and cash equivalents: Beginning cash balance Net cash provided by operating activities Net cash used in investing activities Net cash used in financing activities Ending cash balance
$
$
(b) Change in real estate facilities, at cost: Beginning balance Property acquisitions Non-recurring property renovations Recurring capital improvements Tenant improvements, gross Lease commissions Transfer to land and building held for development Depreciation and amortization Ending balance
$ 2,086,161 116,610 9,018 10,083 31,277 9,850 (15,419) (108,917) $ 2,138,663
(c) Rent receivable consists of: Non-government tenants U.S. Government tenants ## Allowance for doubtful accounts
12/31/13 $ 2,294 3,354 (400) $ 5,248
12/31/12 $ 2,993 2,161 (400) $ 4,754
(d) Other assets consist of: In-place lease adjustment, net ## Prepaid property taxes ## Prepaid insurance ## Mortgage impounds ## ## Lease incentives, net Other
12/31/13 $ 3,708 2,990 1,915 716 3,945 $ 13,274
12/31/12 $ 5,165 3,083 1,999 89 903 4,622 $ 15,861
(e) Accrued and other liabilities consist of: Security deposits Accrued property taxes Prepaid rent In-place lease adjustment and tenant improvement reimbursements, net Other
12/31/13 $ 26,884 6,943 17,233
12/31/12 $ 25,728 5,919 15,759
9,676 13,183 73,919
9,190 12,858 $ 69,454
$
(f)
12,883 222,294 (172,872) (30,824) 31,481
Change in paid-in capital: Beginning paid-in capital Issuance cost of preferred stock Issuance cost of common stock Exercise of stock options Stock compensation, net Adjustment to reflect noncontrolling interests to underlying ownership Ending paid in capital
(g) Change in cumulative distributions: Beginning cumulative distributions Distributions to preferred shareholders Distributions to common shareholders Ending cumulative distributions
Change (699) 1,193 $ 494 $
Change (1,457) (93) (84) (89) (187) (677) $ (2,587) $
$
$
$
$
Change 1,156 1,024 1,474 486 325 4,465
537,091 (3,689) 192,305 4,681 (3,043) (28,031) 699,314
$ (944,427) (59,216) (43,972) $ (1,047,615)
U
PS BUSINESS PARKS, INC. CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share amounts)
For The Three Months Ended 12/31/13 12/31/12 Revenues: Rental income Facility management fees Total operating revenues
$
93,424 162 93,586
$
89,224 160 89,384
Change
$
(a)
4.7% 1.3% 4.7%
(2,156) (b) 658 (4,086) (c) (5,584)
(7.4%) 2.3% (204.9%) (9.5%)
(d) (e)
1517.3% (26.3%) (52.3%)
4,200 2 4,202
Expenses: Cost of operations Depreciation and amortization General and administrative Total operating expenses
26,826 28,730 (2,092) 53,464
28,982 28,072 1,994 59,048
Other income and expense: Interest and other income Interest and other expense Total other income and expense
1,310 (3,600) (2,290)
81 (4,885) (4,804)
1,229 1,285 2,514
Income from continuing operations
37,832
25,532
12,300
Discontinued operations: Loss from discontinued operations Gain on sale of real estate facility Total discontinued operations Net income Net income allocation: Net income allocable to noncontrolling interests: Noncontrolling interests - common units Total net income allocable to noncontrolling interests
-
10 935 945
% Change
(10) (935) (945)
48.2%
(100.0%) 100.0% (100.0%)
$
37,832
$
26,477
$
11,355
42.9%
$
4,994 4,994
$
2,935 2,935
$
2,059 2,059
70.2% 70.2%
1,372 2 7,922 9,296
10.0% 6.3% 81.2% 39.5%
11,355
42.9%
Net income allocable to PS Business Parks, Inc.: Preferred shareholders Restricted stock unit holders Common shareholders Total net income allocable to PS Business Parks, Inc.
15,122 34 17,682 32,838
13,750 32 9,760 23,542
$
37,832
$
26,477
$
Net income per common share - basic: Continuing operations Discontinued operations Net Income
$ $ $
0.68 0.68
$ $ $
0.37 0.03 0.40
$ $ $
0.31 (0.03) 0.28
83.8% (100.0%) 70.0%
Net income per common share - diluted: Continuing operations Discontinued operations Net Income
$ $ $
0.68 0.68
$ $ $
0.37 0.03 0.40
$ $ $
0.31 (0.03) 0.28
83.8% (100.0%) 70.0%
Weighted average common shares outstanding: Basic Diluted
25,864 25,961
V
24,288 24,361
1,576 1,600
6.5% 6.6%
PS BUSINESS PARKS, INC. CONSOLIDATED STATEMENT OF INCOME VARIANCE DETAIL (in thousands)
(a) Rental income: Same Park Non-Same Park Certain lease buyout payments Same Park straight-line rent Non-Same Park straight-line rent
For The Three Months Ended 12/31/13 12/31/12 $ 75,759 $ 75,210 15,175 12,228 2,252 1,783 (397) (269) 635 272 $ 93,424 $ 89,224
(b) Cost of Operations: Same Park Non-Same Park LTEIP amortization
For The Three Months Ended 12/31/13 12/31/12 $ 23,731 $ 24,384 5,279 4,311 (2,184) 287 $ 26,826 $ 28,982
(c) General and administrative expenses: Cash and non-cash compensation expense LTEIP amortization Professional fees Acquisition transaction costs Other
For The Three Months Ended 12/31/13 12/31/12 $ 1,393 $ 600 (4,695) 718 212 183 701 192 297 301 $ (2,092) $ 1,994
(d) Interest and other income Gain on sale of ownership interest in Stor-RE Interest income
For The Three Months Ended 12/31/13 12/31/12 $ 1,144 $ 166 81 $ 1,310 $ 81
(e) Interest and other expense: Mortgage notes payable Credit facility Term loan Capitalized interest Facilities fees & other charges
For The Three Months Ended 12/31/13 12/31/12 $ (3,483) $ (3,939) (51) (127) (723) 359 (298) (223) $ (3,600) $ (4,885)
NM
Change 549 2,947 469 (128) 363 $ 4,200 $
Change (653) 968 (2,471) $ (2,156) $
Change 793 (5,413) 29 509 (4) $ (4,086) $
Change 1,144 85 $ 1,229 $
Change 456 (51) 596 359 (75) $ 1,285 $
PS BUSINESS PARKS, INC. CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share amounts)
For The Year Ended 12/31/2013 12/31/2012 Revenues: Rental income Facility management fees Total operating revenues
$
359,246 639 359,885
$
346,548 649 347,197
Change
$
12,698 (a) (10) 12,688
3.7% (1.5%) 3.7%
723 (b) (481) (3,607) (c) (3,365)
0.6% (0.4%) (40.4%) (1.4%)
(d) (e)
516.2% (21.6%) (28.0%)
Expenses: Cost of operations Depreciation and amortization General and administrative Total operating expenses
114,831 108,917 5,312 229,060
114,108 109,398 8,919 232,425
Other income and expense: Interest and other income Interest and other expense Total other income and expense
1,485 (16,166) (14,681)
241 (20,618) (20,377)
1,244 4,452 5,696
Income from continuing operations
116,144
94,395
21,749
Discontinued operations: Loss from discontinued operations Gain on sale of real estate facility Total discontinued operations
-
42 935 977
(42) (935) (977)
Net income
$
116,144
$
95,372
$
Net income allocation: Net income allocable to noncontrolling interests: Noncontrolling interests - common units Noncontrolling interests - preferred units Total net income allocable to noncontrolling interests
$
12,952 12,952
$
5,970 323 6,293
$
Net income allocable to PS Business Parks, Inc.: Preferred shareholders Restricted stock unit holders Common shareholders Total net income allocable to PS Business Parks, Inc.
59,216 125 43,851 103,192
69,136 138 19,805 89,079
% Change
20,772
23.0%
(100.0%) (100.0%) (100.0%) 21.8%
6,982 (323) 6,659
117.0% (100.0%) 105.8%
(9,920) (13) 24,046 14,113
(14.3%) (9.4%) 121.4% 15.8%
$
116,144
$
95,372
$
Net income per common share - basic: Continuing operations Discontinued operations Net Income
$ $ $
1.77 1.77
$ $ $
0.79 0.03 0.82
$ $ $
0.98 (0.03) 0.95
124.1% (100.0%) 115.9%
Net income per common share - diluted: Continuing operations Discontinued operations Net Income
$ $ $
1.77 1.77
$ $ $
0.78 0.03 0.81
$ $ $
0.99 (0.03) 0.96
126.9% (100.0%) 118.5%
Weighted average common shares outstanding: Basic Diluted
24,732 24,833
NN
24,234 24,323
20,772
498 510
21.8%
2.1% 2.1%
PS BUSINESS PARKS, INC. CONSOLIDATED STATEMENT OF INCOME VARIANCE DETAIL (in thousands)
(a) Rental income: Same Park Non-Same Park Certain lease buyout payments Same Park straight-line rent Non-Same Park straight-line rent
For The Year Ended 12/31/13 12/31/12 $ 300,525 $ 295,255 55,012 46,824 2,252 1,783 (1,001) 807 2,458 1,879 $ 359,246 $ 346,548
(b) Cost of operations: Same Park Non-Same Park LTEIP amortization
For The Year Ended 12/31/13 12/31/12 $ 97,813 $ 97,184 18,259 15,683 (1,241) 1,241 $ 114,831 $ 114,108
(c) General and administrative expenses: Cash and non-cash compensation expense LTEIP amortization Professional fees Acquisition transaction costs Other
For The Year Ended 12/31/13 12/31/12 $ 5,059 $ 3,641 (2,652) 2,652 792 780 854 350 1,259 1,496 $ 5,312 $ 8,919
(d) Interest and other income Gain on sale of ownership interest in Stor-RE Interest income
For The Year Ended 12/31/13 12/31/12 $ 1,144 $ 341 241 $ 1,485 $ 241
(e) Interest and other expense: Mortgage notes payable Credit facility Term loan Capitalized interest Facilities fees & other charges
For The Year Ended 12/31/13 12/31/12 $ (13,919) $ (15,699) (51) (470) (1,393) (3,415) 359 (1,162) (1,034) $ (16,166) $ (20,618)
NO
Change 5,270 8,188 469 (1,808) 579 $ 12,698 $
Change 629 2,576 (2,482) $ 723 $
Change 1,418 (5,304) 12 504 (237) $ (3,607) $
Change 1,144 100 $ 1,244 $
Change 1,780 419 2,022 359 (128) $ 4,452 $
PS BUSINESS PARKS, INC. Analysis of Capital Expenditures (in thousands, except per square foot data)
Recurring capital expenditures
(1)
For The Year Ended December 31, 2013
Cost per Weighted Average Square Foot
Capital improvements
$10,083
$0.35
Tenant improvements
29,224
$1.02
9,850
$0.35
$49,157
$1.72
Lease commissions Total recurring capital expenditures Non-recurring property renovations Non-recurring property renovations
(1)
$9,018
The Company defines "recurring capital expenditures" as those capitalized costs necessary to continue to operate the property at its current economic value. Capital improvements in excess of $2,000 with a useful life greater than 24 months are capitalized. Lease transaction costs in excess of $1,000 for leases with terms greater than 12 months are capitalized. It excludes renovations that substantially enhance the value of a property and first generation leasing costs on development properties. Lease-up costs on acquired properties are included in recurring capital expenditures. Repairs and maintenance expense was $25.3 million or approximately $0.88 per weighted average square foot for the year ended December 31, 2013 compared to $25.6 million or approximately $0.93 per weighted average square foot for the year ended December 31, 2012.
NP
Same Park Gross Operating Margin Percentage ⁽¹⁾ 69.0%
68.5%
68.0%
67.8%
67.5%
67.5%
67.4%
67.1% 66.9%
66.9%
66.7%
67.0%
66.5%
66.5%
65.7%
66.0% 65.0% 64.0% 63.0% 62.0% 61.0% 60.0% Q1
Q2
Q3⁽²⁾
Q4
Q1⁽³⁾
Q2⁽³⁾
Q3⁽³⁾ Q4⁽²⁾⁽³⁾ Q1⁽³⁾
Q2⁽³⁾
Q3⁽³⁾ Q4⁽²⁾⁽³⁾
|_________2011_________| |_________2012_________| |_________2013_________| ⁽¹⁾ Gross margin is computed by dividing property net operating income by rental income for Same Park properties in each period. ⁽²⁾ Amounts exclude lease buyout payments of $2.9 million in Q3'11 , $1.8 million in Q4'12 and $2.3 million in Q4'13. (3) Amounts exclude LTEIP amortization.
NQ
Change in Same Park Revenue⁽¹⁾ 3.0% 1.7% 1.1%
1.4%
0.5%
1.0%
1.0%
0.6%
0.3%
-1.0%
-3.0%
-1.7%
-2.0% -3.3%
-2.3% -4.1%
-5.0%
-7.0% Q1
Q2
Q3⁽²⁾
Q4
|__________2011__________| (1) Percentage represents the (2) Amounts
Q1
Q2
Q3
Q4⁽²⁾
|__________2012__________|
Q1
Q2
Q3
Q4⁽²⁾
|__________2013__________|
change over the comparabl period in the previous year based on Same Park operating assets as reported in each period.
exclude lease buyout payments of $2.9 million in Q3'11 , $1.8 million in Q4'12 and $2.3 million in Q4'13.
NR
Change in Same Park NOI⁽¹⁾ 3.0% 0.8%
1.0%
0.2%
1.1%
0.1%
Q2
Q3
2.2%
2.1%
Q3
Q4⁽²⁾⁽³⁾
1.4% 0.7%
-1.0%
-3.0%
-3.4%
-3.4%
-5.0% -4.8% -6.4%
-7.0% Q1
Q2
Q3⁽²⁾
Q4
|__________2011__________| (1) Percentage represents the (2) Amounts
Q1
Q4⁽²⁾
|__________2012__________|
Q1
Q2
|__________2013__________|
change over the comparabl period in the previous year based on Same Park operating assets as reported in each period.
exclude lease buyout payments of $2.9 million in Q3'11 , $1.8 million in Q4'12 and $2.3 million in Q4'13. (3)
Amounts exclude LTEIP amortization.
NS
PS BUSINESS PARKS, INC. PORTFOLIO CONCENTRATION SUMMARY (in thousands) Industry Concentration as of December 31, 2013 % of Total Rental Income 16.5% 10.6% 10.0% 9.9% 9.2% 6.0% 6.0% 5.5% 4.2% 3.2% 3.1% 3.0% 2.0% 10.8% 100.0%
Business services Government Computer hardware, software and related service Health services Warehouse, distribution, transportation and logistics Engineering and construction Retail, food, and automotive Insurance and financial services Communications Home furnishings Electronics Aerospace/defense products and services Educational services Other Total
Top 10 Customers by Total Annual Rental Income as of December 31, 2013 Annualized Tenant
Square Footage
US Government Lockheed Martin Corporation Kaiser Permanente Level 3 Communication Keeco LLC
881 169 199 197 460
Luminex Corporation Wells Fargo Salient Federal Solutions, Inc. Raytheon Welch Allyn Protocol, Inc Total
Rental Income (1) $
% of Total Annualized Rental Income
22,779 4,362 4,321 3,220 3,211
6.2% 1.2% 1.2% 0.9% 0.9%
177 118 58
2,797 2,102 1,943
0.8% 0.6% 0.5%
97 103 2,459
1,786 1,733 48,254
0.5% 0.4% 13.2%
$
(1) - For leases expiring within one year, annualized rental income represents income to be received under existing leases from January 1, 2014 through the date of expiration.
NT
Total Property Net Operating Income by Region
Three Months Ended December 31, 2013 $62,162 (in thousands)
(1)
Three Months Ended December 31, 2012 $58,746 (in thousands)
S. California (15%)
$878
$1,967
S. California (15%)
N. California (18%)
N. California (18%)
S. Texas (5%)
S. Texas (5%)
N. Texas (6%)
N. Texas (5%)
Virginia (24%)
Virginia (25%)
Maryland (13%)
Maryland (14%)
Oregon (5%)
Oregon (5%)
South Florida (10%)
South Florida (9%)
Arizona (1%)
$778
Washington (3%)
$5,997
(1)
$1,825
Arizona (1%) Washington (3%)
$5,448 $9,064
$8,928 $2,883
$3,047
$11,298 $10,326 $8,251 $8,157
$3,128 $2,686 $3,876
$3,012
$14,656 $14,703
(1)
Oregon's amount excludes a lease buyout payment of $2.3 million for the three months ended December 31, 2013. Virginia's amount excludes a lease buyout payment of $1.8 million for the three months ended December 31, 2012.
NU
Total Owned Rentable Square Footage by Region
December 31, 2013 29,740 square feet (in thousands)
December 31, 2012 28,208 square feet (in thousands)
S. California (13%)
S. California (14%) N. California (25%) N. California (25%) S. Texas (6%) S. Texas (6%) N. Texas (10%) N. Texas (6%) Virginia (14%) Virginia (15%) Maryland (8%) Maryland (9%) Oregon (4%) Oregon (5%) South Florida (13%) South Florida (13%) Arizona (2%)
1,479 679
3,988
679
Washington (5%)
3,717
1,479
Arizona (2%)
3,988
Washington (5%)
3,717
1,314 1,314 7,493
7,153
2,352 2,352
4,040
4,040
1,717
1,717 1,769
2,961
NV
PS BUSINESS PARKS, INC. SAME PARK PORTFOLIO OVERVIEW (in thousands) Rentable Square Footage of Properties as of December 31, 2013 Primary Markets Miami Northern Virginia Northern California Maryland Dallas Orange County Los Angeles County Portland Austin San Diego County Phoenix Seattle Palm Beach Total Percentage by Product Type
Industrial
Office
2,631 407 231 712 3,981 18.6%
12 1,955 1,381 705 31 188 28 4,300 20.1%
Flex 631 1,946 1,411 971 1,458 911 861 1,126 1,491 768 679 493 397 13,143 61.3%
Total 3,274 3,901 1,818 2,352 1,689 1,616 1,604 1,314 1,491 768 679 521 397 21,424 100.0%
% of Total 15.3% 18.1% 8.5% 11.0% 7.9% 7.5% 7.5% 6.1% 7.0% 3.6% 3.2% 2.4% 1.9% 100.0%
Weighted Average Occupancy Rates by Product Type for the Three Months Ended December 31, 2013 Primary Markets Miami Northern Virginia Northern California Maryland Dallas Orange County Los Angeles County Portland Austin San Diego County Phoenix Seattle Palm Beach Total
Industrial 97.0% 100.0% 94.0% 95.5% 96.9%
Office 100.0% 91.6% 91.8% 90.2% 93.1% 92.0% 91.6% 91.5%
Flex 98.2% 88.5% 91.8% 78.8% 89.2% 93.5% 93.9% 90.3% 90.4% 93.1% 95.9% 94.2% 88.6% 90.6%
Total 97.2% 90.0% 93.6% 86.5% 89.9% 92.1% 94.6% 90.5% 90.4% 93.1% 95.9% 94.0% 88.6% 92.0%
Weighted Average Occupancy Rates by Portfolio Type for the Three Months Ended December 31, 2013 Primary Markets Miami Northern Virginia Northern California Maryland Dallas Orange County Los Angeles County Portland Austin San Diego County Phoenix Seattle Palm Beach Total
Large Tenant
Small Tenant
97.3% 88.7% 94.9% 85.9% 90.3% 92.7% 95.5% 90.4% 91.1% 91.7%
97.0% 92.2% 92.3% 88.5% 87.9% 91.5% 93.9% 91.1% 87.0% 93.1% 95.9% 94.0% 88.6% 92.3%
Total 97.2% 90.0% 93.6% 86.5% 89.9% 92.1% 94.6% 90.5% 90.4% 93.1% 95.9% 94.0% 88.6% 92.0%
Note: The Company's "large tenant" portfolio consists of properties with average leases greater than or equal to 5,000 square feet while the "small tenant" portfolio consists of properties with average leases less than 5,000 square feet.
OM
PS BUSINESS PARKS, INC. TOTAL PORTFOLIO OVERVIEW (in thousands) Rentable Square Footage of Properties as of December 31, 2013 Primary Markets Northern California Northern Virginia Miami Maryland Dallas Orange County Los Angeles County Austin Portland San Diego County Phoenix Seattle Palm Beach Total Percentage by Product Type
Industrial 3,906 2,631 231 712 958 8,438 28.4%
Office 340 2,093 12 1,382 705 31 188 28 4,779 16.1%
Flex 3,247 1,947 677 970 2,730 911 861 1,717 1,126 768 679 493 397 16,523 55.5%
Total 7,493 4,040 3,320 2,352 2,961 1,616 1,604 1,717 1,314 768 679 1,479 397 29,740 100.0%
% of Total 25.2% 13.6% 11.2% 7.9% 9.9% 5.4% 5.4% 5.8% 4.4% 2.6% 2.3% 5.0% 1.3% 100.0%
Weighted Average Occupancy Rates by Product Type for the Three Months Ended December 31, 2013 Primary Markets Northern California Northern Virginia Miami Maryland Dallas Orange County Los Angeles County Austin Portland San Diego County Phoenix Seattle Palm Beach Total
Industrial 95.4% 97.0% 94.0% 95.5% 69.1% 92.9%
Office 81.8% 91.4% 100.0% 91.8% 90.2% 93.1% 92.0% 91.6% 91.3%
Flex 87.7% 88.5% 96.8% 78.8% 82.2% 93.5% 93.9% 91.2% 90.3% 93.1% 95.9% 94.2% 88.6% 88.8%
Total 91.8% 90.0% 97.0% 86.5% 83.2% 92.1% 94.6% 91.2% 90.5% 93.1% 95.9% 77.9% 88.6% 90.4%
Weighted Average Occupancy Rates by Portfolio Type for the Three Months Ended December 31, 2013 Primary Markets Northern California Northern Virginia Miami Maryland Dallas Orange County Los Angeles County Austin Portland San Diego County Phoenix Seattle Palm Beach Total
Large Tenant Small Tenant 91.7% 88.7% 97.0% 85.9% 88.3% 92.7% 95.5% 91.9% 90.4% 69.1% 90.3%
92.2% 92.2% 97.0% 88.5% 72.8% 91.5% 93.9% 87.0% 91.1% 93.1% 95.9% 94.0% 88.6% 90.4%
Total 91.8% 90.0% 97.0% 86.5% 83.2% 92.1% 94.6% 91.2% 90.5% 93.1% 95.9% 77.9% 88.6% 90.4%
Note: The Company's "large tenant" portfolio consists of properties with average leases greater than or equal to 5,000 square feet while the "small tenant" portfolio consists of properties with average leases less than 5,000 square feet.
ON
Same Park Weighted Average Occupancy
(1)
93.0%
92.2% 92.0% 91.6% 91.4%
92.0%
91.9%
92.0%
92.0%
Q1
Q2
Q3
Q4
91.6%
90.9%
91.0%
89.9%
90.0% 89.6%
89.7%
89.0%
88.0% Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
|_____________2011_____________| |_____________2012_____________|
(1)
|________2013________|
Represents the weighted average occupancy for the current Same Park portfolio.
OO
Total Owned Portfolio Weighted Average Occupancy (1) 91.0%
90.4% 90.2%
90.1% 90.0%
89.6%
89.7%
89.7%
89.7%
89.6% 89.4% 89.2%
89.3%
89.3%
89.0%
88.0%
87.0%
86.0%
85.0% Q1
Q2
Q3
Q4
|___________2011___________|
(1) Represents
Q1
Q2
Q3
Q4
|___________2012__________|
Q1
Q2
Q3
Q4
|___________2013__________|
the weighted average occupancy for total owned portfolio held in continuing operations as reported in each period.
OP
PS BUSINESS PARKS, INC. TOTAL PORTFOLIO LEASE EXPIRATIONS AS OF DECEMBER 31, 2013 (IN THOUSANDS) Lease Expirations - Flex
Year of Lease Expiration 2014 2015 2016 2017 2018 Thereafter Total
Annualized Rental Income
Leased Square Footage 4,118 3,858 2,461 1,488 948 1,422 14,295
$
52,992 52,279 35,580 21,642 13,988 25,695 202,176
$
% 26.2% 25.9% 17.6% 10.7% 6.9% 12.7% 100.0%
% of Total Annualized Rental Income 13.6% 13.5% 9.1% 5.6% 3.6% 6.6% 52.0%
Lease Expirations - Office
Year of Lease Expiration 2014 2015 2016 2017 2018 Thereafter Total
Annualized Rental Income
Leased Square Footage 1,286 1,054 990 508 580 321 4,739
$
29,195 24,942 25,503 13,123 15,868 10,477 119,108
$
% 24.5% 21.0% 21.4% 11.0% 13.3% 8.8% 100.0%
% of Total Annualized Rental Income 7.5% 6.4% 6.6% 3.4% 4.1% 2.7% 30.7%
Lease Expirations - Industrial
Year of Lease Expiration 2014 2015 2016 2017 2018 Thereafter Total
Annualized Rental Income
Leased Square Footage 1,911 1,378 1,467 978 578 1,681 7,993
$
16,159 11,349 11,001 7,898 5,248 16,041 67,696
$
% 23.9% 16.8% 16.2% 11.7% 7.7% 23.7% 100.0%
% of Total Annualized Rental Income 4.2% 2.9% 2.8% 2.0% 1.3% 4.1% 17.3%
Lease Expirations - Total Portfolio
Year of Lease Expiration 2014 2015 2016 2017 2018 Thereafter Total
Annualized Rental Income
Leased Square Footage 7,315 6,290 4,918 2,974 2,106 3,424 27,027
$
98,346 88,570 72,084 42,663 35,104 52,213 388,980
$
OQ
% 25.3% 22.8% 18.5% 11.0% 9.0% 13.4% 100.0%
% of Total Annualized Rental Income 25.3% 22.8% 18.5% 11.0% 9.0% 13.4% 100.0%
PS BUSINESS PARKS, INC. TOTAL PORTFOLIO LEASE EXPIRATIONS AS OF DECEMBER 31, 2013 (IN THOUSANDS) Southern California
Year of Lease Expiration 2014 2015 2016 2017 2018 Thereafter Total
Annualized Rental Income
Leased Square Footage 1,552 1,162 432 226 218 81 3,671
$
22,756 17,554 6,929 4,156 4,062 1,626 57,083
$
% 39.9% 30.7% 12.1% 7.3% 7.1% 2.9% 100.0%
% of Total Annualized Rental Income 5.8% 4.5% 1.8% 1.1% 1.0% 0.4% 14.6%
Northern California
Year of Lease Expiration 2014 2015 2016 2017 2018 Thereafter Total
Annualized Rental Income
Leased Square Footage 1,592 1,428 1,339 588 555 1,481 6,983
$
19,814 16,040 12,750 6,805 6,619 15,639 77,667
$
% 25.5% 20.7% 16.4% 8.8% 8.5% 20.1% 100.0%
% of Total Annualized Rental Income 5.1% 4.1% 3.3% 1.8% 1.7% 4.0% 20.0%
Southern Texas
Year of Lease Expiration 2014 2015 2016 2017 2018 Thereafter Total
Annualized Rental Income
Leased Square Footage 323 462 249 256 204 104 1,598
$
3,608 6,706 3,241 3,354 2,502 1,078 20,489
$
% 17.6% 32.7% 15.8% 16.4% 12.2% 5.3% 100.0%
% of Total Annualized Rental Income 0.9% 1.7% 0.8% 0.9% 0.7% 0.3% 5.3%
Northern Texas
Year of Lease Expiration 2014 2015 2016 2017 2018 Thereafter Total
Annualized Rental Income
Leased Square Footage 617 711 319 239 136 460 2,482
$
5,672 8,141 3,001 3,039 1,157 5,823 26,833
$
OR
% 21.1% 30.4% 11.2% 11.3% 4.3% 21.7% 100.0%
% of Total Annualized Rental Income 1.5% 2.1% 0.8% 0.8% 0.3% 1.5% 7.0%
PS BUSINESS PARKS, INC. TOTAL PORTFOLIO LEASE EXPIRATIONS AS OF DECEMBER 31, 2013 (IN THOUSANDS) South Florida
Year of Lease Expiration 2014 2015 2016 2017 2018 Thereafter Total
Annualized Rental Income
Leased Square Footage 1,260 803 727 480 296 56 3,622
$
10,742 7,475 6,672 4,349 3,336 696 33,270
$
% 32.3% 22.5% 20.0% 13.1% 10.0% 2.1% 100.0%
% of Total Annualized Rental Income 2.8% 1.9% 1.7% 1.1% 0.9% 0.2% 8.6%
Northern Virginia
Year of Lease Expiration 2014 2015 2016 2017 2018 Thereafter Total
Annualized Rental Income
Leased Square Footage 937 753 819 377 247 481 3,614
$
19,742 15,235 19,171 9,240 7,510 13,397 84,295
$
% 23.4% 18.1% 22.7% 11.0% 8.9% 15.9% 100.0%
% of Total Annualized Rental Income 5.1% 3.9% 4.9% 2.4% 1.9% 3.4% 21.6%
Maryland
Year of Lease Expiration 2014 2015 2016 2017 2018 Thereafter Total
Annualized Rental Income
Leased Square Footage 347 427 514 222 283 269 2,062
$
6,891 10,485 12,165 5,560 7,368 7,907 50,376
$
% 13.7% 20.8% 24.2% 11.0% 14.6% 15.7% 100.0%
% of Total Annualized Rental Income 1.8% 2.7% 3.1% 1.4% 1.9% 2.0% 12.9%
Oregon
Year of Lease Expiration 2014 2015 2016 2017 2018 Thereafter Total
Annualized Rental Income
Leased Square Footage 224 139 303 274 61 176 1,177
$
3,471 2,441 5,402 3,692 1,173 3,358 19,537
$
OS
% 17.8% 12.5% 27.6% 18.9% 6.0% 17.2% 100.0%
% of Total Annualized Rental Income 0.9% 0.7% 1.4% 0.9% 0.3% 0.9% 5.1%
PS BUSINESS PARKS, INC. TOTAL PORTFOLIO LEASE EXPIRATIONS AS OF DECEMBER 31, 2013 (IN THOUSANDS) Washington
Year of Lease Expiration 2014 2015 2016 2017 2018 Thereafter Total
Annualized Rental Income
Leased Square Footage 191 233 93 266 99 292 1,174
$
%
3,284 2,878 1,452 1,943 1,287 2,458 13,302
$
24.7% 21.6% 10.9% 14.6% 9.7% 18.5% 100.0%
% of Total Annualized Rental Income 0.8% 0.8% 0.4% 0.5% 0.3% 0.6% 3.4%
Arizona
Year of Lease Expiration 2014 2015 2016 2017 2018 Thereafter Total
Annualized Rental Income
Leased Square Footage 272 172 123 46 7 24 644
$
% 2,366 1,615 1,301 525 90 231 6,128
$
38.6% 26.3% 21.2% 8.6% 1.5% 3.8% 100.0%
% of Total Annualized Rental Income 0.6% 0.4% 0.3% 0.1% 0.0% 0.1% 1.5%
Total Portfolio
Year of Lease Expiration 2014 2015 2016 2017 2018 Thereafter Total
Annualized Rental Income
Leased Square Footage 7,315 6,290 4,918 2,974 2,106 3,424 27,027
$
98,346 88,570 72,084 42,663 35,104 52,213 388,980
$
OT
% 25.3% 22.8% 18.5% 11.0% 9.0% 13.4% 100.0%
% of Total Annualized Rental Income 25.3% 22.8% 18.5% 11.0% 9.0% 13.4% 100.0%
PS BUSINESS PARKS, INC. TOTAL PORTFOLIO LEASE EXPIRATIONS AS OF DECEMBER 31, 2013 (IN THOUSANDS) Lease Expirations - Large Tenant Portfolio
Year of Lease Expiration 2014 2015 2016 2017 2018 Thereafter Total
Annualized Rental Income
Leased Square Footage 3,984 3,845 3,586 2,391 1,666 3,081 18,553
$
48,301 50,216 48,941 31,529 26,737 43,968 249,692
$
% 19.4% 20.1% 19.6% 12.6% 10.7% 17.6% 100.0%
% of Total Annualized Rental Income 12.4% 12.9% 12.6% 8.1% 6.9% 11.3% 64.2%
Lease Expirations - Small Tenant Portfolio
Year of Lease Expiration 2014 2015 2016 2017 2018 Thereafter Total
Annualized Rental Income
Leased Square Footage 3,331 2,445 1,332 583 440 343 8,474
$
50,045 38,354 23,143 11,134 8,367 8,245 139,288
$
% 35.9% 27.6% 16.6% 8.0% 6.0% 5.9% 100.0%
% of Total Annualized Rental Income 12.9% 9.9% 5.9% 2.9% 2.1% 2.1% 35.8%
Lease Expirations - Total Portfolio
Year of Lease Expiration 2014 2015 2016 2017 2018 Thereafter Total
Annualized Rental Income
Leased Square Footage 7,315 6,290 4,918 2,974 2,106 3,424 27,027
$
98,346 88,570 72,084 42,663 35,104 52,213 388,980
$
OU
% 25.3% 22.8% 18.5% 11.0% 9.0% 13.4% 100.0%
% of Total Annualized Rental Income 25.3% 22.8% 18.5% 11.0% 9.0% 13.4% 100.0%
