Ps business parks inc/ca (PSB)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10
Cash flows from operating activities
Net income

65,028

61,514

46,510

49,373

46,575

53,174

44,843

102,359

71,525

45,477

42,631

44,175

47,033

39,587

38,994

33,923

32,480

33,029

46,277

29,309

40,355

119,771

29,478

27,650

27,801

37,832

26,847

26,476

24,989

26,477

23,695

23,355

21,845

22,034

30,626

25,307

24,673

24,132

23,559

26,490

27,841

Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization expense

26,619

28,386

26,220

24,768

24,875

25,737

25,207

24,416

23,882

23,805

23,759

23,628

23,078

24,600

24,631

25,214

25,041

26,151

25,985

27,025

26,233

26,810

26,811

28,295

28,441

-

-

-

26,961

28,072

26,884

27,239

27,299

21,342

21,423

21,058

20,859

20,812

21,200

18,666

18,190

In-place lease adjustment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

106

138

193

-

341

352

311

229

231

244

197

30

-27

-49

-72

-903

116

127

159

200

222

212

209

238

235

135

-37

Tenant improvement reimbursement amortization, net of lease incentive amortization

-230

-240

-125

-285

-378

-536

-556

-619

-515

-529

-798

-494

-362

-413

-407

-423

-423

-443

-478

-543

-397

-386

-355

-401

-438

-420

-369

-348

-277

-754

-211

-180

-170

-154

-183

-238

-194

-212

-126

-102

-163

Gain on sale of real estate facilities and development rights

19,621

-

-

-

-

8,201

0

58,448

26,835

2,500

0

1,209

3,865

-

-

-

-

-1

15,749

0

12,487

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

5,153

Amortization of mortgage note premium

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-38

-59

-57

-61

-72

-73

-71

-69

Stock compensation expense

942

965

2,102

918

971

1,241

1,152

672

1,109

1,522

-391

1,563

2,083

1,980

1,850

4,278

2,805

2,296

1,912

2,633

2,404

3,464

2,218

2,668

1,230

-6,547

1,387

1,205

1,423

1,373

1,384

1,411

1,266

763

380

364

458

464

517

520

615

Amortization of financing costs

137

134

138

136

136

137

137

136

127

137

112

91

135

-

-

137

126

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other, net

-2,868

-4,383

4,849

1,504

-7,424

832

1,232

-700

-5,355

-2,397

2,849

1,656

-380

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Decrease (increase) in receivables and other assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,118

2,050

80

-

1,304

1,950

1,004

-1,992

5,864

-3,721

-943

-1,443

3,506

609

-2,425

-941

2,248

4,863

-1,145

757

3,730

-314

-1,099

-159

3,555

355

-942

Increase (decrease) in accrued and other liabilities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6,261

517

-2,383

-

10,868

1,060

-530

-9,827

10,391

-507

-2,452

-4,519

9,213

-319

-3,067

-4,183

3,778

1,823

4,183

-4,690

3,900

-138

-1,807

-3,486

4,408

2,166

-699

Total adjustments

4,979

8,218

33,184

27,041

18,180

19,210

27,172

-34,543

-7,587

20,085

25,907

25,617

20,689

23,247

29,848

27,535

24,893

27,195

20,893

27,873

13,908

-70,549

32,970

33,532

27,527

18,657

33,349

26,607

27,537

24,613

29,703

25,557

33,882

16,666

19,236

21,515

20,563

17,903

22,606

20,959

13,626

Net cash provided by operating activities

70,007

69,732

79,694

76,414

64,755

72,384

72,015

67,816

63,938

65,562

68,538

69,792

67,722

62,834

68,842

61,458

57,373

60,224

67,170

57,182

54,263

49,222

62,448

61,182

55,328

56,489

60,196

53,083

52,526

51,090

53,398

48,912

55,727

38,700

49,862

46,822

45,236

42,035

46,165

47,449

41,467

Cash flows from investing activities
Capital expenditures to real estate facilities

6,944

13,093

8,769

9,952

7,551

12,846

10,734

8,041

7,042

11,510

15,346

14,691

8,672

7,647

9,767

7,964

6,499

8,587

11,202

13,293

10,572

13,120

16,416

12,023

10,227

15,377

18,076

15,030

9,692

12,934

17,347

15,438

11,053

18,511

12,295

9,518

8,043

11,167

10,677

10,654

7,055

Capital expenditures to land and building held for development

1,312

2,405

1,880

568

425

666

114

257

146

413

636

309

191

-

-

-

-

0

963

674

1,172

414

556

591

628

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Investment in and advances to unconsolidated joint venture

-

-

-

-

-

-

-

-

-

4,352

5,710

9,537

14,914

11,654

15,560

9,300

3,940

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Acquisition of real estate facilities

13,423

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

137,705

34,964

65,165

58,417

Proceeds from sale of real estate facility

29,266

-

-

-

-

18,261

0

85,165

41,671

-

-

-

-

-

-

-

-

0

30,670

0

24,490

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

9,181

Proceeds from sale of development rights

-

-

-

-

-

-

-

-

-

2,500

0

0

2,400

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Consolidation of joint venture

-

-

-

-

-

0

0

0

1,082

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used in) investing activities

7,587

112,514

-114,604

-24,256

-7,976

4,749

-10,848

-65,532

35,565

-13,775

-21,692

-22,393

-21,377

-19,350

-37,955

-17,264

-10,439

-14,153

18,505

-13,967

12,746

172,471

-35,814

-12,614

-10,855

-115,470

-32,627

-15,083

-9,692

-24,766

-54,472

-15,438

-11,053

-286,373

-6,559

-36,131

-8,043

-148,872

-45,641

-75,819

-56,291

Cash flows from financing activities
Borrowings on credit facility

-

-

-

-

-

0

0

15,000

35,000

80,000

2,000

35,000

133,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

30,000

0

124,000

-

-

-

-

-

-

-

-

Note payable to affiliate

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

121,000

-

-

-

-

Repayment of borrowings on credit facility

-

-

-

-

-

0

10,000

7,500

32,500

80,000

103,000

41,000

26,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

30,000

106,000

203,000

0

0

186,000

-93,000

-

-

-

-

Repayment of borrowings on term loan debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

90,000

0

0

110,000

-

-

-

-

-

-

-

-

-

-

-

-

Principal payments on mortgage notes payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

47

192

214

212

210

208

275

271

278

281

270

266

274

Repayment of mortgage note payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

18,055

-

-

-

-

15,520

0

0

2,660

-

-

-

0

Payment of financing costs

97

59

80

79

78

80

79

79

69

80

54

34

690

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from the exercise of stock options

-

260

0

304

405

1,321

451

975

253

208

1,835

1,468

689

932

2,056

0

900

1,102

1,987

1,215

785

0

611

410

2,033

300

723

2,065

1,594

641

1,718

586

2,962

0

0

106

944

1,401

486

3,247

2,649

Cash paid for taxes in lieu of shares upon vesting of restricted stock units

3,700

250

600

0

5,500

-19

500

-29

4,529

0

462

47

3,356

-

-

0

1,758

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Redemption/repurchase of preferred units

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

39,087

-

-

-

-

Redemption of preferred stock

-

-

-

-

-

0

0

0

130,000

220,000

0

0

230,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

132,250

0

227,146

164,150

-

-

-

-

-

-

-

-

Net proceeds from the issuance of preferred stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

106,311

0

222,681

339,023

222,688

-

-

-

-

-

-

-

-

Cash paid to restricted stock unit holders

182

211

219

212

268

307

299

241

295

179

183

183

216

-

-

117

142

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Distributions paid to preferred shareholders

12,000

15,400

13,000

12,900

13,000

13,000

12,900

13,004

13,696

13,728

12,590

12,591

13,291

15,778

13,833

13,832

13,833

14,032

15,122

15,122

15,122

15,122

15,122

15,122

15,122

15,122

15,122

15,418

13,554

14,375

12,463

37,057

-11,926

73,148

-10,450

-10,449

-10,450

-10,626

-10,080

-10,869

-11,155

Distributions paid to noncontrolling interests - preferred units

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

273

-99

696

-99

-100

-99

-985

-984

-1,170

-1,382

Distributions paid to common shareholders

28,800

28,900

28,800

28,800

28,700

28,700

28,700

23,229

23,171

23,136

23,157

23,130

23,077

20,353

20,334

20,318

20,280

16,221

16,208

13,484

13,464

87,487

13,458

13,450

13,443

11,814

10,735

10,727

10,696

10,689

10,678

10,668

10,649

10,616

10,688

10,875

10,867

10,856

10,832

10,819

10,747

Distributions paid to noncontrolling interests - common units

7,700

7,700

7,700

7,600

7,700

7,700

7,700

6,190

6,210

6,171

6,210

6,209

6,210

5,479

5,479

5,479

5,479

4,383

4,384

3,652

3,653

23,743

3,653

3,652

3,653

3,214

3,214

3,214

3,214

3,214

3,214

9,642

-3,214

22,498

-3,214

-3,214

-3,214

-3,214

-3,214

-3,214

-3,214

Distributions paid to noncontrolling interests - joint venture

38

56

33

45

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in financing activities

-52,506

-126,209

-387

-49,468

-54,802

-48,441

-59,694

-34,238

-175,217

-69,563

80,404

-46,726

-169,151

80,129

-29,573

-235,746

-40,592

-109,301

-33,727

-31,043

-31,454

-126,761

-31,622

-31,814

-30,185

72,479

-28,348

-27,294

-47,661

-173,233

157,830

-36,494

-43,598

248,892

-42,478

-12,303

-37,711

92,577

-24,894

-97,216

-24,123

Net increase in cash and cash equivalents

25,088

56,037

-35,297

2,690

1,977

28,692

1,473

-31,954

-75,714

-17,776

127,250

673

-122,806

123,613

1,314

-191,552

6,342

-63,230

51,948

12,172

35,555

94,932

-4,988

16,754

14,288

13,498

-779

10,706

-4,827

-146,909

156,756

-3,020

1,076

1,219

825

-1,612

-518

-14,260

-24,370

-125,586

-38,947

Adjustment to noncontrolling interests- common units in the OP
Noncontrolling interests- common units

-

603

280

182

-1,210

448

153

363

-969

-152

-199

475

-395

700

583

862

168

603

1,094

679

376

729

488

610

374

27,575

353

510

-407

387

-316

-331

-89

151

-3,584

94

9,028

-63

60

815

89

Paid-in capital

-

-603

-280

-182

1,210

-448

-153

-363

969

152

199

-475

395

-700

-583

-862

-168

-603

-1,094

-679

-376

-729

-488

-610

-374

-27,575

-353

-510

407

-387

316

331

89

-151

3,584

-94

-9,028

63

-60

-815

-89

Preferred redemption allocation
Noncontrolling interest - common units

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-1,359

-

-

-

-

Paid-in capital

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

30,784

-8,208

-5,260

2,718

0

0

-1,359

-

-

-

-

Accumulated earnings (deficit)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-3,848

-8,059

-5,260

-

-

-

-

-

-

-

-

Consolidation of joint venture
Land

-

-

-

-

-

0

0

0

21,814

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-5,927

-

-

-

-

-

-

-

-

-

-

-

-

Buildings and improvements

-

-

-

-

-

-533

0

0

85,436

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

53

-53

-10,270

-

-

-

-

-

-

-

-

-

-

-

-

Other, net

-

-

-

-

-

533

0

0

-2,320

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Investment in and advances to unconsolidated joint venture

-

-

-

-

-

0

0

0

-100,898

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Noncontrolling interests - joint venture

-

-

-

-

-

0

0

0

4,032

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accured and other liabilities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

296

-

-

-

-

-

-

-

-

-

-

-

-

Cumulative distributions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-296

-

-

-

-

-

-

-

-

-

-

-

-

Accumulated depreciation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

778

-

-

-

-

-

-

-

-

-

-

-

-

Land and building held for development

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-53

53

15,419

-

-

-

-

-

-

-

-

-

-

-

-

Paid-in capital

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

8,748

-

-

-

0

Preferred units

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-8,748

-

-

-

0