PS Business Parks, Inc. PSB reported first-quarter 2021 core funds from operations (FFO) per share of $1.67, in line with the Zacks Consensus Estimate. However, the reported figure decreased 2.9% year on year.Results reflect flat net operating income, and higher general and administrative expense.Nevertheless, rental income came in at $108 million, beating the Zacks Consensus Estimate of $105 million. However, the figure inched up 1.7% from the year-ago quarter’s $106.2 million.During the first quarter, the company granted $0.2 million of deferred rent and $0.1 million of rent abatement. Moreover, as of Mar 31, 2021, the company collected $3.9 million, or 98.5%, of the scheduled repayments of COVID-19 related rent deferrals billed through Mar 1, 2021.The company also noted that as of Apr 26, 2021, it had collected 98.8% of billed revenues during first-quarter 2021. Further, as of the same date, the company had open rent relief requests from roughly 1% of its customers.Quarter in DetailDuring the first quarter, PS Business Parks executed leases on 2.0 million square feet in 569 transactions compared with the prior-year quarter’s 1.9 million square feet in 495 transactions. Weighted average cash rental rate growth on leases executed during the reported quarter was 5.7%, while average net effective rent growth was 14.8% for the same period.Average lease term of the leases executed during the quarter was 3.2 years, with associated average transaction costs (tenant improvements and leasing commissions) of $2.59 per square foot. This compares to average lease term and transaction costs on leases executed of 3.8 years and $3.08 per square foot, respectively, in the prior-year period.Same-park rental income inched up 0.9% year over year to $99.99 million, while same-park NOI slid 0.6% to $70.3 million. However, same-park revenue per occupied-square-foot climbed 1.2% year on year to $16.47.Same-park cash NOI declined 0.2% year on year to $69.9 million, reflecting 1.2% cash rental income growth offset by 4.6% growth in adjusted cost of operations. Also, weighted average occupancy in the first quarter of 92.4% shrunk 40 basis points (bps) year on year.LiquidityPS Business Parks exited first-quarter 2021 with cash and cash equivalents of $69.5 million, marginally up from the $69.1 million reported at the end of 2020.Dividend UpdateOn Apr 20, the company’s board of directors announced a quarterly dividend of $1.05 per common share. This dividend will be paid on Jun 30, to shareholders of record as of Jun 15,2021.PS Business Parks currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.PS Business Parks, Inc. Price, Consensus and EPS Surprise PS Business Parks, Inc. price-consensus-eps-surprise-chart | PS Business Parks, Inc. QuoteWe now look forward to the earnings releases of other REITs like Cousins Properties Incorporated CUZ, Kimco Realty Corporation KIM and Digital Realty Trust, Inc. DLR. All three REITs are slated to report first-quarter earnings on Apr 29.Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.Zacks Names “Single Best Pick to Double”From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research SherazMian hand-picks one to have the most explosive upside of all.You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Kimco Realty Corporation (KIM): Free Stock Analysis Report Cousins Properties Incorporated (CUZ): Free Stock Analysis Report Digital Realty Trust, Inc. (DLR): Free Stock Analysis Report PS Business Parks, Inc. (PSB): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research