PS Business Parks, Inc. PSB reported fourth-quarter 2018 core funds from operations (FFO) of $1.65 per share, beating the Zacks Consensus Estimate of $1.63. The figure also comes in 8.6% higher than $1.52 recorded in the prior-year quarter.Results highlight improvement in Same-Park net operating income (NOI) backed by growth in rental rates and occupancy, as well as improved NOI from non-Same-Park and multi-family assets. However, NOI reduction due to asset sold in 2018 partly offset the positives.Rental income came in at around $104.1 million, marking 2.2% growth from the year-ago tally. The reported figure also exceeded the Zacks Consensus Estimate of $103.6 million.For full-year 2018, core FFO per share was $6.47, up 5.5% from $6.13 in 2017. Rental income for the year increased 2.8% to $413.5 million.Quarter in DetailSame-Park rental income was up 1% year over year to $98.1 million, while Same-Park NOI climbed 4% year over year to $70.3 million, driven by improving rental rates and occupancy level.Same-Park annualized revenue per occupied-square-foot inched up 0.8% to $15.32, while weighted average square-foot occupancy was 95.2%, up 10 basis points year over year.LiquidityPS Business Parks exited 2018 with cash and cash equivalents of $37.4 million, down from $114.9 million reported at the end of the previous year.Dividend UpdateOn Feb 20, the company announced a quarterly dividend of $1.05 per share. The dividend is payable on Mar 28, to shareholders of record as of Mar 13, 2019.ConclusionWe are encouraged with the decent FFO per share performance of PS Business Parks in the fourth quarter. The company is expected to benefit from healthy fundamentals in the industrial and flex categories, going ahead. Also, improving fundamentals in the industrial real estate market has been spurring demand for the company’s warehouse space. In fact, it is witnessing improvement in Same-Park net operating income (NOI), backed by growth in rental rates and occupancy, as well as improved NOI from non-Same-Park and multi-family assets. However, supply is rising in certain submarkets and this could partly impede its growth momentum.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 and EPS Surprise | PS Business Parks, Inc. QuoteWe, now, look forward to the earnings releases of other REITs like Public Storage PSA, Outfront Media Inc. OUT and American Tower Corporation AMT, which are slated to report their quarterly numbers next week.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.Today's Best Stocks from ZacksWould you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.See their latest picks free >>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 American Tower Corporation (REIT) (AMT): Free Stock Analysis Report PS Business Parks, Inc. (PSB): Free Stock Analysis Report OUTFRONT Media Inc. (OUT): Free Stock Analysis Report Public Storage (PSA): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research