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October 28 , 2021 PS Business Parks , Inc. Reports Results for the Quarter Ended September 30 , 2021 GLENDALE , Calif .-- ( BUSINESS WIRE ) -- PS Business Parks , Inc. ( NYSE : PSB ) reported operating results for the three and nine months ended September 30 , 2021 . Operating Results for the Three and Nine Months Ended September 30 , 2021 Net income allocable to common stockholders for the three and nine months ended September 30 , 2021 was $ 52.2 million , or $ 1.89 per diluted share , and $ 125.7 million , or $ 4.55 per diluted share , respectively . Net operating income ( " NOI " ) attributable to the Company's Same Park portfolio ( defined below ) for the three and nine months ended September 30 , 2021 was $ 70.8 million and $ 208.7 million , respectively , representing increases of 8.5 % and 6.4 % over the same periods in 2020 . The Company also reports NOI , a measure that is not defined in accordance with U.S. generally accepted accounting principles ( “ GAAP " ) , on a basis which excludes non - cash rents that have been deferred or abated during the period , certain non - cash revenue items , including amortization of deferred rent receivable , in - place lease intangible , tenant improvement reimbursements , and lease incentives , and also excludes stock - compensation expense for employees whose compensation expense is recorded in cost of operations ( " Cash NOI " ) . Same Park Cash NOI was $ 70.7 million and $ 208.0 million for the three and nine months ended September 30 , 2021 , respectively , representing increases of 10.7 % and 8.6 % over the same periods in 2020. The increases in Same Park Cash NOI for the three and nine months ended September 30 , 2021 were driven by cash rental income growth of 8.4 % and 7.3 % , respectively , partially offset by growth in adjusted cost of operations of 3.0 % and 4.3 % , over the same periods in 2020 . The following table details the change in Same Park rental income for the three and nine months ended September 30 , 2021 and 2020 ( in thousands ) : Rental income Base rental income Expense recovery income Lease buyout income Rent receivable recovery / ( write - off ) Rent abatements Deferrals Deferral repayments Fee Income Cash Rental Income Non - Cash Rental Income ( 1 ) Total rental income $ For the Three Months Ended September 30 , 2021 2020 73,250 24,690 738 20 ( 97 ) ( 5 ) 310 255 99,161 131 $ 99,292 $ 69,440 22,643 288 ( 275 ) ( 331 ) ( 1,632 ) 1,147 221 91,501 1,430 $ 92,931 $ $ Change 3,810 2,047 450 295 234 1,627 ( 837 ) 34 7,660 PSBUSINESSPARKS . ( 1,299 ) 6,361 For the Nine Months Ended September 30 , 2021 2020 $ 216,566 71,658 1,318 61 ( 304 ) ( 292 ) 1,518 594 291,119 $ 210,068 66,270 787 ( 1,321 ) ( 1,189 ) ( 5,144 ) 1,166 678 271,315 682 4,526 $ 291,801 $ 275,841 Change $ 6,498 5,388 531 1,382 885 4,852 352 ( 84 ) 19,804 ( 3,844 ) $ 15,960