After hitting a 52-week high just two weeks ago, shares in PS Business Parks Inc. dipped more than 3 percent Tuesday after the commercial real estate investment trust reported underwhelming earnings.

PS Business Parks reported fourth quarter net income of $3.7 million (17 cents per share) down 25 percent from $4.9 million (22 cents) for the same period a year earlier. The company blamed the dip to losses from discontinued operations and increases in non-cash costs.

Revenues for the Glendale company were up 12 percent to $62.8 million, mainly due to newly acquired properties and improved occupancy rates in its existing buildings, the company said.

For the full year, the company reported a 10 percent uptick in revenues to $243 million while net income was chopped nearly in half (49 percent) to $16.6 million (77 cents).

The company has also declared a quarterly dividend of 29 cents per share payable on March 30.

Shares in PS business Parks were down 3 percent ($2.38) to $73.10 in afternoon trading Tuesday.