PS Business Parks Inc. reported a 42 percent increase in first quarter net income, with funds from operations meeting Wall Street expectations.

After the markets closed Monday, the Glendale real estate investment trust, which owns and develops multi-tenant flex, office and industrial space, reported net income of $16.6 million (67 cents per share), compared with $11.7 million (48 cents) a year earlier. Revenue rose 10 percent to $74.1 million.

Funds from operations, a key REIT metric that adds depreciation and amortization expenses back into earnings to get a better picture of cash performance, rose 50 percent to $42.4 million ($1.32).

Seven analysts surveyed by Thomson Reuters on average expected per-share FFO of $1.32 on revenue of $72.87 million.

Shares on Tuesday closed down 21 cents, or less than 1 percent, to $60.45 on the New York Stock Exchange.