PS Business Parks

PS Business Parks, Inc. is a publicly traded real estate investment trust that acquires, develops, owns and operates commercial properties, primarily multi-tenant industrial, flex and office space. It owns over 27.6 million rentable square feet in California, Texas, Virginia, Florida, Maryland and Washington state and holds a 95% interest in a 395-unit apartment complex.

PS Business Parks, Inc.
Public company
Traded asNYSE: PSB
S&P 400 Component
IndustryReal estate investment trust
Founded1990 (1990)
Headquarters
Glendale, California, U.S.
Key people
 Maria R. Hawthorne, CEO
Ronald L. Havner, Jr., Chairman
ProductsOffice buildings
Revenue $429 million (2019)
$108 million (2019)
Total assets $2.046 billion (2019)
Total equity $1.961 billion (2019)
Number of employees
155 (2019)
Websitewww.psbusinessparks.com
Footnotes / references
[1]

History

The company was formed in 1990 as a division of Public Storage.[1]

In 1998, the company was spun-off from its parent.[2]

In 2002, the company acquired Metro Park North, a 17-building business park in Rockville, Maryland for $125 million.[3]

In 2011, the company purchased a 5.34 million-square-foot industrial and flex portfolio in Northern California from a subsidiary of Deutsche Bank for $520 million.[4]

In 2018, the company acquired a portfolio of industrial properties in Northern Virginia for $143 million.[5]

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References
  1. "PS Business Parks, Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. FULMER, MELINDA (March 17, 1998). "Public Storage Spins Off Office Holdings Into REIT". Los Angeles Times.
  3. Kehaulani Goo, Sara (February 25, 2002). "Prince George's Office Market Expands". The Washington Post.
  4. "PSB buys $520M industrial portfolio from RREEF". American City Business Journals. December 21, 2011.
  5. Banister, Jon (June 11, 2018). "PS Business Parks Pays $143M For NoVa Industrial Portfolio". Bisnow Media.
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