PS Business Parks

PS Business Parks, Inc.
Public company
Traded as NYSE: PSB
S&P 600 Component
Industry Real estate investment trust
Founded 1990 (1990)
Headquarters Glendale, California
Key people
 Maria R. Hawthorne, CEO
Ronald L. Havner, Jr., Chairman
Products Office buildings
Revenue Increase $0.402 billion (2017)
Increase $0.090 billion (2017)
Total assets Decrease $2.100 billion (2017)
Total equity Increase $1.889 billion (2017)
Number of employees
 158 (2017)
Website www.psbusinessparks.com
Footnotes / references
[1]

PS Business Parks, Inc. is a publicly traded real estate investment trust that invests in office buildings and industrial properties in California, Texas, Virginia, Florida, Maryland, and Washington. As of December 31, 2017, the company owned 98 properties comprising 28.0 million rentable square feet.[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 2001, the company acquired Cornell Oaks Corporate Center and 24 acres of undeveloped land near Portland, Oregon, for $87.5 million.[3]

In 2002, the company acquired Metro Park North, a 17-building business park in Rockville, Maryland for $125 million.[4]

In 2010, the company acquired Shady Grove Executive Center from BlackRock for $60 million,[5] Tycon 2 and 3 in Virginia from JBG Smith for $35.4 million,[6] and a multi-building office park in Virginia for $140 million.[7]

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[8] and 8000 Westpark Drive for $27.1 million.[9]

In 2012, the company acquired Kent Valley Industrial Park for $37.6 million.[10]

In December 2013, the company acquired a 340,000 square foot office park in San Mateo, California for $60.5 million.[11]

In 2014, the company sold a portfolio of industrial properties in Arizona for $53.16 million[12] and sold Cornell Oaks Corporate Center and Creekside Corporate Park for $164.1 million.[13]

References

  1. 1 2 3 "PS Business Parks, Inc. 2017 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. ↑ "COMPANY BRIEFS". The New York Times. November 22, 2001.
  4. ↑ Kehaulani Goo, Sara (February 25, 2002). "Prince George's Office Market Expands". The Washington Post.
  5. ↑ "PS Business Parks buys Shady Grove Executive Center". American City Business Journals. March 21, 2010.
  6. ↑ Plumb, Tierney (August 4, 2010). "PS Business Parks buys Vienna buildings". American City Business Journals.
  7. ↑ "PS Business Parks Buys Part of Former West*Group Portfolio for $140 Million". CoStar Group. December 15, 2010.
  8. ↑ Forbes, Laurie (December 27, 2011). "PS Business Parks Buys RREEF Industrial Assets for $520M". CoStar Group.
  9. ↑ Krouse, Sarah (June 1, 2011). "PS Business Parks buys another Tysons office building". American City Business Journals.
  10. ↑ Sumner, Justin (July 31, 2012). "PS Business Parks Pays $37.6M for Kent Valley Industrial Park". CoStar Group.
  11. ↑ "PS Business Parks, Inc. Acquires 340,000 Square Foot Office Park in San Mateo, California" (Press release). Business Wire. December 20, 2013.
  12. ↑ Ashton, Patrick (December 8, 2014). "PS Business Parks Sells Portfolio for $53.2M". CoStar Group.
  13. ↑ Bell, Jon (October 27, 2014). "The $164M commercial real estate deal that nobody heard about". American City Business Journals.
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