Profile: PS Business Parks Inc (PSB)
16 Mar 2018
PS Business Parks, Inc., (PSB) incorporated on June 12, 1990, is a self-advised and self-managed real estate investment trust (REIT). The Company owns, operates, acquires and develops commercial properties, primarily multi-tenant flex, office and industrial parks. PS Business Parks, L.P. (the Operating Partnership) is a California limited partnership, which owns directly or indirectly all of its assets and through, which the Company conducts all of its business. PSB is the partner of the Operating Partnership and, as of December 31, 2016, owned 77.9% of the common partnership units. The remaining common partnership units are owned by Public Storage (PS). As of December 31, 2016, the Company owned and operated 28.1 million rentable square feet of commercial space, comprising 99 business parks, in the states, including California, Texas, Virginia, Florida, Maryland and Washington. The Company focuses on owning concentrated business parks. The Company also manages 684,000 rentable square feet on behalf of PS.
As of December 31, 2016, the Company owned 14.6 million square feet of flex space, which the Company defined as buildings that are configured with a combination of warehouse and office space and can be designed to fit a range of uses. The warehouse component of the flex space has a number of uses, including light manufacturing and assembly, storage and warehousing, showroom, laboratory, distribution and research and development activities. The office component of flex space is complementary to the warehouse component by enabling businesses to accommodate management and production staff in the same facility. As of December 31, 2016, the Company owned 8.8 million square feet of industrial space that has characteristics similar to the warehouse component of the flex space, as well as ample dock access. In addition, the Company owned 4.7 million square feet of office space, either in business parks that combine office and flex space or in submarkets as of December 31, 2016.
The Company's commercial properties consist of business parks with low-rise buildings, ranging from 1 to 49 buildings per park, located on parcels of various sizes, which comprise from 12,000 to 3.5 million aggregate square feet of rentable space. Facilities are managed through either on-site management or offices central to the facilities. Parking is open but in some instances is covered. The Company also has several tenants that lease space in multiple buildings and locations. The United States Government is a tenant with various leases encompassing approximately 692,000 square feet. The Company owns operating properties in six states. As of December 31, 2016, the Company owned land, which may be used for the development of commercial properties, including approximately 14.0 acres in Dallas, Texas and 6.4 acres in Northern Virginia.
PS Business Parks Inc
701 Western Ave Ste 200
GLENDALE CA 91201-2349
Company Web Links
- BRIEF-PS Business Parks Files For Potential Mixed Shelf Offering
- BRIEF-PS Business Parks Quarterly Ffo Per Share $1.40
- BRIEF-PS Business Parks Priced Offering Of 8 Mln Depositary Shares At $25 Per Share
- BRIEF-PS business parks quarterly FFO/shr $1.36
- BRIEF-PS Business Parks calls for a partial redemption of 8.8 mln depositary shares