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.
| Type | Public company |
|---|---|
| NYSE: PSB S&P 400 Component | |
| Industry | Real estate investment trust |
| Founded | 1990 |
| Headquarters | Glendale, California, U.S. |
Key people | Maria R. Hawthorne, CEO Ronald L. Havner, Jr., Chairman |
| Products | Office 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) |
| Website | www |
| 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]
References
- "PS Business Parks, Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- FULMER, MELINDA (March 17, 1998). "Public Storage Spins Off Office Holdings Into REIT". Los Angeles Times.
- Kehaulani Goo, Sara (February 25, 2002). "Prince George's Office Market Expands". The Washington Post.
- "PSB buys $520M industrial portfolio from RREEF". American City Business Journals. December 21, 2011.
- Banister, Jon (June 11, 2018). "PS Business Parks Pays $143M For NoVa Industrial Portfolio". Bisnow Media.
External links
- Business data for PS Business Parks, Inc.: