PS Business Parks
PS Business Parks
| Industry | Real Estate |
|---|---|
| Founded | 1986 |
| Headquarters | , |
Area served | Arizona California Florida Maryland Oregon Texas Virginia Washington |
Key people | Joseph D. Russell, Jr., President and CEO; Ronald L. Havner, Jr., Chairman of Board of Directors |
| Services | Property Management Acquisition Development |
| Website | PSbusinessparks.com |
PS Business Parks, Inc. (NYSE: PSB[1]) is a publicly traded full service real estate company with expertise in leasing, property management, acquisition and development. PS Business Parks is a member of the S&P SmallCap 600 and is a self-advised and self-managed equity real estate investment trust (“REIT”). As of July 2010 the Company owned and operated approximately 21.1 million rentable square feet of commercial space located in eight states: Arizona, California, Florida, Maryland, Oregon, Texas, Virginia, and Washington. The Company also manages approximately 1.4 million rentable square feet on behalf of Public Storage, Inc. and its affiliated entities.
Company History
PS Business Parks was organized in 1986 as Public Storage Properties XI, Inc., a division of a predecessor of Public Storage. One of the first CEOs and Chairmen of the Board, B. Wayne Hughes played an influential role in the company's development. Since becoming public in 1998, PS Business Parks’ portfolio has grown from 5 million square feet to 21.1 million rentable square feet[2]. The company has focused on “flex” properties that can be configured to suit a variety of uses and are located in high-population growth markets near decision-maker housing. This property type historically supports a wide variety of uses and customers.
The Company states its investment objective is to maximize shareholder value by achieving long-term growth in net asset value per share.
Convention Presentations
2010:
- REITWeek 2010: NAREIT’s Investor Forum
- Citi 2010 Global Property CEO Conference
2009: *BMO Capital Markets 2009 North American Real Estate Conference
*NAREIT 2009 Investor Forum
2008: *NAREIT 2008 Investor Forum
*2008 Citigroup REIT CEO Conference
2007: *NAREIT 2007 Investor Forum
*2007 Citigroup REIT CEO Conference
2006: *NAREIT 2006 Investor Forum
*Harris Nesbitt North American REIT Conference
*2006 Citigroup REIT CEO Conference
2005: *2005 NAREIT Institutional Investor Forum
*Smith Barney 2005 REIT CEO Conference
2004: *2004 NAREIT Institutional Investor Forum
*Maxcor REIT Conference
2003: *2003 NAREIT Institutional Forum
Agency Ratings
Standard & Poor’s: Rating: BBB with a positive outlook for senior unsecured debt and BB+ with a positive outlook for preferred stock.
Moody’s: Rating: Baa3 with a stable outlook for preferred stock.
Fitch: Rating: BBB with a stable outlook for senior unsecured debt and BBB- with a stable outlook for preferred stock.
References