PS Business Parks explained

PS Business Parks, Inc.
Type:Private
Industry:Real estate investment trust
Fate:Acquired by Blackstone Inc.
Hq Location:Glendale, California, U.S.
Products:Real Estate
Revenue: (2021)
Net Income: US$393.09 million (2021)
Assets: US$1.99 billion (2021)
Equity: US$2.12 billion (2021)
Num Employees:155 (2019)
Footnotes:[1]

PS Business Parks, Inc., was a publicly-traded real estate investment trust that acquired, developed, owned and operated commercial properties, primarily multi-tenant industrial, flex and office space. Located primarily in major coastal markets, PS Business Parks’ 97 properties served approximately 5,000 tenants, in 28 million square feet across California, Texas, Virginia, Florida, Maryland and Washington state. The portfolio also included 800 residential units (inclusive of units in-process) in Tysons, Virginia. As of July 20, 2022, PS Business Parks, Inc.'s holdings have been transferred to Link Logistics Real Estate, an affiliate of Blackstone Real Estate.[2] completing an acquisition first announced on April 25, 2022.[3]

History

The company was formed in 1990 as a division of Public Storage.[4]

In 1998, the company was spun-off from its parent.[5]

In 2002, the company acquired Metro Park North, a 17-building business park in Rockville, Maryland for $125 million.[6]

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.[7]

In 2018, the company acquired a portfolio of industrial properties in Northern Virginia for $143 million.[8]

Notes and References

  1. Web site: PS Business Parks, Inc. 2021 Form 10-K Annual Report . U.S. Securities and Exchange Commission. ir.psbusinessparks.com.
  2. News: Year in Review: Warner Media, PS Business Parks Involved in 2022's Biggest Deals . Mark . Madler . San Fernando Valley Business Journal . December 5, 2022.
  3. News: Blackstone to buy PS Business Parks in $7.6 billion take-private deal . . April 25, 2022.
  4. Web site: PS Business Parks, Inc. 2019 Form 10-K Annual Report . U.S. Securities and Exchange Commission.
  5. News: Public Storage Spins Off Office Holdings Into REIT . MELINDA . FULMER . . March 17, 1998 . subscription.
  6. News: Prince George's Office Market Expands . Sara . Kehaulani Goo . . February 25, 2002.
  7. News: PSB buys $520M industrial portfolio from RREEF . . December 21, 2011.
  8. News: PS Business Parks Pays $143M For NoVa Industrial Portfolio . Jon . Banister . . June 11, 2018.