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About
PS Business Parks, Inc. owns, operates, acquires and develops commercial properties, primarily multi-tenant flex, office and industrial space. It is a fully-integrated, self-advised and self-managed REIT that engages in leasing, property management, acquisition, and development. Its commercial real estate properties include traditional office, warehouse, and combination of warehouse and office flexible space. The company's properties are located in California, Florida, Maryland, Texas, Virginia, and Washington. PS Business Parks was founded in 1986 and is headquartered in Glendale, CA. | |||
Description
PS Business Parks, Inc., a real estate investment trust (REIT), together with its subsidiaries, engages in the acquisition, development, ownership, and operation of commercial properties primarily multi-tenant flex, office, and industrial space. As of December 31, 2007, the company owned and operated approximately 19.6 million rentable square feet of commercial space located in Arizona, California, Florida, Maryland, Oregon, Texas, Virginia, and Washington, as well as managed approximately 1.4 million rentable square feet. It also owned approximately 6.4 acres of land in Northern Virginia; 14.9 acres in Portland, Oregon; and 10.0 acres in Dallas, Texas for the development of commercial properties. PS Business Parks has elected to be taxed as a REIT under the Internal Revenue Code and would not be subject to federal income tax to the extent it distributes at least 90% of its REIT taxable income to its shareholders. The company was founded in 1983. It was formerly known as Public Storage Properties XI, Inc. and changed its name to PS Business Parks, Inc. in 1998. The company is based in Glendale, California. | |||
