PS Business Parks is created (initially organized as Public Storage Commercial Properties Group) as a wholly-owned subsidiary of Public Storage Management, Inc., a privately owned company of B. Wayne Hughes and his family.
Public Storage, Inc. acquires Public Storage Management, Inc. from B. Wayne Hughes. Ronald L. Havner, Jr. is named President and CEO of Public Storage Commercial Properties Group.
Public Storage Commercial Properties Group is incorporated as American Office Park Properties. Ronald L. Havner, Jr., then still President and CEO, is named Chairman.
The Company changes its name to PS Business Parks and goes public, listing on the American Stock Exchange under ticker symbol “PSB”, becoming a fully integrated, self-advised and self-managed REIT that owned and operated approximately 10.9 million net rentable square feet in 11 states.
The Company quickly expands to nearly 15 million net rentable square feet, while also focusing its market strategy by exiting the non-core markets of Arkansas, Kansas, Oklahoma and Tennessee.
PS Business Parks transitions leadership to Joseph D. Russell, Jr. who is appointed as CEO. Ronald L. Havner, Jr. moves on to become CEO of Public Storage and retains his Chairman role of PS Business Parks.
The Company acquires Miami International Commerce Center (“MICC”), approximately 3.5 million square feet, which marks the first new market entry for PS Business Parks since going public. The acquisition of MICC is the largest industrial transaction in the U.S. in 2003.
PSB is added to the Standard & Poor’s (S&P) SmallCap 600 Index.
The Company’s common stock begins trading on the New York Stock Exchange (NYSE) under its current symbol “PSB.” Similarly, all of the Company’s outstanding series or depository shares representing preferred stock begin trading on the NYSE under their current trading symbols.
PS Business Parks adds 8.0 million square feet to its portfolio through numerous acquisitions, culminating in December 2011 with the acquisition of a 5.3 million square feet portfolio located in Silicon Valley and the Bay Area of Northern California. This remains the largest transaction in PSB’s history, as was the largest industrial transaction in the U.S. in 2011.
The Company enters into a joint venture with Kettler Inc. for the purpose of developing Highgate at The Mile, a 395-unit multifamily building at The Mile Business Park located in Tysons, Virginia.
PS Business Parks further refines its market focus by exiting Arizona, Oregon and Sacramento.
PS Business Parks transitions leadership to Maria R. Hawthorne, a 30 year veteran of the Company, when she is promoted as President and CEO. Meanwhile Joseph D. Russell, Jr. moves on to become President and, later, CEO of Public Storage
PS Business Parks celebrates a significant milestone by completing 20 years as a public company. Common shares were valued at $16.69 at the IPO and by December 31, 2017 reached $125.09, paying annual dividends of $3.40 per share and yielding an annualized total shareholder return of 12.8% compared to 7.2% for S&P 500 over the same period.
Highgate at The Mile, a 395-unit multifamily building at The Mile located in Tysons, VA, is completed. Highgate is the first phase of redevelopment of The Mile, a 45-acre contiguous office park located in an upscale neighborhood which will include a large central park and other amenities for the residents, located in McLean, Virginia.
The Company eclipses total market capitalization of $5 billion and receives corporate credit rating of A- from Standard & Poor’s.
PS Business Parks continues to refine its focus on industrial product by acquiring 1.75 million square feet of industrial of industrial parks in core markets, while selling 2.0 million square feet of office product in Orange County, CA and Suburban Maryland.
PS Business Parks is added to the S&P MidCap 400 Index.
The Company begins development of Brentford at The Mile, a 410-unit multifamily property and its second phase of redevelopment of The Mile Business Park located in Tysons, Virginia.