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Team History

History

1986

1986

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.

1995-1996

1995-1996

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.

1997

1997

Public Storage Commercial Properties Group is incorporated as American Office Park Properties. Ronald L. Havner, Jr., then still President and CEO, is named Chairman.

1998

1998

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.

1998-2002

1998-2002

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.

2003

2003

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.

2003

2003

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.

2006

2006

PSB is added to the Standard & Poor’s (S&P) SmallCap 600 Index.

2008

2008

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.

2010-2011

2010-2011

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.

2013

2013

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.

2014-2015

2014-2015

PS Business Parks further refines its market focus by exiting Arizona, Oregon and Sacramento.

2016

2016

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

2017

2017

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.

2017

2017

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.

2018

2018

The Company eclipses total market capitalization of $5 billion and receives corporate credit rating of A- from Standard & Poor’s.

2018-2019

2018-2019

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.

2019

2019

PS Business Parks is added to the S&P MidCap 400 Index.

2020

2020

John Petersen steps in as Interim CEO and President in April 2020 to lead the Company through the COVID-19 Pandemic.

2020

2020

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.

2020

2020

Maria Hawthorne retires from her role and CEO and President in September 2020 after 35 years with the Company.

2021

2021

PS Business Parks transitions leadership with the appointment of Mac Chandler as the Company’s President and Chief Executive Officer, effective April 5, 2021.

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