PS Business Parks, Inc. (NYSE:PSB) today announced the appointments of Stephen W. Wilson as interim President and Chief Executive Officer and Maria R. Hawthorne as interim Chief Operating Officer, effective January 17, 2022. Mr. Wilson has been a director of the Company since 2019 and served as Executive Vice President—Development at AvalonBay Communities, Inc. (NYSE:AVB) prior to his retirement in 2019. Ms. Hawthorne has been a Company director since 2016 and previously served in various senior leadership positions at the Company, including as President and Chief Executive Officer, prior to her retirement in 2021.
Dan “Mac” Chandler, III, the Company’s President and Chief Executive Officer, is taking a temporary leave of absence for health reasons unrelated to the coronavirus (COVID-19) pandemic, effective January 17, 2022.
The Company further noted that, as previously announced, Adeel Khan has joined the Company as Executive Vice President, Chief Financial Officer and Corporate Secretary, effective January 10, 2022. Mr. Khan previously served as Chief Financial Officer of Rexford Industrial Realty, Inc. (NYSE:REXR), from July 2013 through August 2020.
Ronald L. Havner, Jr., the Company’s Chairman of the Board, said, “First and foremost, on behalf of the Board and all the Company’s employees, we wish Mac a speedy and full recovery and look forward to his return.”
Mr. Havner continued, “We are pleased that Steve and Maria have agreed to step in as interim President and Chief Executive Officer and interim Chief Operating Officer, respectively. Steve has been an effective director on our Board since 2019, has a deep understanding of the Company and its strategy, and brings deep management experience and development expertise from his more than 21 years at AvalonBay.”
Mr. Havner added, “Few people know PS Business Parks better than Maria, who has been serving in various leadership positions at the Company for nearly 35 years, including as President and Chief Executive Officer and as a director. We also extend a warm welcome to Adeel Khan, who brings extensive executive leadership, real estate, REIT, and financial experience to the Company. The Board will continue to work closely with Steve, Maria, Adeel, and the other members of the Company’s seasoned senior management team to continue to implement the Company’s strategy successfully in Mac’s absence.”
“I appreciate the confidence the Board has placed in me as I step into this role while Mac focuses on his health,” said Mr. Wilson. “I look forward to working with the Board and our senior management team to continue to serve our customers and create long-term value for our stakeholders.”
PS Business Parks, Inc. (NYSE:PSB), an S&P MidCap 400 company, is a REIT that acquires, develops, owns, and operates commercial properties, predominantly multi-tenant industrial, industrial-flex, and low-rise suburban office space. Located primarily in major coastal markets, PS Business Parks’ 97 properties serve 5,000 tenants in 28 million square feet of space as of December 1, 2021. The portfolio also includes 800 residential units (including units in-process).
When used within this press release, the words “may,” “believes,” “anticipates,” “plans,” “expects,” “seeks,” “estimates,” “intends,” and similar expressions are intended to identify “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties, and other factors, which may cause the actual results and performance of the Company to be materially different from those expressed or implied in the forward-looking statements. Such factors include the duration and severity of the COVID-19 pandemic and its impact on our business and our customers; the health of our officers and directors; the impact of competition from new and existing commercial facilities which could impact rents and occupancy levels at the Company’s facilities; the Company’s ability to evaluate, finance, and integrate acquired and developed properties into the Company’s existing operations; the Company’s ability to effectively compete in the markets that it does business in; the impact of the regulatory environment as well as national, state, and local laws and regulations including, without limitation, those governing REITs; security breaches, including ransomware, or a failure of the Company’s networks, systems or technology, which could adversely impact the Company’s operations or its business, customer and employee relationships or result in fraudulent payments; the impact of general economic and business conditions, including as a result of the economic fallout of the COVID-19 pandemic; rental rates and occupancy levels at the Company’s facilities; and changes in these conditions as a result of the COVID-19 pandemic, the availability of permanent capital at attractive rates, the outlook and actions of rating agencies and risks detailed from time to time in the Company’s SEC reports, including quarterly reports on Form 10-Q, reports on Form 8-K, and annual reports on Form 10-K.
Additional information about PS Business Parks, Inc. is available on the Company’s website, which can be found at psbusinessparks.com.
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