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OFFON

PS BUSINESS PARKS, INC.

(PSB)
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PS Business Parks : Investor Overview - September 2021

09/21/2021 | 09:12pm EDT

HUNTWOOD BUSINESS PARK

176,000 SF BUSINESS PARK - HAYWARD, CA

INVESTOR OVERVIEW

SEPTEMBER 2021

701 WESTERN AVENUE | GLENDALE, CA 91201 | 818.244.8080 | PSBUSINESSPARKS.COM

FEATURES

3. COMPANY OVERVIEW

  1. DIVERSE CUSTOMER BASE
  2. FORTRESS BALANCE SHEET
  3. SAME PARK REVPAF
  4. NOI PEER COMPARISON
  5. CORE FFO
  6. FAD
  1. ACQUISITION UPDATE
  2. DEVELOPMENT UPDATE
  1. SOCIAL RESPONSIBILITY

2

PSB Investor Overview

PSB Investor Overview

2

COMPANY OVERVIEW

PS Business Parks, Inc. (NYSE: PSB), an S&P MidCap 400 company, is a real estate investment trust that acquires, develops, owns, and operates commercial properties, predominantly multi-tenant industrial, industrial-flex, and low-rise suburban office. Located primarily in major coastal markets, PS Business Parks' 97 parks include approximately 5,100 tenants, in 28.1 million square feet,1 and approximately 800 residential units inclusive of units in-process.

28.1 MILLION SQUARE FEET 1

CONCENTRATED IN

FOCUSED PORTFOLIO 1

12 SUBMARKETS

of industrial/industrial-flex product

wholly owned and operated

spread across six states

in gateway markets (89.7%)

FORTRESS BALANCE SHEET

MARKET & SECTOR

A- CORPORATE

with strong debt and liquidity

OUTPERFORMANCE

CREDIT RATING

metrics

12.0% Compounded TSR since IPO

by Standard & Poor's

EXPERIENCED MANAGEMENT TEAM

CUSTOMER-CENTRIC FOCUS

800 MULTIFAMILY UNITS

2

Divisional Vice Presidents average

efficient leasing and property

14 years of employment at PSB

management platform

in Tysons Corner, VA

  1. As of September 1, 2021.
  2. Inclusive of units in-process.

PSB Investor Overview

3

OPTIMAL PRODUCT IN PRIME MARKETS

SEATTLE

SQUARE FEET

1.4M

% OF 1H21 NOI:

5.0%

NORTHERN CALIFORNIA

SQUARE FEET

7.3M

% OF 1H21 NOI:

30.3%

SOUTHERN CALIFORNIA

SQUARE FEET

3.9M

% OF 1H21 NOI:

17.4%

AUSTIN

DALLAS 1

SQUARE FEET

2.0M

SQUARE FEET

3.7M

% OF 1H21 NOI:

7.1%

% OF 1H21 NOI:

6.4%

NORTHERN VIRGINIA

SQUARE FEET

4.8M

% OF 1H21 NOI:

18.2%

MARYLAND

SQUARE FEET

1.1M

% OF 1H21 NOI:

4.0%

FLORIDA

SQUARE FEET

3.9M

% OF 1H21 NOI:

11.6%

90% OF SQUARE FEET FROM INDUSTRIAL AND INDUSTRIAL-FLEX SPACE

1 As of September 1, 2021.

4

PSB Investor Overview

PSB Investor Overview

4

PSB PRODUCT SEGMENTS1

INDUSTRIAL

69%

INDUSTRIAL-FLEX

21%

OFFICE

10%

- 19.2M square feet

- 6.0M square feet

- 2.9M square feet

- Dock high & grade doors

- Dock high & grade doors

- Infill suburban locations

- Ceiling heights of 18' plus

- Easily reconfigured buildings

- Flexible floor plates

- Less than 15% office build-out

- Typically 15%-50% office build-out

- Re-usable tenant spaces

INDUSTRIAL-FLEX SPACE

  • Industrial building with a varying combination of warehouse, office, R&D, retail, and manufacturing space
  • Compared to industrial, industrial-flex offers more office space, additional parking, and upgraded finishes
  • Typically designed to handle greater power demands, often temperature controlled throughout
  • Versatility of industrial-flex appeals to a broad range of customers, providing stable cash flow
  • Customers can lower overhead by consolidating multiple operations under one roof

1 As of September 1, 2021.

PSB Investor Overview

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

PS Business Parks Inc. published this content on 21 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 September 2021 01:11:01 UTC.


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Financials (USD)
Sales 2021 392 M - -
Net income 2021 131 M - -
Net cash 2021 140 M - -
P/E ratio 2021 45,2x
Yield 2021 3,13%
Capitalization 4 855 M 4 855 M -
EV / Sales 2021 12,0x
EV / Sales 2022 11,6x
Nbr of Employees 155
Free-Float 72,5%
Chart PS BUSINESS PARKS, INC.
Duration : Period :
PS Business Parks, Inc. Technical Analysis Chart | PSB | US69360J1079 | MarketScreener
Technical analysis trends PS BUSINESS PARKS, INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 4
Last Close Price 176,29 $
Average target price 164,67 $
Spread / Average Target -6,59%
EPS Revisions
Managers and Directors
Daniel Mac Chandler President, Chief Executive Officer & Director
Jeffrey D. Hedges Chief Financial Officer, Secretary & Executive VP
Ronald L. Havner Chairman
Jennifer Holden Dunbar Independent Director
Gary E. Pruitt Independent Director
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