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PS Business Parks, Inc. Reports Results For The Second Quarter Ended June 30, 2013 And Acquisition Of A $14.8 Million Flex Park In Dallas, Texas

Personnel Announcement

Maria R. Hawthorne has been promoted to Executive Vice President, Chief Administrative Officer. Ms. Hawthorne most recently served as Executive Vice President, East Coast, with responsibility for PS Business Parks’ operations in Northern Virginia, Maryland and South Florida. This change in Maria's role is reflective of the increasing responsibilities she has assumed within the Company.

Financial Condition

The following are key financial ratios with respect to the Company’s leverage at and for the three months ended June 30, 2013:
        Ratio of FFO to fixed charges (1)         14.4x
Ratio of FFO to fixed charges and preferred distributions (1) 3.0x

Debt and preferred equity to total market capitalization (based oncommon stock price of $72.17 at June 30, 2013)
36.9%

Available balance under the $250.0 million unsecured credit facilityat June 30, 2013
$250.0 million
       

(1)
    Fixed charges include interest expense of $4.0 million.
 

Distributions Declared

The Board of Directors declared a quarterly dividend of $0.44 per common share on July 29, 2013. Distributions were also declared on the various series of depositary shares, each representing 1/1,000 of a share of preferred stock listed below. Distributions are payable September 30, 2013 to shareholders of record on September 13, 2013.
              Series       Dividend Rate       Dividend Declared
Series R 6.875 % $ 0.429688
Series S 6.450 % $ 0.403125
Series T 6.000 % $ 0.375000
Series U 5.750 % $ 0.359375
Series V 5.700 % $ 0.356250
 

Company Information

PS Business Parks, Inc., a member of the S&P SmallCap 600, is a self-advised and self-managed real estate investment trust (“REIT”) that acquires, develops, owns and operates commercial properties, primarily multi-tenant flex, office and industrial space. The Company defines “flex” space as buildings that are configured with a combination of office and warehouse space and can be designed to fit a number of uses (including office, assembly, showroom, laboratory, light manufacturing and warehouse space). As of June 30, 2013, the Company wholly owned 28.2 million rentable square feet with approximately 4,650 customers located in eight states, concentrated in California (11.1 million sq. ft.), Virginia (4.0 million sq. ft.), Florida (3.7 million sq. ft.), Texas (3.5 million sq. ft.), Maryland (2.4 million sq. ft.), Washington (1.5 million sq. ft.), Oregon (1.3 million sq. ft.) and Arizona (0.7 million sq. ft.).

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