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Greg Sukenik

www.zacks.com

PS Business Parks, Inc. (Amex: PSB) is a self-advised and self-managed equity real estate investment trust (REIT) that acquires, develops, owns, and operates commercial properties. Its property portfolio includes low-rise suburban multi-tenant offices, business parks, and industrial and flex spaces. Flex spaces are a combination of warehouse and office spaces, which can be utilized for various purposes, including research and development activities, light manufacturing, assembly and storage, and warehousing. The company currently owns approximately 19.6 million rentable square feet of commercial space, with approximately 3,800 customers across eight states. Flex, Industrial, and Office space account for 62.2%, 17.8%, and 20.0% of the company's total rentable area. The company's portfolio concentration in these eight states are as follows California (5.8 million sq. ft), Florida (3.6 million sq. ft.), Virginia (3.0 million sq. ft), Texas (2.9 million sq. ft.), Maryland (1.8 million sq. ft.), Oregon (1.3 million sq. ft.), Arizona (0.7 million sq. ft), and Washington State (0.5 million sq. ft.). PS Business Parks' top industry concentrations by annual rents are Business services at 12.0%, Government at 11.0% and financial services, 10.5%. The U.S. government is the company's top tenant and accounts for 4.3% of total annualized rental income.

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