PS Business Parks, Inc. (PSB) is a fully-integrated, self-advised and self-managed real estate investment trust (REIT) that acquires, owns, operates and develops commercial properties, primarily multi-tenant flex, office and industrial space. The Company is in the commercial property business, with properties consisting of multi-tenant flex, industrial and office space. The Company owns approximately 12.2 million square feet of flex space. During the year ended December 31, 2008, PSB owned 73.7% of the common partnership units of PS Business Parks, L.P. As of December 31, 2008, the Company owned and operated approximately 19.6 million rentable square feet of commercial space located in eight states: Arizona, California, Florida, Maryland, Oregon, Texas, Virginia and Washington. The Company also manages approximately 1.4 million rentable square feet on behalf of PS and its affiliated entities.