PS Business Parks Inc. Announces Distributions for the Fourth Quarter of 1999

Business Wire, Nov 9, 1999

GLENDALE, Calif.--(BUSINESS WIRE)--Nov. 9, 1999--

PS Business Parks Inc. (AMEX:PSB):

Distributions Declared

The board of directors declared a quarterly dividend of 25 cents per common share on Nov. 9, 1999.

The board of directors has established a distribution policy to maximize the retention of cash flow. In addition, the board of directors declared a quarterly dividend of $0.578125 per share on the 2,200,000 depositary shares, each representing 1/1,000 of a share of 9 1/4 percent Cumulative Preferred Stock, Series A. Distributions are payable on Dec. 31, 1999, to shareholders of record as of the close of business on Dec. 15, 1999.

Company Information

PSB is a self-advised and self-managed equity real estate investment trust specializing in the ownership, management, acquisition and development of business parks containing office "flex" space.

As of Oct. 31, 1999, PSB had interests in 123 commercial properties (approximately 12.0 million net rentable square feet) and over 3,500 tenants located in 11 states, concentrated primarily in California (4,408,000 sq. ft.), Texas (2,857,000 sq. ft.), Oregon (1,172,000 sq. ft.), Virginia (1,612,000 sq. ft.) and Maryland (1,104,000 sq. ft.).

Additional information about PS Business Parks is available on the Internet. The company's Web site is http://www.psbusinessparks.com.