PSB PS Business Parks Inc

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): August 24, 2015

 

 

 

PS BUSINESS PARKS, INC.

 

(Exact name of registrant as specified in its charter)

 

 

 

California

(State or Other Jurisdiction of Incorporation)

 

 

 

(818) 244-8080

(Registrant’s telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

 

 

 

 

 

 

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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(c) On August 24, 2015, PS Business Parks, Inc. (the “Company”) announced the promotion of Maria R. Hawthorne as President of the Company, effective immediately. Ms. Hawthorne will succeed Joseph D. Russell, Jr. as President and Mr. Russell will continue to serve as the Company’s Chief Executive Officer.

Ms. Hawthorne, age 56, previously served as Executive Vice President, Chief Administrative Officer of the Company since July 2013. Prior to that, Ms. Hawthorne served as the Company’s Executive Vice President, East Coast from February 2011 to July 2013. Ms. Hawthorne served as the Company’s Senior Vice President from March 2004 to February 2011, with responsibility for property operations on the East Coast, which includes Northern Virginia, Maryland and South Florida. From June 2001 through March 2004, Ms. Hawthorne was a Vice President of the Company, responsible for property operations in Virginia. From July 1994 to June 2001, Ms. Hawthorne was a Regional Manager of the Company in Virginia.  Ms. Hawthorne earned a Bachelor of Arts Degree in International Relations from Pomona College.

 

 

 

 

 

 

 

 

 

 

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Item 9.01 Financial Statements and Exhibits

(d) Exhibits

 

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 24, 2015

 

 

 

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Exhibit Index

The following exhibits are being filed with this Report:

 

 

5

 

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News Release

 

PS Business Parks, Inc.

701 Western Avenue

Glendale, CA 91201-2349

psbusinessparks.com

 

 

PS Business Parks, Inc. Announces Promotion of Maria R. Hawthorne to President

 

GLENDALE, California—PS Business Parks, Inc. (NYSE:PSB) announced that effective immediately, Maria R. Hawthorne (previously Executive Vice President and Chief Administrative Officer) has been promoted to President.  Ms. Hawthorne has been with PS Business Parks and its predecessor for three decades, having served numerous managerial roles in her tenure with the Company.  Beginning in an administrative position shortly out of college, Ms. Hawthorne joined Public Storage in 1985 and soon became part of the management team of Public Storage Commercial Properties Group, which ultimately became PSB.  She quickly advanced with the Company, eventually relocating from Southern California to Washington, DC.  There, she ascended through successive leadership positions, ultimately taking full responsibility for the Company’s largest division, growing that portfolio to 6.4 million square feet, comprised of 23 parks and 1,200 customers, which generates in excess of $125 million of revenue annually.  While in Washington, DC, her responsibilities also expanded to include the entire east coast, including PSB’s successful launch into the Florida market in 2003, with its $215 million acquisition of MICC, a 3.4 million square foot industrial park.  Most recently, she led a re-entitlement process at PSB’s 45-acre Westpark Business Campus in the Tysons submarket of Washington, DC, which will include development of an approximately 400 unit multi-family project, scheduled to begin in late 2015. She holds a BA from Pomona College in International Relations.

 

Joseph D. Russell, Jr., PSB’s CEO, commented, “Maria Hawthorne’s contributions to PS Business Parks have been numerous, and her promotion to President is yet another meaningful and well-earned step in her successful career.  I have had the pleasure of working with Maria for well over a decade, and time and again I have been impressed by her leadership qualities.  She has built and mentored strong teams, led important and complicated initiatives, while also finding ways of creating long-term shareholder value.  I look forward to working with Maria in her new role as President of PS Business Parks.”

 

Ms. Hawthorne commented, “It is an honor to be moving into the position of President.  I want to thank Joe Russell and Ron Havner who have both set wonderful examples before me in this role.  I have seen this company grow in size and respect, while remaining true to the ownership of multi-tenanted business parks in excellent locations, as well as taking a disciplined approach to capital allocation.  I look forward to the continued success of PS Business Parks and this management team.”

 

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 August 24, 2015, the Company wholly owned 28.0 million rentable square feet with approximately 4,850 customers concentrated primarily in six states.

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Additional information about PS Business Parks, Inc. is available on the Internet.  The Company’s website is psbusinessparks.com.

 

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