UNITED STATES
SECURITIES
AND
EXCHANGE COMMISSION
WASHINGTON
,
D.C.
20549
FORM 11-K
[X]
Annual
Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934
For the fiscal year ended
December 31,
20
1
5
OR
[ ]
Transition Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934
For the transition period from ____________ to ____________.
Commission File Number:
1-10709
A.
Full title of the plan and the address of the plan, if different from that of the issuer named below:
PS 401(k) PROFIT SHARING PLAN
|
701 Western Avenue
|
Glendale,
CA
91201-2349
|
B.
Name of issuer of the securities held pursuant to the plan and the address of
its principal executive office:
|
PS BUSINESS PARKS, INC.
|
701 Western Avenue
|
Glendale,
CA
91201-2349
|
PS 401(k) PROFIT SHARING PLAN
FINANCIAL STATEMENTS
AND
SUPPLEMENTAL SCHEDULE
TABLE OF CONTENTS
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Page
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Report of Independent Registered Public Accounting Firm
|
1
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Financial Statements:
|
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Statements of Net Assets Available
for Benefits at December 31, 201
5
and 201
4
|
2
|
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|
Statement of Changes in Net Assets
Available for Benefits for the year ended December 31, 201
5
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3
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Notes to Financial Statements
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4 -
9
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Supplemental Schedule:
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Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
|
10
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Signature
s
|
11
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Exhibit Index
|
12
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
To the Administrative Committee
PS
401(k) Profit Sharing Plan
We have audited the accompanying statements of net assets available for benefits of the PS 401(k) Profit Sharing Plan as of December 31, 201
5
and 201
4
, and the related statement of changes in net assets available for benefits for the year ended December 31, 201
5
. These financial statements are the responsibility of the Plan
’
s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Plan
’
s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan
’
s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the PS 401(k) Profit Sharing Plan at December 31, 201
5
and 201
4
, and the changes in its net assets available for benefits for the year ended December 31, 201
5
, in conformity with U.S. generally accepted accounting principles.
The accompanying supplemental schedule of assets (held at end of year) as of December 31, 201
5
, has been subjected to audit procedures performed in conjunction with the audit of
the
PS
401(k)
Profit Sharing
Plan’s financial statements. The informati
on in the supplemental schedule
is the responsibility of the Plan’s management. Our audit procedures included determining whether the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented
in the supplemental schedule
. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ Ernst & Young LLP
Los Angeles, California
June
22
, 201
6
PS 401(k) PROFIT SHARING PLAN
STATEMENTS OF
NET
ASSETS AVAILABLE
FOR BENEFITS
|
|
|
|
|
|
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At December 31,
|
|
2015
|
|
2014
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Investments at fair value
|
$
|
122,363,358
|
|
$
|
116,550,980
|
|
|
|
|
|
|
Receivables:
|
|
|
|
|
|
Participant contributions
|
|
124,307
|
|
|
88,705
|
Employer contributions
|
|
232,041
|
|
|
189,948
|
Due from broker
|
|
5,543
|
|
|
44,310
|
Total receivables
|
|
361,891
|
|
|
322,963
|
|
|
|
|
|
|
Total assets
|
|
122,725,249
|
|
|
116,873,943
|
|
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LIABILITIES
|
|
|
|
|
|
Due to broker
|
|
18,229
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|
|
41,285
|
Total liabilities
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|
18,229
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|
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41,285
|
|
|
|
|
|
|
Net assets available for benefits
|
$
|
122,707,020
|
|
$
|
116,832,658
|
|
|
|
|
|
|
See accompanying notes.
2
PS 401(k) PROFIT SHARING PLAN
STATEMENT OF CHANGES IN
NET
ASSETS
AVAILABLE FOR BENEFITS
For
the Year Ended
December 31,
201
5
|
|
|
Additions to (Deductions from) Net Assets Attributed to:
|
|
|
|
|
|
Investment income:
|
|
|
Net appreciation in fair value of investments
|
$
|
4,647,702
|
Interest and dividends
|
|
1,855,535
|
|
|
6,503,237
|
|
|
|
Contributions:
|
|
|
Participant
|
|
5,914,737
|
Participant rollovers
|
|
472,592
|
Employer
|
|
2,843,423
|
|
|
9,230,752
|
|
|
|
Benefits paid to participants
|
|
(9,738,795)
|
Administrative expenses
|
|
(120,832)
|
|
|
|
Increase in net assets available for benefits
|
|
5,874,362
|
Net assets available for benefits - beginning of the year
|
|
116,832,658
|
|
|
|
Net assets available for benefits - end of the year
|
$
|
122,707,020
|
|
|
|
See accompanying notes.
3
PS 401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
|
1.
|
|
Description of the Plan
|
General
The
PS 401(k) Profit Sharing Plan (the “Plan”) encompasses Public Storage
,
PS Business Parks, Inc. and
certain of
their majority owned subsidiaries (
collectively,
the “Company”).
The following description of the Plan provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.
The Plan is a defined contribution plan
available
for the benefit of all permanent employees of the Company who have completed at least 30 days of service and are
at least
21 years of age.
The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).
Although it has not expressed the intention to do so, the Company has the right to terminate the Plan subject to ERISA provisions. The Plan allows interim allocations of Company contributions and earnings or losses of trust fund assets among participants.
The Company appoints a committee
(the “Plan Administrator”)
to administer the Plan. At December 31,
20
1
5
, the Plan Administr
ator
is
comprised of
five
officers
and one member of management
of
the Company with
Wells Fargo
Bank
acting as Trustee (the “Trustee”).
Wells Fargo Bank has custody of the Plan’s investments under a non-discretionary trust agreement with the Plan.
Other significant provisions of the Plan are as follows:
Contributions
Employee contributions to the Plan (voluntary contributions) are deferrals of the employee’s compensation made through a direct reduction of compensation in payrol
l
during the year
. During
201
5
, each eligible participant could elect a pretax contribution rate from 1% to 100% of their compensation, as defined in the Plan document, subject to the maximum annual elective deferral amount set by the Internal Revenue Code
(the “Code”)
. Participants may also contribute
rollover
amounts representing distributions from other qualified benefit or defined contribution plans.
The Company contributes one dollar ($1.00) for each dollar deferred by a participant up to three percent (3%) of compensation, as defined and subject to certain limitations as described in the Plan document. The Company also contributes an additional fifty cents ($
0
.50) for each dollar that each participant defers in excess of three percent (3%) of compensation
up to five percent (5%) of compensation
. The Company’s aggregate contributions are limited to four percent (4%) of compensation, as defined and subject to certain limitations as described in the Plan document. Additional amounts
, including profit sharing contributions,
may be contributed at the discretion of the Company. No such additional contributions were made in
201
5
.
Vesting
Since January 1, 2005
,
employee deferrals and the Company’s
safe harbor
matching contribution are 100% vested and non-forfeitable
.
Investment Options
Upon enrollment in the Plan, a participant may direct their contributions and holdings in various investment options.
Prior to
December 19, 2005
, participants had the option to direct contributions to the Company’s securities. Effective December 19, 2005, participants no longer had that option.
Existing holdings of
PS 401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
the Company’s securities on December 19, 2005, were either held or transferred to other Plan investmen
t alternatives at the option of each participant
.
Participants with individually directed accounts remain able to acquire and dispose of the Company’s securities at their discretion.
S
ee Note
5
for disclosure of the remaining holdi
ngs in the Company’s securities
.
The
Plan invests in
the
We
lls Fargo Stable Return Fund N
and the W
F/BlackRock S&P 500 Index CIT N
which
are common/collective trust funds. The We
lls Fargo Stable Return Fund N
seeks to provide a moderate level of stable income without principal volatility, while seeking to maintain adequate liquidity and returns superior to shorter maturity investments. It invests in a variety of investment contracts and instruments issued by selected high-quality insurance companies and financial institutions. Participant-directed redemptions have no restrictions; however, the Plan is required to provide a one-year redemption notice to liquidate its entire share in the fund. The W
F/BlackRock S&P 500 Index CIT N
is an index fund that invests in the equity securities of companies that comprise the S&P 500 Index (the “Index”) and seeks to approximate as closely as practicable the total return, before deduction of fees and expenses, of the Index. The W
F/BlackRock S&P 500 Index CIT N
has no redemption restrictions. See “Investment Valuation and Income
Recognition” in Note 2 below for further information regarding common collective trusts.
The Individually Directed Account is considered a self-directed brokerage account which allows participants access to a broader range of investment choices than that which is offered through the Plan’s menu. Participants with Individually Directed Accounts remain able to acquire and dispose of the Company’s securities at their discretion.
At December 31, 201
5
, the Individually Directed Accounts were primarily invested in money market funds and common equity securities of publicly-traded companies, including those of the Company.
Distributions from the Plan
Distributions of each participant
’
s vested account balance upon severance or death are made in a single lump sum payment; however, upon severance if the participant’s vested account balance exceeds
$5,000, payment may be deferred at the election of the participant until April 1
st
of the calendar year in which the participant reaches 70 ½ years of age.
Additionally, the Plan provides for hardship distributions (as defined).
Forfeited Accounts
Forfeitures of profit sharing contributions may be used (i) as a non-elective allocation to all eligible Plan participants, (ii) to reduce the Company’s safe harbor matching contribution or (iii) to reduce Plan expenses in the current Plan year or within one year following the end of the current Plan year. During 201
5
, a total of $
34
,000 in
non-vested amounts was forfeited from
prior
Plan year
s
, all of which were applied to Plan administrative expenses for eligible Plan participants in 201
5
. As of December 31, 201
5
, there were no remaining non-vested forfeited amounts in the Plan.
|
2.
|
|
Summary of Significant Accounting Principles
|
Basis of Accounting
The accompanying financial statements of the Plan have been prepared on the accrual basis of accounting and are in conformity with
U.S.
generally accepted accounting principles.
PS 401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Income Tax Status
The Plan has received a determination letter from the Internal Revenue Service (“IRS”) dated
April 3
,
2012
, stating that the Plan is qualified under Section 401(a) of the Code and, therefore, the related trust is exempt from taxation. Subsequent to the issuance of the determination letter, the
Plan
has been amended
and restated
.
The Plan has received a new determination letter dated February 9, 2016 stating the Plan has retained its tax exempt status.
Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification.
The
P
lan
A
dministrator has indicated that it will take the necessary steps, if any, to bring the Plan’s operations into compliance with the Code
.
U.S. generally accepted accounting principles require Plan management to evaluate uncertain tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS. The Plan
Administrator
has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 201
5
, there are no uncertain positions taken or expected to be taken. The Plan has recognized no interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions
. The IRS has notified the Plan that it will be conducting an audit
of the Plan
during 2016 for the plan year 2014, however
there are currently no audits for any tax periods in progress. The Plan
Administrator
believes
the Plan
is no longer subject to income tax examinations for years prior to
2012
.
Investment Valuation and Income Recognition
The Plan’s investments
in Company
equity securities
,
mutual funds
, and
the
self-directed brokerage account investments
are recorded at fair value as determined by the quoted market price on the last business day of the plan year.
Common
collective trusts are recorded at fair value based on the
net asset value of the investment
reported by the Trustee
.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis.
Dividends are recorded on the payment date.
Recently Issued Accounting Pronouncements
In May 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-07,
“
Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)
”
(“ASU 2015-07”)
.
ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share (“NAV”) practical expedient under Accounting Standards Codification (“ASC”) 820,
Fair Value
Measurement
(“ASC 820”).
ASU 2015-07 also eliminates certain disclosures for investments eligible to be measured at fair value using the NAV practical expedient. ASU 2015-07 is effective for fiscal years beginning after December 15, 2015 and is to be applied retrospectively to all periods presented, with early adoption permitted. The Plan elected to early adopt ASU 2015-07 on a retrospective basis for the year ended December 31, 2015 and accordingly, the notes to financial statements reflect such adoption.
In July 2015, the FASB issued ASU 2015-12
,
“Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans
PS 401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
(Topic 965): (Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient”
(“ASU 2015-12”).
Only Parts I and II of ASU 2015-12 are applicable to the Plan. Part I of ASU 2015-12 eliminates the requirements to measure the fair value of fully benefit-responsive investment contracts (“FBRICs”) and provide certain disclosures.
ASU 2015-12 also clarifies that indirect investments in FBRICs through investment companies, such as stable value common/collective trust funds, are not included in the scope of the FBRICs guidance because these types of investments typically qualify for measuring fair value at the NAV practical expedient.
Part II of ASU 2015-12 eliminates the requirements to disclose individual investments that represent five percent or more of net assets available for benefits and the net appreciation or depreciation in fair value of investments by general type.
It also simplifies the level of disaggregation of investments that are measured using fair value.
Plans will continue to disaggregate investments that are measured using fair value by general type; however, plans are no longer required to also disaggregate investments by nature, characteristics, and risks.
ASU 2015-12 is effective for fiscal years beginning after December 15, 2015.
Plans may early adopt any of the three parts and Parts I and II are to be applied retrospectively.
The Plan elected early adoption of Parts I and II of ASU 2015-12.
As a result of the retroactive application of Parts I and II, the Statements of Net Assets Available for Benefits have been retrospectively adjusted to report the common/collective trusts (see Note 3) at the NAV practical expedient within
Investments (at fair value)
and remove the
Adjustment from fair value to contract value for FBRICs
.
Additionally, these notes to financial statements have been retrospectively adjusted to reflect the simplifications permitted by ASU
2015-12.
|
3.
|
|
Fair Value Measurements
|
ASC 820
defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. an exit price). ASC 820 includes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below
:
Level 1 –
Valuation is based on quoted prices in active markets for identical securities.
Level 2 –
Valuation is based upon other significant
observable inputs
.
Level 3 –
Valuation is based upon significant u
nobservable inputs (i.e., supported by little or no market activity).
Level 3 inputs include
the Company
’s own assumption about the assumptions that market participants would use in pricing the
securities
(including assumptions about risk).
The level in the fair value hierarchy within which the fair value measurement is classified is determined based
on
the lowest level input that is significant to the fair value measure in its entirety.
The following table
s
sets forth by level, within the fair value hierarchy, the Plan’s
investment
s
carried at fair value as of December 31,
20
1
5
and
201
4
:
PS 401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets at Fair Value as of December 31, 2015
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
Company common and preferred stock
|
$
|
21,915,371
|
|
$
|
-
|
|
$
|
-
|
|
$
|
21,915,371
|
Mutual funds
|
|
73,767,615
|
|
|
-
|
|
|
-
|
|
|
73,767,615
|
Self-directed brokerage accounts
|
|
5,720,165
|
|
|
-
|
|
|
-
|
|
|
5,720,165
|
|
$
|
101,403,151
|
|
$
|
-
|
|
$
|
-
|
|
|
101,403,151
|
Common/collective trust funds:
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo Stable Return Fund N
|
|
|
|
|
|
|
|
|
|
|
11,811,914
|
WF/BlackRock S&P 500 Index CIT N
|
|
|
|
|
|
|
|
|
|
|
9,148,293
|
Total investments at fair value
|
|
|
|
|
|
|
|
|
|
$
|
122,363,358
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets at Fair Value as of December 31, 2014
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
Company common and preferred stock
|
$
|
18,487,083
|
|
$
|
-
|
|
$
|
-
|
|
$
|
18,487,083
|
Mutual funds
|
|
73,475,288
|
|
|
-
|
|
|
-
|
|
|
73,475,288
|
Self-directed brokerage accounts
|
|
5,324,714
|
|
|
-
|
|
|
-
|
|
|
5,324,714
|
|
$
|
97,287,085
|
|
$
|
-
|
|
$
|
-
|
|
|
97,287,085
|
Common/collective trust funds:
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo Stable Return Fund N
|
|
|
|
|
|
|
|
|
|
|
10,358,757
|
WF/BlackRock S&P 500 Index CIT N
|
|
|
|
|
|
|
|
|
|
|
8,905,138
|
Total investments at fair value
|
|
|
|
|
|
|
|
|
|
$
|
116,550,980
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Plan year ended December 31,
201
5
, the Plan paid
to the Trustee
a
portion of the
annual participant fee of $90.00 per eligible participant
and
certain transaction related expenses incurred for the administration of the Plan
, totaling
$
120,832
. The Company directly paid for
all other
T
rustee fees and all other expenses related to the Plan.
|
5.
|
|
Parties-In-Interest
Transactions
|
The Company is the Plan sponsor as defined by the Plan document. As described more fully under “Investment Options” in Note 1, while participants no longer have the option of directing contributions to the Company’s securities, participants can continue to hold such investments and participants
with individually directed accounts remain able to acquire and dispose of the Company’s securities at their discretion.
The
Plan held the following shares in the Company’s securities
:
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2015
|
|
At December 31, 2014
|
|
Shares
|
|
Fair value
|
|
Shares
|
|
Fair value
|
|
|
|
|
|
|
|
|
|
|
Public Storage common shares
|
84,037
|
|
$
|
20,815,965
|
|
94,733
|
|
$
|
17,511,395
|
Public Storage preferred shares
|
3,048
|
|
|
80,620
|
|
3,048
|
|
|
75,987
|
PS Business Parks, Inc. common stock
|
9,364
|
|
|
818,695
|
|
8,947
|
|
|
711,644
|
PS Business Parks, Inc. preferred stock
|
7,972
|
|
|
200,091
|
|
7,909
|
|
|
188,057
|
|
|
|
$
|
21,915,371
|
|
|
|
$
|
18,487,083
|
|
|
|
|
|
|
|
|
|
|
PS 401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
At
December 31,
201
5
and
201
4
, Plan participants held $
11,811,914
and $
10,
358,757
, respectively, in
the Wells Fargo Stable Return Fund N
, a common
/
collective trust fund that invests in fully
benefit-responsive investment contracts
and is
offered by the Plan’s Trustee
.
At December 31,
201
5
and
201
4
,
Plan participants held $
603,722
and $
465,026
, respectively, in the Wells Fargo Short Term Investment Fund
S
, a money market fund offered by the Plan’s Trustee
.
The
WF/BlackRock
S&P
500
Index
CIT N
is an index fund
offered
by the Plan’s Trustee
that invests in equity securities of companies that comprise the S&P 500 Index. At December 31,
201
5
and
201
4
, Plan
participants held $
9,148,293
and
$
8,
905,138
, respectively,
in this investment selection.
6
.
Risks and Uncertainties
The Plan
provides for
invest
ment
in various investment
securities
.
Investment securities are exposed to various risks, such as interest rate, market, and credit
risks
. Due to the level of risk associated wit
h certain investment securities,
it is at least reasonably possible that changes in
the values of investment securities will occur in the near
or long
term and that such changes could materially affect participants’ account balances and the amounts reported
in the
financial statements.
7
.
Concentrations
Investments in the Company’s securities comprised
approximately of
1
8
%
and
1
6
% of the Plan’s total investments as of December 31,
201
5
and
201
4
, respectively.
8
.
Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of
net assets available for benefits
per the financial statements to the Form 5500
as of December 31
:
|
|
|
|
|
|
|
2015
|
|
2014
|
Net assets available for benefits per the financial
|
|
|
|
|
|
statements
|
$
|
122,707,020
|
|
$
|
116,832,658
|
Adjustment from fair value to contract value for fully benefit-
|
|
|
|
|
|
responsive investment contracts per the Form 5500
|
|
-
|
|
|
145,023
|
|
|
|
|
|
|
Net assets available for benefits per the Form 5500
|
$
|
122,707,020
|
|
$
|
116,977,681
|
|
|
|
|
|
|
The following is a reconciliation of the changes in net assets available for benefits per the financial statements to
net income per
the Form 5500 for the year
s
ended December 31,
201
5
and 2014
:
|
|
|
|
|
|
|
2015
|
|
2014
|
Increase in net assets available for benefits per the
|
|
|
|
|
|
financial statements
|
$
|
5,874,362
|
|
$
|
6,882,305
|
Change in adjustment from contract value to fair value for
|
|
|
|
|
|
fully benefit-responsive investment contracts per the
|
|
|
|
|
|
Form 5500
|
|
(145,023)
|
|
|
67,176
|
|
|
|
|
|
|
Net income per the Form 5500
|
$
|
5,729,339
|
|
$
|
6,949,481
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION
SCHEDULE I
PS 401(k) PROFIT SHARING PLAN
Schedule H, Line 4
i –
Schedule of Assets (held at end of year)
December 3
1,
201
5
Employer Identification Number: 95-3551121
Plan Number: 001
|
|
|
|
|
|
|
(a)
|
(b)
|
|
(c)
|
|
|
(e)
|
|
|
|
Description of investment including maturity
|
|
|
|
|
Identity of issue, borrower, lessor, or
|
|
date, rate of interest, collateral, par or
|
|
Current
|
|
similar party
|
|
maturity value
|
|
Value
|
|
|
|
|
|
|
|
*
|
Wells Fargo
|
|
Wells Fargo Stable Return Fund N
|
|
$
|
11,811,914
|
*
|
Wells Fargo
|
|
Wells Fargo Short Term Investment Fund S
|
|
|
603,722
|
*
|
Wells Fargo
|
|
WF/BlackRock S&P 500 Index CIT N
|
|
|
9,148,293
|
|
Eagle Funds
|
|
Eagle Mid Cap Growth Fund/R5
|
|
|
2,323,345
|
|
Dodge & Cox Funds
|
|
Dodge & Cox International Stock Fund
|
|
|
3,597,619
|
|
American Funds
|
|
EuroPacific Growth Fund/R6
|
|
|
2,873,515
|
|
Fidelity Investments
|
|
Fidelity Contrafund
|
|
|
2,874,395
|
|
Fidelity Investments
|
|
Fidelity Low Price Stock Fund
|
|
|
3,009,498
|
|
Harbor Funds
|
|
Harbor Capital Appreciation I Fund
|
|
|
12,571,903
|
|
The Oakmark Funds
|
|
Equity & Income I Fund
|
|
|
17,209,199
|
|
The Oakmark Funds
|
|
Select I Fund
|
|
|
934,694
|
|
MetWest Funds
|
|
Metropolitan West Total Return Bond Fund
|
|
|
3,818,429
|
|
JP Morgan Funds
|
|
JP Morgan Value Advantage I Fund
|
|
|
2,589,163
|
|
T. Rowe Price
|
|
T. Rowe Price Real Estate Fund
|
|
|
3,209,169
|
|
The Vanguard Group Mutual Funds
|
|
Explorer Admiral Fund
|
|
|
4,330,587
|
|
The Vanguard Group Mutual Funds
|
|
Short Term Federal Admiral Fund
|
|
|
2,461,736
|
|
The Vanguard Group Mutual Funds
|
|
Windsor II Admiral Fund
|
|
|
6,735,175
|
|
The Vanguard Group Mutual Funds
|
|
Total Bond Market Index Admiral Fund
|
|
|
1,037,347
|
|
The Vanguard Group Mutual Funds
|
|
Mid-Cap Index Admiral Fund
|
|
|
2,618,895
|
|
The Vanguard Group Mutual Funds
|
|
Small-Cap Index Admiral Fund
|
|
|
698,276
|
|
The Vanguard Group Mutual Funds
|
|
Total International Stock Market Admiral Fund
|
|
|
270,948
|
*
|
Public Storage
|
|
Company common shares
|
|
|
20,815,965
|
*
|
Public Storage
|
|
Company preferred shares
|
|
|
80,620
|
*
|
PS Business Parks, Inc.
|
|
Company common stock
|
|
|
818,695
|
*
|
PS Business Parks, Inc.
|
|
Company preferred stock
|
|
|
200,091
|
|
Individually directed accounts
|
|
Various investment securities
|
|
|
5,720,165
|
|
Total
|
|
|
|
$
|
122,363,358
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
Indicates a party-in-interest of the Plan.
Note: As all Plan
investments are participant directed, column (d) providing certain participant
-
directed transaction cost information is not applicable and has been omitted.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the Plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
PS 401(k) PROFIT SHARING PLAN
|
Date: June
22,
201
6
|
|
By:
|
/s/ Candace Krol
|
|
Candace Krol
|
|
Chairman, Administrative Committee
|
EXHIBIT INDEX
|
|
Exhibit
Number
|
Description
|
|
|
23
|
Consent of Independent Registered Public Accounting Firm. Filed herewith.
|
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