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Table of Contents
SectionPage
Corporate Data:
Consolidated Financial Results:
Portfolio Data:
Industry Concentration and Top Ten Customers
Appendices and Definitions:

First Quarter 2022 Supplemental Financial Reporting Package             2

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Additional Information

Additional Information and Where to Find It
In connection with the proposed transaction, the Company will file relevant materials with the U.S. Securities and Exchange Commission (the “SEC”), including the Company’s proxy statement on Schedule 14A (the “Proxy Statement”). This document is not a substitute for the Proxy Statement or any other document that the Company may file with the SEC or send to its stockholders in connection with the proposed transactions. BEFORE MAKING ANY VOTING DECISION, STOCKHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE PROXY STATEMENT, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain the documents (when available) free of charge at the SEC’s website, http://www.sec.gov. In addition, the documents (when available) may be obtained free of charge by accessing the Investor Relations section of the Company’s website at https://ir.psbusinessparks.com or by contacting the Company’s Investor Relations by email at info@psbusinessparks.com.

Participants in the Solicitation
The Company and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of Company common stock in respect of the proposed transaction. Information about the directors and executive officers of the Company is set forth in the proxy statement for the Company’s 2022 annual meeting of stockholders, which was filed with the SEC on March 25, 2022, in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was filed with the SEC on February 22, 2022 and in other documents filed by the Company with the SEC. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Proxy Statement and other relevant materials to be filed with the SEC in respect of the proposed transaction when they become available. Investors should read the Proxy Statement carefully when it becomes available before making any voting or investment decisions.
Forward-Looking Statements
When used within this supplemental information package, the words “may,” “believes,” “anticipates,” “plans,” “expects,” “seeks,” “estimates,” “intends,” and similar expressions are intended to identify “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties, and other factors, which may cause the actual results and performance of the Company to be materially different from those expressed or implied in the forward-looking statements, including but not limited to: (i) the duration and severity of the COVID-19 pandemic and its impact on our business and our customers; (ii) changes in general economic and business conditions, including as a result of the economic fallout of the COVID-19 pandemic; (iii) potential regulatory actions to close our facilities or limit our ability to evict delinquent customers; (iv) decreases in rental rates or increases in vacancy rates/failure to renew or replace expiring leases; (v) tenant defaults; (vi) the effect of the recent credit and financial market conditions; (vii) our failure to maintain our status as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”); (viii) the economic health of our customers; (ix) the health of our officers and directors; (x) increases in operating costs; (xi) casualties to our properties not covered by insurance; (xii) the availability and cost of capital; (xiii) increases in interest rates and its effect on our stock price; (xiv) security breaches, including ransomware, or a failure of our networks, systems or technology which could adversely impact our operations or our business, customer and employee relationships or result in fraudulent payments; (xv) the impact of inflation; and (xvi) other factors discussed in the Company’s SEC reports, including quarterly reports on Form 10-Q, reports on Form 8-K, and annual reports on Form 10-K.
First Quarter 2022 Supplemental Financial Reporting Package             3

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Investor Company Summary
Executive Management Team
Stephen W. WilsonPresident and Chief Executive Officer
Maria R. HawthorneInterim Chief Operating Officer
Adeel KhanChief Financial Officer and Corporate Secretary
Trenton GrovesSVP, Chief Accounting Officer
Board of Directors
Ronald L. Havner, Jr.Chairman of the Board
Stephen W. WilsonDirector, President and Chief Executive Officer
Maria R. HawthorneDirector, Interim Chief Operating Officer
Jennifer Holden DunbarDirector
M. Christian MitchellDirector
Irene H. OhDirector
Kristy M. PipesDirector
Gary E. PruittDirector
Robert S. RolloDirector
Joseph D. Russell, Jr.Director
Peter SchultzDirector
Investor Relations Information
Adeel Khan
T: 818.244.8080, Ext. 8975
akhan@psbusinessparks.com
Equity Research Coverage
FIRMANALYSTPHONEEMAIL
CitiManny Korchman212-816-1382emmanuel.korchman@citi.com
Green Street AdvisorsVince Tibone949-640-8780vtibone@greenstreetadvisors.com
JP MorganAnthony Paolone212-622-6682anthony.paolone@jpmorgan.com
KeyBancCraig Mailman917-368-2316cmailman@key.com
Wells FargoBlaine Heck443-263-6529blaine.heck@wellsfargo.com
PS Business Parks, Inc. is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding PS Business Parks, Inc.'s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of PS Business Parks, Inc. or its management. PS Business Parks, Inc. does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.



First Quarter 2022 Supplemental Financial Reporting Package             4

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Company Overview
As Of March 31, 2022

Company Overview
Total # of Properties96
Total Square Feet27,010,000
Total Occupancy (Period End)95.5%
Same Park Occupancy (Period End)95.9%
Same Park YTD GAAP NOI growth7.7%
Same Park YTD Cash NOI growth8.6%
(S&P/Moody's) (2) (3)
BBB+, BBB-/Baa2 (under review)
Net Debt to Total Combined Market Capitalizationn/a
Net Debt and Preferred Equity to Total Combined Market Capitalization11.4%
Net Debt to Adjusted EBITDAre2.8x
Multifamily
Average rent per unit$2,123
Weighted average occupancy95.0%
Period end occupancy96.9%
Percent leased97.0%
Economic Occupancy89.9%
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(2) S&P downgraded PSB to 'BBB+' and subsequently downgraded PSB's preferred stock to 'BBB-'. S&P placed all their ratings on PSB, including our 'BBB+' issuer credit rating, on CreditWatch with negative implications. The CreditWatch placement reflects that S&P could lower their ratings upon closing of the transaction, based on the pro forma capital structure and their view of the acquirer's aggressive financial policy. S&P no longer view PSB as being moderately strategic to Public Storage. Public Storage, which holds approximately 41% common equity interest in PSB, has agreed to Blackstone's acquisition bid. S&P previously considered PSB to be moderately strategic to Public Storage and, as such, S&P believed that Public Storage would provide support to PSB under a stress scenario. As a result, S&P applied a one-notch improvement to their standalone rating on PSB. The transaction changes S&P's view, such that they no longer expect Public Storage to support PSB under a hypothetical stress scenario. As a result, S&P downgraded PSB by one notch to 'BBB+'. S&P also lowered their ratings on PSB's preferred stock by one notch to 'BBB-', two notches below its issuer credit rating, in line with S&P's criteria.
(3) Moody’s Investors Service (“Moody’s”) has placed on review for downgrade the ratings of PS Business Parks, Inc. (PSB), including its Baa2 preferred stock rating and the (P)Baa1 senior unsecured shelf rating of its main operating subsidiary, PS Business Parks, L.P. The review for downgrade follows the announcement that the REIT, which owns a portfolio primarily comprised of multi-tenant industrial and flex properties, has entered into a definitive agreement by which affiliates of Blackstone Real Estate will acquire all of PSB’s outstanding shares in a transaction valued at about $7.6 billion. The review for downgrade reflects the likelihood that PSB’s credit profile will deteriorate under Blackstone’s ownership, with the potential for meaningfully higher leverage and secured debt levels that could result in a multi-notch downgrade of the REIT’s ratings, including crossing over to non-investment grade territory, upon transaction close.
First Quarter 2022 Supplemental Financial Reporting Package             5

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Financial and Portfolio Highlights and Capitalization Data
(unaudited, in thousands except share and per share data and portfolio statistics)
Three Months Ended
March 31, 2022December 31, 2021September 31, 2021June 30, 2021March 31, 2021
Financial Results:
Rental income$112,840 $110,844 $110,448 $109,364 $108,047 
Net income$101,145 $357,009 $78,463 $70,050 $47,507 
Net Operating Income (NOI) (1)
$78,726 $78,106 $77,357 $77,515 $74,829 
Cash NOI (1)
$78,105 $77,641 $77,332 $77,813 $73,978 
Core FFO (1)
$63,823 $63,485 $60,328 $61,816 $58,419 
Core FFO per common stock - diluted (1)
$1.82 $1.81 $1.72 $1.77 $1.67 
EBITDAre$67,601 $74,224 $72,599 $73,503 $70,624 
Dividend declared per share of common stock$1.05 $1.05 $1.05 $1.05 $1.05 
Portfolio Statistics:
Total square footage at period end (2)
27,010,000 27,010,000 26,869,000 26,151,000 26,151,000 
Weighted average occupancy95.5 %95.5 %94.7 %93.8 %93.2 %
Period end Occupancy95.5 %95.9 %95.5 %94.5 %93.6 %
Rent Change - GAAP23.4 %16.4 %15.4 %10.7 %16.4 %
Rent Change - Cash10.7 %6.1 %5.0 %3.1 %6.4 %
Same Park Performance:
Same Park weighted average occupancy96.0 %95.8 %94.9 %94.0 %93.3 %
Same Park income per occupied square foot$16.84$16.60$16.62$16.40$16.10
Same Park GAAP NOI growth (1) (3)
7.7 %8.9 %10.0 %11.4 %0.7 %
Same Park Cash NOI growth (1) (3)
8.6 %8.1 %12.7 %16.2 %0.5 %
Capitalization:
Total shares and units issued and outstanding at period end (4)
34,932,798 34,895,162 34,851,508 34,846,819 34,822,294 
Total equity market capitalization$5,871,505 $6,426,642 $5,462,625 $5,160,177 $5,382,830 
Series W, X, Y and Z Preferred Stock (5)
$755,000 $755,000 $944,750 $944,750 $944,750 
Total consolidated debt$20,000 $32,000 $— $— $— 
Unrestricted cash (6)
$(20,000)$(27,074)n/an/an/a
Total combined market capitalization (net debt plus equity)$6,626,505 $7,186,568 $6,407,375 $6,104,927 $6,327,580 
Ratios:
Net debt & preferred equity to total combined market capitalization11.4 %10.6 %14.1 %13.8 %14.0 %
Net debt to total combined market capitalization (6)
0.0 %0.1 %n/an/an/a
Ratio of EBITDAre to fixed charges and preferred distributions (7)
6.9x6.9x5.9x6.0x5.8x
Net debt and preferred equity to EBITDAre (8)
2.8x2.6x3.1x2.8x3.1x
(1)For definition/discussion of non-GAAP financial measures and reconciliations to their nearest GAAP equivalents, see the definitions section & reconciliation section beginning on page 29 and page 10 of this report, respectively.
(2)Excludes assets sold.
(3)Represents the quarter over quarter percentage change in NOI and Cash NOI for the Same Park Portfolio.
(4)Total shares and units issued and outstanding at period end is comprised of common stock and common operating partnership units.
(5)Series W Preferred Stock redeemed in November 2021.
(6)Unrestricted cash balance is $104.2 million as of March 31, 2022 Cash used for net debt calculation is $20.0 million or the current outstanding debt balance.
(7)For each period shown, ratio of total fixed charges to EBITDAre is calculated using the respective quarter’s annualized fixed charges divided by the respective quarter’s annualized EBITDAre.
(8)For each period shown, ratio of debt and preferred equity to EBITDAre is calculated using total net debt and preferred equity reported during the quarter divided by the respective quarter’s annualized EBITDAre.
First Quarter 2022 Supplemental Financial Reporting Package             6

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Consolidated Balance Sheets
(unaudited, in thousands)
March 31, 2022December 31, 2021
ASSETS
Cash and cash equivalents$104,204 $27,074 (a)
Real estate facilities, at cost
Land865,214 867,345 
Buildings and improvements2,244,104 2,239,137 
3,109,318 3,106,482 
Accumulated depreciation(1,197,811)(1,178,397)
1,911,507 1,928,085 (b)
Properties held for sale, net— 33,609 
Land and building held for development, net97,212 78,990 
2,008,719 2,040,684 
Rent receivable2,988 1,621 
Deferred rent receivable37,484 37,581 (c)
Other assets13,176 16,262 
Total assets$2,166,571 $2,123,222 (d)
LIABILITIES AND EQUITY
Accrued and other liabilities$95,509 $97,151 (e)
Credit facility20,000 32,000 
Total liabilities115,509 129,151 
Equity
PS Business Parks, Inc.’s stockholders’ equity
Preferred stock755,000 755,000 
Common stock276 275 
Paid-in capital754,387 752,444 (f)
Accumulated earnings270,243 226,737 (g)
Total PS Business Parks, Inc.’s stockholders’ equity1,779,906 1,734,456 
Noncontrolling interests271,156 259,615 
Total equity2,051,062 1,994,071 
Total liabilities and equity$2,166,571 $2,123,222 
See Appendix A for additional detail related to the tickmarks shown in the table above.

First Quarter 2022 Supplemental Financial Reporting Package             7

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Consolidated Statements of Operations, Quarterly Results
(unaudited and in thousands, except per share amounts)

 Three Months Ended
 March 31,
2022
December 31,
2021
 September 30,
2021
 June 30,
2021
 March 31,
2021
Rental income$112,840 $110,844 $110,448 $109,364 $108,047 
Expenses:
Cost of operations34,114 32,738 33,091 31,849 33,218 
Depreciation and amortization23,132 24,130 23,857 22,514 22,985 
General and administrative (1)
11,324 4,728 5,148 4,799 4,382 
Total operating expenses68,570 61,596 62,096 59,162 60,585 
Interest and other income246 946 411 923 256 
Interest and other expense (2)
(330)(3,943)(224)(268)(211)
Gain on sale of real estate facilities56,959 310,758 29,924 19,193 — 
Net income101,145 357,009 78,463 70,050 47,507 
Allocation to noncontrolling interests(19,049)(70,915)(13,850)(12,094)(7,411)
Net income allocable to PS Business Parks, Inc.82,096 286,094 64,613 57,956 40,096 
Allocation to preferred stockholders(9,580)(10,485)(12,046)(12,047)(12,046)
Preferred securities redemption charge— (6,434)— — — 
Allocation to restricted stock unit holders(523)(1,785)(350)(314)(164)
Net income allocable to common stockholders$71,993 $267,390 $52,217 $45,595 $27,886 
Net income per share of common stock
Basic$2.61 $9.70 $1.90 $1.66 $1.01 
Diluted$2.60 $9.66 $1.89 $1.65 $1.01 
Weighted average common stock outstanding
Basic27,607 27,565 27,543 27,531 27,495 
Diluted27,691 27,671 27,635 27,632 27,594 
(1)General and administrative expense in Q1 22 includes the impact of a one-time cash payment of $6.7 million for RSUs to the former CEO less a $0.6 million reversal of stock compensation expense.
(2)Other expense includes $3.6 million related to state tax provision for the Three Months Ended December 31, 2021.




First Quarter 2022 Supplemental Financial Reporting Package             8

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Consolidated Statements of Operations and EBITDAre,
Quarterly Results
(unaudited and in thousands, except per share amounts)
Three Months Ended March 31,
20222021
Rental income$112,840 $108,047 (a)
Expenses
Cost of operations 34,114 33,218 (b)
Depreciation and amortization 23,132 22,985 
General and administrative 11,324 4,382 (c)
Total operating expenses68,570 60,585 
Interest and other income 246 256 (d)
Interest and other expense(330)(211)(e)
Gain on sale of real estate facilities56,959 — 
Net income 101,145 47,507 
Allocation to noncontrolling interests(19,049)(7,411)
Net income allocable to PS Business Parks, Inc.82,096 40,096 
Allocation to preferred stockholders(9,580)(12,046)
Allocation to restricted stock unit holders(523)(164)
Net income allocable to common stockholders$71,993 $27,886 
Net income per share of common stock
Basic$2.61 $1.01 
Diluted$2.60 $1.01 
Weighted average common stock outstanding
Basic 27,607 27,495 
Diluted 27,691 27,594 
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE (EBITDAre) (1)
Three Months Ended March 31,
20222021$ Change
Net income$101,145 $47,507 $53,638 
Net interest (income) expense283 132 151 
Depreciation and amortization23,132 22,985 147 
Gain on sale of real estate facilities and development rights(56,959)— (56,959)
EBITDAre$67,601 $70,624 $(3,023)
See Appendix B for additional detail related to the tickmarks shown in the table above.
(1) Refer to Page 29, Definitions and Non-GAAP Disclosures, for the definitions of EBITDAre.
First Quarter 2022 Supplemental Financial Reporting Package             9

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Non-GAAP FFO, Core FFO and FAD Reconciliations
(unaudited and in thousands, except per share amounts)
 Three Months Ended
 March 31, 2022December 31, 2021 September 30, 2021June 30, 2021March 31, 2021
Net income allocable to common stockholders$71,993 $267,390 $52,217 $45,595 $27,886 
Adjustments
Gain on sale of real estate facilities(56,959)(310,758)(29,924)(19,193)— 
Depreciation and amortization23,132 24,130 23,857 22,514 22,985 
Net income allocable to noncontrolling interests19,049 70,915 13,850 12,094 7,411 
Net income allocable to restricted stock unit holders523 1,785 350 314 164 
FFO allocated to joint venture partner(23)(11)(22)(18)(27)
FFO allocable to diluted common stock and units (1)
57,715 53,451 60,328 61,306 58,419 
CEO cash payment for RSUs net of reversal of stock compensation6,108 — — — — 
Preferred securities redemption charge— 6,434 — — — 
Income tax expense— 3,600 — — — 
Maryland reincorporation costs— — — 510 — 
Core FFO allocable to diluted common stock and units (1)
$63,823 $63,485 $60,328 $61,816 $58,419 
FAD
FFO allocable to diluted common stock and units (1)
$57,715 $53,451 $60,328 $61,306 $58,419 
Adjustments:
Recurring capital improvements(2,010)(3,233)(3,837)(3,701)(565)
Tenant improvements(3,027)(3,462)(3,876)(3,918)(2,422)
Capitalized lease commissions(1,304)(3,274)(1,995)(1,439)(1,784)
Total recurring capital expenditures for assets sold or held for sale(8)(117)(471)(394)(634)
Total multifamily capital expenditures— (6)— (7)— 
Cash paid for taxes in lieu of stock upon vesting of restricted stock units(931)(260)(478)(5)(3,197)
Preferred securities redemption charge— 6,434 — — — 
Non-cash rental income (2)
(1,157)(857)(453)(183)(1,307)
Non-cash stock compensation expense940 2,073 2,341 2,301 1,780 
FAD allocable to diluted common stock and units (1)
$50,218 $50,749 $51,559 $53,960 $50,290 
Non-recurring property renovations (1)
(1,511)(1,686)(176)(432)(411)
Investment in multifamily development(12,455)(12,903)(13,516)(7,539)(9,485)
Investment in industrial development(3,796)(1,223)(165)(93)(1,123)
Total non-recurring capital expenditures$(17,762)$(15,812)$(13,857)$(8,064)$(11,019)
Free cash available after non-recurring capital expenditures$32,456 $34,937 $37,702 $45,896 $39,271 
Total Distributions$(36,892)$(36,833)$(36,793)$(36,813)$(36,724)
Retained cash (1)
$(4,436)$(1,896)$909 $9,083 $2,547 
Weighted average outstanding
Common stock27,607 27,565 27,543 27,531 27,495 
Operating partnership units7,305 7,305 7,305 7,305 7,305 
Restricted stock units45 46 33 32 47 
Common stock equivalents84 106 92 101 99 
Total diluted common stock and units35,041 35,022 34,973 34,969 34,946 
FFO per share$1.65 $1.53 $1.72 $1.75 $1.67 
Core FFO per share$1.82 $1.81 $1.72 $1.77 $1.67 
FAD distribution payout ratio (3) (4)
73.5 %72.6 %71.4 %68.2 %73.0 %
First Quarter 2022 Supplemental Financial Reporting Package             10

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Non-GAAP FFO, Core FFO and FAD Reconciliations (cont'd)
(unaudited and in thousands, except per share amounts)
Three Months Ended March 31,
20222021
Net income allocable to common stockholders$71,993 $27,886 
Adjustments
Gain on sale of real estate facilities(56,959)— 
Depreciation and amortization23,132 22,985 
Net income allocable to noncontrolling interests19,049 7,411 
Net income allocable to restricted stock unit holders523 164 
FFO allocated to joint venture partner(23)(27)
FFO allocable to diluted common stock and units (1)
57,715 58,419 
CEO cash payment for RSUs net of reversal of stock compensation6,108 — 
Core FFO allocable to diluted common stock and units (1)
$63,823 $58,419 
FAD
FFO allocable to diluted common stock and units (1)
$57,715 $58,419 
Adjustments:
Recurring capital improvements(2,010)(565)
Tenant improvements(3,027)(2,422)
Capitalized lease commissions(1,304)(1,784)
Total recurring capital expenditures for assets sold or held for sale(8)(634)
Cash paid for taxes in lieu of stock upon vesting of restricted stock units(931)(3,197)
Non-cash rental income (2)
(1,157)(1,307)
Non-cash stock compensation expense940 1,780 
FAD allocable to diluted common stock and units (1)
$50,218 $50,290 
Non-recurring capital expenditures
Non-recurring property renovations (1)
(1,511)(411)
Investment in multifamily development(12,455)(9,485)
Investment in industrial development(3,796)(1,123)
Total non-recurring capital expenditures$(17,762)$(11,019)
Free cash available after non-recurring capital expenditures$32,456 $39,271 
Distributions
Distributions to common stockholders $(29,010)$(28,872)
Distributions to noncontrolling interests - common units(7,671)(7,671)
Distributions to restricted stock unit holders(188)(164)
Distributions to noncontrolling interests - joint venture(23)(17)
Total Distributions(36,892)(36,724)
Retained cash (1)
(4,436)2,547 
First Quarter 2022 Supplemental Financial Reporting Package             11

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Non-GAAP FFO, Core FFO and FAD Reconciliations (cont'd)
(unaudited and in thousands, except per share amounts)
Three Months Ended March 31,
20222021
Weighted average outstanding
Common stock27,607 27,495 
Operating partnership units7,305 7,305 
Restricted stock units45 47 
Common stock equivalents84 99 
Total diluted common stock and units35,041 34,946 
FFO per share$1.65 $1.67 
Core FFO per share$1.82 $1.67 
FAD distribution payout ratio (3) (4)
73.5 %73.0 %
(1)
Refer to page 29, Definitions and Non-GAAP Disclosures, for the definition of FFO, Core FFO, FAD, Non-Recurring Property Renovations and Retained Cash.
(2)
Non-cash rental income includes amortization of deferred rent receivable (net of write-offs), in-place lease intangible, tenant improvement reimbursements, and lease incentives.
(3)
FAD distribution payout ratio is equal to total distributions to common stockholders, unit holders, restricted stock unit holders and our joint venture partner divided by FAD during the same reporting period.
(4)
For the three months ended December 31, 2021, the FAD distribution ratio excludes of $4.60 special dividend distributions to common stockholders, noncontrolling interest, and restricted stock unit holders.
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First Quarter 2022 Supplemental Financial Reporting Package             12

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NOI and Cash NOI
(unaudited, in thousands)
NET OPERATING INCOME
CASH NET OPERATING INCOME (2)
 Three Months Ended March 31, Three Months Ended March 31,
 20222021 % Change 20222021% Change
Rental income  
Same Park (1) (3) (4) (5)
$105,014 $98,012  7.1% $104,096 $96,638  7.7% 
Non-Same Park (1)
3,348 1,246  168.7% 3,074 1,270  142.0% 
Multifamily2,369 2,327  1.8% 2,369 2,327  1.8% 
Assets sold or held for sale2,109 6,462  (67.4)% 2,144 6,505  (67.0)% 
Total rental income112,840 108,047  4.4% 111,683  106,740  4.6% 
Cost of operations (1) (6)
   
Same Park (1)
30,900 29,175  5.9% 30,404 28,754  5.7% 
Non-Same Park (1)
1,060 422  151.2% 1,035 417  148.2% 
Multifamily1,224 1,067  14.7% 1,224 1,067  14.7% 
Assets sold or held for sale930 2,554  (63.6)% 915 2,524  (63.7)% 
Total cost of operations34,114 33,218  2.7% 33,578  32,762  2.5% 
Net operating income  
Same Park (1)
74,114 68,837  7.7% 73,692 67,884  8.6% 
Non-Same Park (1)
2,288 824  177.7% 2,039 853  139.0% 
Multifamily1,145 1,260  (9.1)% 1,145 1,260  (9.1)% 
Assets sold or held for sale1,179 3,908  (69.8)% 1,229 3,981  (69.1)% 
Total net operating income$78,726 $74,829  5.2% $78,105  $73,978  5.6% 
(1)Refer to page 29, Definition and Non-GAAP Disclosures, for the definitions of Same Park, Non-Same Park, and Cash Rental Income. See Appendix C for Same Park Cost of Operations table.
(2)Cash NOI excludes $0.5 million stock based compensation for the three months ended March 31, 2022 and 2021, respectively.
(3)Same Park rental income and Cash Rental Income include lease buyout income of $0.2 million and $0.4 million for the three months ended March 31, 2022 and 2021, respectively.
(4)Same Park rental income is presented net of (a) accounts receivable write-offs (recoveries) of $0.1 million and $0.0 million for the three months ended March 31, 2022 and 2021, respectively, and (b) deferred rent receivable write-offs of $0.0 million and $0.1 million for the three months ended March 31, 2022 and 2021, respectively.
(5)Same Park Cash Rental Income is presented net of (a) accounts receivable write-offs (recoveries) of $0.1 million and $0.0 million for the three months ended March 31, 2022 and 2021, respectively, and (b) rent deferrals and abatements $0.0 million and $0.3 million for the three months ended March 31, 2022 and 2021, respectively.
(6)Refer to Appendix B for a reconciliation of Cash Rental Income to rental income and Cost of Operations to Cost of Operations under Cash NOI as reported on our GAAP statements of income.


First Quarter 2022 Supplemental Financial Reporting Package             13

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Same Park Cash NOI by Region and Type (1)
(in thousands)
 Three Months Ended
 March 31, 2022 March 31, 2021Period Change by Product TypeTotal
  Industrial   Flex   Office   Total   Industrial   Flex   Office   Total  Industrial  Flex  Office  % Change
Cash NOI (1)
Northern California$20,195 $2,156 $1,540 $23,891 $17,448 $1,982 $1,863 $21,293 15.7%8.8%(17.3)%12.2%
Southern California9,220 2,404 119 11,743 7,750 2,372 117 10,239 19.0%1.3%1.7%14.7%
Dallas2,277 1,377 n/a3,654 1,963 1,160 n/a3,123 16.0%18.7%n/a17.0%
Austin1,494 3,835 n/a5,329 1,406 4,012 n/a5,418 6.3%(4.4)%n/a(1.6)%
Northern Virginia3,771 3,562 5,199 12,532 3,416 3,631 5,398 12,445 10.4%(1.9)%(3.7)%0.7%
South Florida9,197 444 9,649 8,233 347 22 8,602 11.7%28.0%(63.6)%12.2%
Seattle2,436 1,283 74 3,793 2,219 1,344 65 3,628 9.8%(4.5)%13.8%4.5%
Suburban Maryland830 n/a2,271 3,101 788 n/a2,348 3,136 5.3%n/a(3.3)%(1.1)%
Total$49,420 $15,061 $9,211 $73,692 $43,223 $14,848 $9,813 $67,884 14.3%1.4%(6.1)%8.6%
Percentage by Product Type67.1 %20.4 %12.5 %100.0 %63.7 %21.9 %14.4 %100.0 %
(1)Refer to page 29, Definitions and Non-GAAP Disclosures, for the definitions of Same Park and Cash NOI.
First Quarter 2022 Supplemental Financial Reporting Package             14

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Capitalization Summary
(unaudited and in thousands, except share and per share data)
 
As of March 31, 2022
 As of December 31, 2021
 Total  % Total Market Capitalization  Wtd Avg Rate  Total % Total Market Capitalization Wtd Avg Rate
Common Stock:
Common stock, $0.01 par value, 100,000,000 shares authorized, 27,627,443 and 27,589,807 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively $4,643,621 70.1%$5,081,215 70.7%
Common operating partnership units (7,305,355 units outstanding as of March 31, 2022 and December 31, 2021, respectively) (1)
1,227,884 18.5%1,345,427 18.7%
Total common equity and operating partnership units (1)
$5,871,505 88.6%$6,426,642 89.4%
Preferred Equity:
5.250% Series X preferred stock (9,200,000 depository shares outstanding) callable 9/21/22230,000 3.5%230,000 3.2%
5.200% Series Y preferred stock (8,000,000 depository shares outstanding) callable 12/7/22200,000 3.0%200,000 2.8%
4.875% Series Z preferred stock (13,000,000 depository shares outstanding) callable 11/4/24325,000 4.9%325,000 4.5%
Total preferred equity$755,000 11.4%5.08%$755,000 10.5%5.08%
Unsecured Debt:
Credit facility borrowing ($400.0 million at LIBOR + 0.70%)$20,000 0.3%0.82%32,0000.4%0.80%
Unrestricted cash (2)
(20,000)(0.3)%(27,074)(0.4)%
Net debt$— 0.0%$4,9260.1%
Total net debt and preferred equity$755,000 11.4%4.97%$759,92610.6%4.90%
Total implied market capitalization$6,626,505 100.0%$7,186,568100.0%
Interest expense and related expenses (annualized) (3) (4)
$1,144 $1,000 
Preferred distributions (annualized) (5)
38,320 41,940 
Total fixed charges and preferred distributions (annualized)$39,464 $42,940 
Ratio of EBITDAre to fixed charges and preferred distributions (6)
6.9x6.9x
Ratio of net debt and preferred equity to EBITDAre (7)
2.8x2.6x
(1)Total common equity is calculated as the total number of common stock and operating partnership units outstanding multiplied by the Company’s closing share price at the end of each respective period. Closing share prices on
March 31, 2022 and December 31, 2021 were $168.08 and $184.17, respectively.
(2)Unrestricted cash balance is $104.2 million as of March 31, 2022. Cash used for net debt calculation is $20 million matching the debt balance as of March 31, 2022.
(3)Interest expense and related expenses includes facility fees associated with our unsecured credit facility.
(4)We annualized Interest expense and related charges for the three months ended March 31, 2022, in the amount of $286,000.
(5)We annualized preferred distributions for the three months ended March 31, 2022, in the amount of $9.6 million.
(6)For each period shown, ratio of total fixed charges to EBITDAre is calculated using the respective quarter’s annualized fixed charges divided by the respective quarter’s annualized EBITDAre.
(7)For each period shown, ratio of debt and preferred equity to EBITDAre is calculated using total net debt and preferred equity reported during the quarter divided by the respective quarter’s annualized EBITDAre.
First Quarter 2022 Supplemental Financial Reporting Package             15

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Analysis of Capital Expenditures
(unaudited and in thousands, except per square foot data)
 Three Months Ended March 31,
 20222021
Commercial Recurring Capital Expenditures (1)
 
 Same Park 
 Capital improvements$1,979 $559 
 Tenant improvements2,328 2,373 
 Lease commissions1,065 1,755 
Total Same Park Recurring Capital Expenditures$5,372 $4,687 
Same Park Recurring Capital Expenditures as a percentage of Cash NOI7.3%6.9%
 Non-Same Park
 Capital improvements31 
 Tenant improvements699 49 
 Lease commissions239 29 
Total Non-Same Park Recurring Capital Expenditures969 84 
Non-Same Park Recurring Capital Expenditures as a percentage of Cash NOI47.5%9.8%
Total Recurring Capital Expenditures6,341 4,771 
Total Recurring Capital Expenditures as a percentage of Cash NOI8.4%6.9%
Assets sold or held for sale Recurring Capital Expenditures634 
Total commercial Recurring Capital Expenditures6,349 5,405 
Total Commercial Recurring Capital Expenditures as a percentage of Cash NOI8.2%7.4%
 Non-recurring Property Renovations (1)
1,511 411 
Total capital expenditures (excluding multifamily)7,860 5,816 
Total capital expenditures$7,860 $5,816 
Development costs (2)
$16,251 $10,608 
(1)Refer to page 29, Definitions and Non-GAAP Disclosures, for the definitions of Recurring Capital Expenditures and Non-recurring Property Renovations.
(2)Development costs for the three months ended March 31, 2022 comprises Brentford ($9.6M), 212 Industrial Park ($3.3M), and Boca ($1.2M). See Developments page. We also have additional entitlement related costs for certain projects which comprise Colma Creek ($1.7M), Charlton ($0.3M), Overlake <($0.1M), and The Mile <($0.1M).
First Quarter 2022 Supplemental Financial Reporting Package             16

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Portfolio Summary
(unaudited)
PROPERTY INFORMATION
 Three Months Ended March 31,
 20222021% Change
Total Portfolio (1)
 
Total square footage at period end27,010,000 26,151,000 3.3 %
Weighted average occupancy95.5 %93.2 %2.3 %
Period end occupancy95.5 %93.6 %1.9 %
Cash rental income per occupied square foot (2) (3)
$16.61 $16.11 3.1 %
Industrial$14.66 $13.84 5.9 %
Flex$20.21 $19.87 1.7 %
Office$24.88 $25.05 (0.7)%
Same Park Portfolio (2)
Total square footage at period end25,749,000 25,749,000 — 
Weighted average occupancy96.0 %93.3 %2.7 %
Period end occupancy95.9 %93.8 %2.1 %
Cash rental income per occupied square foot (2) (4)
$16.84 $16.10 4.6 %
Industrial$14.87 $13.79 7.8 %
Flex$20.21 $19.87 1.7 %
Office$24.88 $25.05 (0.7)%
Non-Same Park Portfolio (2)
Total square footage at period end1,261,000 402,000 213.7 %
Weighted average occupancy86.4 %86.7 %(0.3)%
Period end occupancy86.3 %77.8 %8.5 %
Cash rental income per occupied square foot (2) (5)
$11.25 $16.83 (33.2)%
Industrial$11.25 $16.83 (33.2)%
Multifamily Portfolio
Number of units395 395 — 
Weighted average occupancy95.0 %94.2 %0.8 %
Period end occupancy96.9 %93.6 %3.3 %
Average rent per unit (6)
$2,123 $2,021 5.0 %
(1)Operating metrics for our multifamily asset are excluded from total portfolio operating metrics.
(2)Refer to page 29, Definitions and Non-GAAP Disclosures, for the definitions of Revenue per Occupied Square Foot, Same Park and Non-Same Park.
(3)Included in the calculation of Total Park revenue per occupied square foot is (a) lease buyout income of $0.3 million and $0.4 million for the three months ended March 31, 2022 and 2021, respectively, (b) accounts receivable write-offs (recoveries) of $0.1 million and $0.0 million for the three months ended March 31, 2022 and 2021, respectively, and (c) deferred rent receivable write-offs of $0.0 million and $0.1 million for the three months ended March 31, 2022 and 2021, respectively.
(4)Included in the calculation of Same Park revenue per occupied square foot is (a) lease buyout income of $0.2 million and $0.4 million for the three months ended March 31, 2022 and 2021, respectively, (b) accounts receivable write-offs (recoveries) of $0.1 million and $0.0 million for the three months ended March 31, 2022 and 2021, and (c) deferred rent receivable write-offs of $0.0 million and $0.1 million for the three months ended March 31, 2022 and 2021, respectively.
(5)Included in the calculation of Non-Same Park revenue per occupied square foot is (a) lease buyout income of $0.0 for both of the three months ended March 31, 2022 and 2021, (b) accounts receivable write-offs of $0.0 million and $0.0 for the three months ended March 31, 2022 and 2021, respectively, and (c) deferred rent receivable write-offs of $0.0 million for both of the three months ended March 31, 2022 and 2021.
(6)Average rent per unit is defined as the total potential monthly rental revenue (actual rent for occupied apartment units plus market rent for vacant apartment units) divided by the total number of rentable apartment units.
First Quarter 2022 Supplemental Financial Reporting Package             17

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Total Portfolio Overview by Markets and Product Type
(unaudited, in thousands)
Square Footage of Properties by Product Type as of March 31, 2022
MarketsIndustrial Flex Office Total % of Total
Northern California6,391 593 340 7,324 27.1 %
Southern California2,989 582 31 3,602 13.3 %
Dallas2,242 793 n/a3,035 11.3 %
Austin755 1,208 n/a1,963 7.3 %
Northern Virginia1,810 1,242 1,726 4,778 17.7 %
South Florida3,728 126 12 3,866 14.3 %
Seattle1,052 270 28 1,350 5.0 %
Suburban Maryland341 n/a751 1,092 4.0 %
Total19,308 4,814 2,888 27,010 100.0 %
Percentage by Product Type71.5 %17.8 %10.7 %100.0 %
 Weighted Average Occupancy Rates by Product Type for the Three Months Ended March 31, 2022
Markets Industrial   Flex   Office   Total
Northern California99.2%95.1%71.1%97.6%
Southern California98.3%95.0%93.0%97.8%
Dallas94.9%92.5%n/a94.3%
Austin99.8%90.7%n/a94.2%
Northern Virginia91.2%95.8%87.2%91.0%
South Florida98.0%97.0%100.0%98.0%
Seattle97.5%90.6%65.0%95.4%
Suburban Maryland100.0%n/a88.6%92.1%
Percentage by Product Type97.5%93.5%85.6%95.5%
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First Quarter 2022 Supplemental Financial Reporting Package             18

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Same Park Overview by Markets and Product Type
(unaudited, in thousands)
Square Footage of Same Park Properties by Product Type as of March 31, 2022
MarketsIndustrial Flex Office Total % of Total
Northern California6,391 593 340 7,324 28.5 %
Southern California2,916 582 31 3,529 13.7 %
Dallas1,300 793 n/a2,093 8.1 %
Austin755 1,208 n/a1,963 7.6 %
Northern Virginia1,564 1,242 1,726 4,532 17.6 %
South Florida3,728 126 12 3,866 15.0 %
Seattle1,052 270 28 1,350 5.3 %
Suburban Maryland341 n/a751 1,092 4.2 %
Total18,047 4,814 2,888 25,749 100.0 %
Percentage by Product Type70.1 %18.7 %11.2 %100.0 %
 Same Park Weighted Average Occupancy Rates by Product Type for the Three Months Ended March 31, 2022
MarketsIndustrial Flex Office Total
Northern California99.2%95.1%71.1%97.6%
Southern California98.4%95.0%93.0%97.8%
Dallas93.1%92.5%n/a92.9%
Austin99.8%90.7%n/a94.2%
Northern Virginia99.1%95.8%87.2%93.7%
South Florida98.0%97.0%100.0%98.0%
Seattle97.5%90.6%65.0%95.4%
Suburban Maryland100.0%n/a88.6%92.1%
Percentage by Product Type98.3%93.5%85.6%96.0%
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First Quarter 2022 Supplemental Financial Reporting Package             19

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Q1 2022 Production Statistics
(unaudited)
 
Total Portfolio Activity (1)
Industrial
Leasing
 Volume
 Customer
 Retention
 Transaction Costs
 per Executed Foot
 
Transaction Costs
 as a % of Rents (2)
 
 Cash Rental Rate
Change (2)
 
 GAAP Rent
Change (2)
Northern California226,000 81.0%$2.01 3.7%14.5%29.6%
Southern California247,000 81.3%1.94 4.3%12.1%23.4%
Dallas158,000 52.3%3.20 9.4%14.0%21.1%
Austin28,000 0.0%3.19 7.3%19.9%47.7%
Northern Virginia192,000 97.4%4.54 7.6%6.7%17.9%
South Florida299,000 66.2%1.36 2.7%25.1%51.0%
Seattle45,000 71.9%1.80 3.1%18.4%37.7%
Suburban Maryland9,000 100.0%1.09 3.3%-1.6%0.5%
Industrial Totals by Market1,204,000