UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-K/A
 (Amendment
No. 1)
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2007.
 or
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 For the transition period from          to
 Commission File Number 1-10709
 PS BUSINESS PARKS, INC.
 (Exact name of registrant as specified in its charter)
 California
    
    95-4300881(State or other jurisdiction of
    
    (I.R.S. Employer Identification No.)incorporation or organization)
 701 Western Avenue, Glendale, California 91201-2397
 (Address of principal executive offices) (Zip Code)
 818-244-8080
 (Registrants telephone number, including area code)
 Securities registered pursuant to Section 12(b) of the Act:
 Title of Each Class
    
    Name of Each Exchange on Which RegisteredCommon Stock, $0.01 par value per share
    
    American Stock ExchangeDepositary Shares Each Representing 1/1,000 of a Share of
7.000% Cumulative Preferred Stock, Series H, $0.01 par value per share
    
    American Stock ExchangeDepositary Shares Each Representing 1/1,000 of a Share of
6.875% Cumulative Preferred Stock, Series I, $0.01 par value per share
    
    American Stock ExchangeDepositary Shares Each Representing 1/1,000 of a Share of
7.950% Cumulative Preferred Stock, Series K, $0.01 par value per share
    
    American Stock ExchangeDepositary Shares Each Representing 1/1,000 of a Share of
7.600% Cumulative Preferred Stock, Series L, $0.01 par value per share
    
    American Stock ExchangeDepositary Shares Each Representing 1/1,000 of a Share of
7.200% Cumulative Preferred Stock, Series M, $0.01 par value per share
    
    American Stock ExchangeDepositary Shares Each Representing 1/1,000 of a Share of
7.375% Cumulative Preferred Stock, Series O, $0.01 par value per share
    
    American Stock ExchangeDepositary Shares Each Representing 1/1,000 of a Share of
6.700% Cumulative Preferred Stock, Series P, $0.01 par value per share
    
    American Stock Exchange
 Securities registered pursuant to Section 12(g) of the Act:
None
 (Title of class)
 þ o
 o þ
 þ o
 þ
  Large accelerated filer þ
    
    Accelerated filer oNon-accelerated filer o
    
    Smaller reporting company o(Do not check if a smaller reporting company)
 o þ
   DOCUMENTS INCORPORATED BY REFERENCE




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Explanatory Note




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##### 



PART II
 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
  ITEM 9A. CONTROLS AND PROCEDURES
 Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures
   Managements Report on Internal Control over Financial Reporting
 Internal Control-Integrated Framework
  Changes in Internal Control Over Financial Reporting
  3




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##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
 Internal ControlIntegrated Framework
      /s/ Ernst & Young LLP 
 4




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##### 



PART IV
 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
           5




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##### 



PS BUSINESS PARKS, INC.
 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND SCHEDULES
(Item 15(a)(1) and Item 15(a)(2))
 PageReport of Independent Registered Public Accounting Firm
    
    
    7Consolidated balance sheets as of December 31, 2007 and 2006
    
    
    8Consolidated statements of income for the years ended December 31, 2007, 2006 and 2005
    
    
    9Consolidated statements of shareholders equity for the years ended December 31, 2007, 2006 and 2005
    
    
    10Consolidated statements of cash flows for the years ended December 31, 2007, 2006 and 2005
    
    
    11Notes to consolidated financial statements
    
    
    13Schedule:III  Real estate and accumulated depreciation
    
    
    29
  6




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##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
    Internal Control  Integrated
Framework
 /s/ Ernst & Young LLP 
 7




---



##### 



PS BUSINESS PARKS, INC.
 CONSOLIDATED BALANCE SHEETS
 December 31,2007
    
    
    2006(In thousands, exceptshare data)ASSETSCash and cash equivalents
    
    $
    35,041
    
    
    $
    67,017Real estate facilities, at cost:Land
    
    
    494,849
    
    
    
    439,777Buildings and equipment
    
    
    1,484,049
    
    
    
    1,353,4421,978,898
    
    
    
    1,793,219Accumulated depreciation
    
    
    (539,857
    )
    
    
    (441,336
    )1,439,041
    
    
    
    1,351,883Land held for development
    
    
    7,869
    
    
    
    9,0111,446,910
    
    
    
    1,360,894Rent receivable
    
    
    2,240
    
    
    
    2,080Deferred rent receivable
    
    
    21,927
    
    
    
    21,454Other assets
    
    
    10,465
    
    
    
    12,154Total assets
    
    $
    1,516,583
    
    
    $
    1,463,599LIABILITIES AND SHAREHOLDERS EQUITYAccrued and other liabilities
    
    $
    51,058
    
    
    $
    43,129Preferred stock called for redemption
    
    
    
    
    
    
    50,000Mortgage notes payable
    
    
    60,725
    
    
    
    67,048Total liabilities
    
    
    111,783
    
    
    
    160,177Minority interests:Preferred units
    
    
    94,750
    
    
    
    82,750Common units
    
    
    154,470
    
    
    
    165,469Commitments and contingenciesShareholders equity:Preferred stock, $0.01 par value, 50,000,000 shares authorized,
28,650 and 22,900 shares issued and outstanding at
December 31, 2007 and 2006, respectively
    
    
    716,250
    
    
    
    572,500Common stock, $0.01 par value, 100,000,000 shares authorized,
20,777,219 and 21,311,005 shares issued and outstanding at
December 31, 2007 and 2006, respectively
    
    
    207
    
    
    
    213Paid-in capital
    
    
    371,267
    
    
    
    398,048Cumulative net income
    
    
    552,069
    
    
    
    483,403Cumulative distributions
    
    
    (484,213
    )
    
    
    (398,961
    )Total shareholders equity
    
    
    1,155,580
    
    
    
    1,055,203Total liabilities and shareholders equity
    
    $
    1,516,583
    
    
    $
    1,463,599
  8




---



##### 



PS BUSINESS PARKS, INC.
 CONSOLIDATED STATEMENTS OF INCOME
 For the Years Ended December 31,2007
    
    
    2006
    
    
    2005(In thousands, exceptper share data)Revenues:Rental income
    
    $
    270,775
    
    
    $
    242,214
    
    
    $
    219,604Facility management fees
    
    
    724
    
    
    
    625
    
    
    
    579Total operating revenues
    
    
    271,499
    
    
    
    242,839
    
    
    
    220,183Expenses:Cost of operations
    
    
    84,360
    
    
    
    74,671
    
    
    
    65,712Depreciation and amortization
    
    
    98,521
    
    
    
    86,216
    
    
    
    76,178General and administrative
    
    
    7,917
    
    
    
    7,046
    
    
    
    5,843Total operating expenses
    
    
    190,798
    
    
    
    167,933
    
    
    
    147,733Other income and expenses:Interest and other income
    
    
    5,104
    
    
    
    6,874
    
    
    
    4,888Interest expense
    
    
    (4,130
    )
    
    
    (2,575
    )
    
    
    (1,330
    )Total other income and expenses
    
    
    974
    
    
    
    4,299
    
    
    
    3,558Asset impairment due to casualty loss
    
    
    
    
    
    
    
    
    
    
    72Income from continuing operations before minority interests
    
    
    81,675
    
    
    
    79,205
    
    
    
    75,936Minority interests in continuing operations:Minority interest in income  preferred units:Distributions to preferred unit holders
    
    
    (6,854
    )
    
    
    (9,789
    )
    
    
    (10,350
    )Redemption of preferred operating partnership units
    
    
    
    
    
    
    (1,366
    )
    
    
    (301
    )Minority interest in income  common units
    
    
    (6,155
    )
    
    
    (5,113
    )
    
    
    (5,611
    )Total minority interests in continuing operations
    
    
    (13,009
    )
    
    
    (16,268
    )
    
    
    (16,262
    )Income from continuing operations
    
    
    68,666
    
    
    
    62,937
    
    
    
    59,674Discontinued operations:Income (loss) from discontinued operations
    
    
    
    
    
    
    (125
    )
    
    
    2,769Gain on disposition of real estate
    
    
    
    
    
    
    2,328
    
    
    
    18,109Minority interest in income attributable to discontinued
operations  common units
    
    
    
    
    
    
    (560
    )
    
    
    (5,258
    )Income from discontinued operations
    
    
    
    
    
    
    1,643
    
    
    
    15,620Net Income
    
    
    68,666
    
    
    
    64,580
    
    
    
    75,294Net income allocable to preferred shareholders:Preferred stock distributions:Preferred stock distributions
    
    
    50,937
    
    
    
    44,553
    
    
    
    43,011Redemptions of preferred stock
    
    
    
    
    
    
    3,380
    
    
    
    Total preferred stock distributions
    
    
    50,937
    
    
    
    47,933
    
    
    
    43,011Net income allocable to common shareholders
    
    $
    17,729
    
    
    $
    16,647
    
    
    $
    32,283Net income per common share  basic:Continuing operations
    
    $
    0.83
    
    
    $
    0.70
    
    
    $
    0.76Discontinued operations
    
    $
    
    
    
    $
    0.08
    
    
    $
    0.72Net income
    
    $
    0.83
    
    
    $
    0.78
    
    
    $
    1.48Net income per common share  diluted:Continuing operations
    
    $
    0.82
    
    
    $
    0.69
    
    
    $
    0.76Discontinued operations
    
    $
    
    
    
    $
    0.08
    
    
    $
    0.71Net income
    
    $
    0.82
    
    
    $
    0.77
    
    
    $
    1.47Weighted average common shares outstanding:Basic
    
    
    21,313
    
    
    
    21,335
    
    
    
    21,826Diluted
    
    
    21,634
    
    
    
    21,646
    
    
    
    22,018
  9




---



##### 



PS BUSINESS PARKS, INC.
 CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY
 CumulativePreferred Stock
    
    
    Common Stock
    
    
    Paid-in
    
    
    Net
    
    
    Cumulative
    
    
    ShareholdersShares
    
    
    Amount
    
    
    Shares
    
    
    Amount
    
    
    Capital
    
    
    Income
    
    
    Distributions
    
    
    Equity(In thousands, except share data)Balances at December 31, 2004
    
    
    20,434
    
    
    $
    510,850
    
    
    
    21,839,667
    
    
    $
    218
    
    
    $
    420,351
    
    
    $
    343,529
    
    
    $
    (257,984
    )
    
    $
    1,016,964Issuance of preferred stock, net of costs
    
    
    3,300
    
    
    
    82,500
    
    
    
    
    
    
    
    
    
    
    
    (2,873
    )
    
    
    
    
    
    
    
    
    
    
    79,627Repurchase of common stock
    
    
    
    
    
    
    
    
    
    
    (361,400
    )
    
    
    (4
    )
    
    
    (16,628
    )
    
    
    
    
    
    
    
    
    
    
    (16,632
    )Exercise of stock options
    
    
    
    
    
    
    
    
    
    
    70,364
    
    
    
    1
    
    
    
    1,936
    
    
    
    
    
    
    
    
    
    
    
    1,937Stock compensation
    
    
    
    
    
    
    
    
    
    
    11,962
    
    
    
    
    
    
    
    2,588
    
    
    
    
    
    
    
    
    
    
    
    2,588Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    75,294
    
    
    
    
    
    
    
    75,294Distributions:Preferred stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (43,011
    )
    
    
    (43,011
    )Common stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (25,315
    )
    
    
    (25,315
    )Adjustment to minority interests underlying ownership
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,006
    
    
    
    
    
    
    
    
    
    
    
    2,006Balances at December 31, 2005
    
    
    23,734
    
    
    
    593,350
    
    
    
    21,560,593
    
    
    
    215
    
    
    
    407,380
    
    
    
    418,823
    
    
    
    (326,310
    )
    
    
    1,093,458Issuance of preferred stock, net of costs
    
    
    3,800
    
    
    
    95,000
    
    
    
    
    
    
    
    
    
    
    
    (2,798
    )
    
    
    
    
    
    
    
    
    
    
    92,202Redemption of preferred stock
    
    
    (2,634
    )
    
    
    (65,850
    )
    
    
    
    
    
    
    
    
    
    
    1,658
    
    
    
    
    
    
    
    (1,658
    )
    
    
    (65,850
    )Preferred stock called for redemption
    
    
    (2,000
    )
    
    
    (50,000
    )
    
    
    
    
    
    
    
    
    
    
    1,722
    
    
    
    
    
    
    
    (1,722
    )
    
    
    (50,000
    )Repurchase of common stock
    
    
    
    
    
    
    
    
    
    
    (309,100
    )
    
    
    (3
    )
    
    
    (16,114
    )
    
    
    
    
    
    
    
    
    
    
    (16,117
    )Exercise of stock options
    
    
    
    
    
    
    
    
    
    
    37,900
    
    
    
    1
    
    
    
    1,366
    
    
    
    
    
    
    
    
    
    
    
    1,367Stock compensation
    
    
    
    
    
    
    
    
    
    
    21,612
    
    
    
    
    
    
    
    2,286
    
    
    
    
    
    
    
    
    
    
    
    2,286Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    64,580
    
    
    
    
    
    
    
    64,580Distributions:Preferred stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (44,553
    )
    
    
    (44,553
    )Common stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (24,718
    )
    
    
    (24,718
    )Adjustment to minority interests underlying ownership
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,548
    
    
    
    
    
    
    
    
    
    
    
    2,548Balances at December 31, 2006
    
    
    22,900
    
    
    
    572,500
    
    
    
    21,311,005
    
    
    
    213
    
    
    
    398,048
    
    
    
    483,403
    
    
    
    (398,961
    )
    
    
    1,055,203Issuance of preferred stock, net of costs
    
    
    5,750
    
    
    
    143,750
    
    
    
    
    
    
    
    
    
    
    
    (4,183
    )
    
    
    
    
    
    
    
    
    
    
    139,567Repurchase of common stock
    
    
    
    
    
    
    
    
    
    
    (601,042
    )
    
    
    (6
    )
    
    
    (31,847
    )
    
    
    
    
    
    
    
    
    
    
    (31,853
    )Exercise of stock options
    
    
    
    
    
    
    
    
    
    
    43,384
    
    
    
    
    
    
    
    1,468
    
    
    
    
    
    
    
    
    
    
    
    1,468Stock compensation
    
    
    
    
    
    
    
    
    
    
    23,872
    
    
    
    
    
    
    
    2,813
    
    
    
    
    
    
    
    
    
    
    
    2,813Shelf registration
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (88
    )
    
    
    
    
    
    
    
    
    
    
    (88
    )Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    68,666
    
    
    
    
    
    
    
    68,666Distributions:Preferred stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (50,937
    )
    
    
    (50,937
    )Common stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (34,315
    )
    
    
    (34,315
    )Adjustment to minority interests underlying ownership
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,056
    
    
    
    
    
    
    
    
    
    
    
    5,056Balances at December 31, 2007
    
    
    28,650
    
    
    $
    716,250
    
    
    
    20,777,219
    
    
    $
    207
    
    
    $
    371,267
    
    
    $
    552,069
    
    
    $
    (484,213
    )
    
    $
    1,155,580
 10




---



##### 



PS BUSINESS PARKS, INC.
 CONSOLIDATED STATEMENTS OF CASH FLOWS
 For the Years Ended December 31,2007
    
    
    2006
    
    
    2005(In thousands)Cash flows from operating activities:Net income
    
    $
    68,666
    
    
    $
    64,580
    
    
    $
    75,294Adjustments to reconcile net income to net cash provided by
operating activities:Depreciation and amortization expense
    
    
    98,521
    
    
    
    86,243
    
    
    
    77,420In-place lease adjustment
    
    
    (102
    )
    
    
    232
    
    
    
    155Lease incentives net of tenant improvement reimbursements.
    
    
    (33
    )
    
    
    440
    
    
    
    144Amortization of mortgage premium
    
    
    (247
    )
    
    
    (76
    )
    
    
    Minority interest in income
    
    
    13,009
    
    
    
    16,828
    
    
    
    21,520Gain on disposition of properties
    
    
    
    
    
    
    (2,328
    )
    
    
    (18,109
    )Impairment of assets from casualty loss
    
    
    
    
    
    
    
    
    
    
    72Stock compensation expense
    
    
    2,813
    
    
    
    2,845
    
    
    
    1,060Increase in receivables and other assets
    
    
    (1,015
    )
    
    
    (3,741
    )
    
    
    (5,004
    )Increase (decrease) in accrued and other liabilities
    
    
    2,482
    
    
    
    1,111
    
    
    
    (3,724
    )Total adjustments
    
    
    115,428
    
    
    
    101,554
    
    
    
    73,534Net cash provided by operating activities
    
    
    184,094
    
    
    
    166,134
    
    
    
    148,828Cash flows from investing activities:Capital improvements to real estate facilities
    
    
    (42,601
    )
    
    
    (39,227
    )
    
    
    (40,340
    )Acquisition of real estate facilities
    
    
    (138,936
    )
    
    
    (138,973
    )
    
    
    (20,073
    )Proceeds from disposition of real estate
    
    
    
    
    
    
    7,714
    
    
    
    84,802Insurance proceeds from casualty loss
    
    
    1,349
    
    
    
    500
    
    
    
    Net cash (used in) provided by investing activities
    
    
    (180,188
    )
    
    
    (169,986
    )
    
    
    24,389Cash flows from financing activities:Principal payments on mortgage notes payable
    
    
    (1,126
    )
    
    
    (762
    )
    
    
    (472
    )Repayment of mortgage note payable
    
    
    (4,950
    )
    
    
    
    
    
    
    Net proceeds from the issuance of preferred stock
    
    
    139,567
    
    
    
    92,448
    
    
    
    79,627Net proceeds from the issuance of preferred units
    
    
    11,665
    
    
    
    
    
    
    
    19,465Exercise of stock options
    
    
    1,468
    
    
    
    1,367
    
    
    
    1,937Shelf registration costs
    
    
    (88
    )
    
    
    
    
    
    
    Repurchase of common stock
    
    
    (28,551
    )
    
    
    (16,117
    )
    
    
    (14,465
    )Redemption of preferred units
    
    
    
    
    
    
    (53,000
    )
    
    
    (12,000
    )Redemption of preferred stock
    
    
    (50,000
    )
    
    
    (65,850
    )
    
    
    Distributions paid to preferred shareholders
    
    
    (50,937
    )
    
    
    (44,799
    )
    
    
    (43,011
    )Distributions paid to minority interests  preferred units
    
    
    (6,854
    )
    
    
    (9,789
    )
    
    
    (10,350
    )Distributions paid to common shareholders
    
    
    (34,315
    )
    
    
    (24,718
    )
    
    
    (25,315
    )Distributions paid to minority interests  common units
    
    
    (11,761
    )
    
    
    (8,474
    )
    
    
    (8,474
    )Net cash used in financing activities
    
    
    (35,882
    )
    
    
    (129,694
    )
    
    
    (13,058
    )Net (decrease) increase in cash and cash equivalents
    
    
    (31,976
    )
    
    
    (133,546
    )
    
    
    160,159Cash and cash equivalents at the beginning of the period
    
    
    67,017
    
    
    
    200,563
    
    
    
    40,404Cash and cash equivalents at the end of the period
    
    $
    35,041
    
    
    $
    67,017
    
    
    $
    200,563Supplemental disclosures:Interest paid, net of interest capitalized
    
    $
    4,145
    
    
    $
    2,575
    
    
    $
    1,330
 11




---



##### 



PS BUSINESS PARKS, INC.
 CONSOLIDATED STATEMENTS OF CASH FLOWS
 For the Years Ended December 31,2007
    
    
    2006
    
    
    2005(In thousands)Supplemental schedule of non cash investing and
financing activities:Adjustment to minority interest to underlying ownership:Minority interest  common units
    
    $
    (5,391
    )
    
    $
    (1,182
    )
    
    $
    (2,240
    )Paid-in capital
    
    $
    5,391
    
    
    $
    1,182
    
    
    $
    2,240Effect of EITF Topic D-42
Cumulative distributions
    
    $
    
    
    
    $
    (3,380
    )
    
    $
    Minority interest  common units
    
    $
    
    
    
    $
    (1,366
    )
    
    $
    (301
    )Paid-in capital
    
    $
    
    
    
    $
    4,746
    
    
    $
    301Mortgage note payable assumed in property acquisition:Real estate facilities
    
    $
    
    
    
    $
    (41,993
    )
    
    $
    (14,998
    )Mortgage notes payable
    
    $
    
    
    
    $
    41,993
    
    
    $
    14,998Accrued lease inducements:Other assets
    
    $
    
    
    
    $
    
    
    
    $
    (1,985
    )Accrued and other liabilities
    
    $
    
    
    
    $
    
    
    
    $
    1,985Accrued stock repurchase:Paid-in capital
    
    $
    (3,302
    )
    
    $
    
    
    
    $
    (2,167
    )Accrued and other liabilities
    
    $
    3,302
    
    
    $
    
    
    
    $
    2,167Preferred stock called for redemption:Preferred stock
    
    $
    
    
    
    $
    (50,000
    )
    
    $
    Preferred stock called for redemption
    
    $
    
    
    
    $
    50,000
    
    
    $
    
  12




---



##### 



PS BUSINESS PARKS, INC.
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 DECEMBER 31, 2007
 1. Organization and description of business
 Organization
  Description of business
   2. Summary of significant accounting policies
 Basis of presentation
  Use of estimates
  Allowance for doubtful accounts
  13




---



##### 



Financial instruments
    Real estate facilities
   Properties held for disposition
  Intangible assets/liabilities
 14
       Evaluation of asset impairment
  Asset impairment due to casualty loss
     Stock-based compensation
  15




---



##### 



Revenue and expense recognition
   Gains from sales of real estate
  General and administrative expense
  Income taxes
   16




---



##### 



Accounting for preferred equity issuance costs
  Net income per common share
 (in thousands, except per share data)
 2007
    
    
    2006
    
    
    2005Net income allocable to common shareholders
    
    $
    17,729
    
    
    $
    16,647
    
    
    $
    32,283Weighted average common shares outstanding:Basic weighted average common shares outstanding
    
    
    21,313
    
    
    
    21,335
    
    
    
    21,826Net effect of dilutive stock compensation  based
on treasury stock method using average market
price
    
    
    321
    
    
    
    311
    
    
    
    192Diluted weighted average common shares outstanding
    
    
    21,634
    
    
    
    21,646
    
    
    
    22,018Net income per common share  Basic
    
    $
    0.83
    
    
    $
    0.78
    
    
    $
    1.48Net income per common share  Diluted
    
    $
    0.82
    
    
    $
    0.77
    
    
    $
    1.47
  Segment reporting
  Reclassifications
  17




---



##### 



3. Real estate facilities
 (in thousands)
 Buildings and
    
    
    AccumulatedLand
    
    
    Equipment
    
    
    Depreciation
    
    
    TotalBalances at December 31, 2004
    
    $
    368,388
    
    
    $
    1,132,405
    
    
    $
    (279,076
    )
    
    $
    1,221,717Acquisition of real estate
    
    
    15,129
    
    
    
    20,054
    
    
    
    
    
    
    
    35,183Disposition of real estate
    
    
    
    
    
    
    (1,526
    )
    
    
    1,135
    
    
    
    (391
    )Asset impairment due to
casualty loss
    
    
    
    
    
    
    (1,135
    )
    
    
    
    
    
    
    (1,135
    )Capital improvements, net
    
    
    
    
    
    
    40,132
    
    
    
    
    
    
    
    40,132Depreciation expense
    
    
    
    
    
    
    
    
    
    
    (77,420
    )
    
    
    (77,420
    )Transfer to properties held
for Disposition
    
    
    (209
    )
    
    
    (115
    )
    
    
    133
    
    
    
    (191
    )Balances at December 31, 2005
    
    
    383,308
    
    
    
    1,189,815
    
    
    
    (355,228
    )
    
    
    1,217,895Acquisition of real estate
    
    
    56,469
    
    
    
    124,774
    
    
    
    
    
    
    
    181,243Disposition of real estate
    
    
    
    
    
    
    
    
    
    
    27
    
    
    
    27Asset impairment due to
casualty loss
    
    
    
    
    
    
    (374
    )
    
    
    108
    
    
    
    (266
    )Capital improvements, net
    
    
    
    
    
    
    39,227
    
    
    
    
    
    
    
    39,227Depreciation expense
    
    
    
    
    
    
    
    
    
    
    (86,243
    )
    
    
    (86,243
    )Balances at December 31, 2006
    
    
    439,777
    
    
    
    1,353,442
    
    
    
    (441,336
    )
    
    
    1,351,883Acquisition of real estate
    
    
    53,930
    
    
    
    88,006
    
    
    
    
    
    
    
    141,936Capital improvements, net
    
    
    
    
    
    
    42,601
    
    
    
    
    
    
    
    42,601Depreciation expense
    
    
    
    
    
    
    
    
    
    
    (98,521
    )
    
    
    (98,521
    )Transfer from land held for
development
    
    
    1,142
    
    
    
    
    
    
    
    
    
    
    
    1,142Balances at December 31, 2007
    
    $
    494,849
    
    
    $
    1,484,049
    
    
    $
    (539,857
    )
    
    $
    1,439,041
    18




---



##### 



(in thousands)
 2007
    
    
    2006
    
    
    2005Land
    
    $
    53,930
    
    
    $
    56,469
    
    
    $
    15,129Buildings and equipment
    
    
    88,006
    
    
    
    124,774
    
    
    
    20,054In-place leases
    
    
    (1,357
    )
    
    
    433
    
    
    
    Total purchase price
    
    
    140,579
    
    
    
    181,676
    
    
    
    35,183Mortgages assumed
    
    
    
    
    
    
    (41,993
    )
    
    
    (14,998
    )Net operating assets and liabilities acquired
    
    
    (1,643
    )
    
    
    (710
    )
    
    
    (112
    )Total cash paid
    
    $
    138,936
    
    
    $
    138,973
    
    
    $
    20,073
       19




---



##### 



4. Leasing activity
 (in thousands)
 2008
    
    $
    211,2052009
    
    
    163,2892010
    
    
    117,3022011
    
    
    79,2292012
    
    
    50,824Thereafter
    
    
    76,118Total
    
    $
    697,967
   5. Bank loans
   20




---



##### 



6. Mortgage notes payable
 (in thousands)
 December 31,
    
    
    December 31,2007
    
    
    20067.29% mortgage note, secured by one
commercial property with a net book
value of $6.4 million, principal and
interest payable monthly, due February,
2009
    
    $
    5,323
    
    
    $
    5,4905.73% mortgage note, secured by one
commercial property with a net book
value of $30.4 million, principal and
interest payable monthly, due March,
2013
    
    
    14,510
    
    
    
    14,7436.15% mortgage note, secured by one
commercial property with a net book
value of $31.0 million, principal and
interest payable monthly, due November,
2031 (1)
    
    
    17,348
    
    
    
    17,7595.52% mortgage note, secured by one
commercial property with a net book
value of $15.1 million, principal and
interest payable monthly, due May, 2013
    
    
    10,274
    
    
    
    10,4835.68% mortgage note, secured by one
commercial property with a net book
value of $17.9 million, principal and
interest payable monthly, due May, 2013
    
    
    10,281
    
    
    
    10,4865.61% mortgage note, secured by one
commercial property with a net book
value of $3.4 million, principal and
interest payable monthly, due January,
2011 (2)
    
    
    2,989
    
    
    
    3,0858.19% mortgage note, secured by one
commercial property with a net book
value of $10.7 million, principal and
interest payable monthly, repaid March,
2007
    
    
    
    
    
    
    5,002Total
    
    $
    60,725
    
    
    $
    67,048
 
 (1)
    
    The mortgage note has a principal balance of $16.5 million and a stated interest rate
of 7.20%. Based on the fair market value at the time of assumption, a mortgage premium was
computed based on an effective interest rate of 6.15%. The unamortized premiums were
$834,000 and $1.0 million as of December 31, 2007 and 2006, respectively. This mortgage is
repayable without penalty beginning November, 2011.(2)
    
    The mortgage note has a principal balance of $2.8 million and a stated interest rate of
7.61%. Based on the fair market value at the time of assumption, a mortgage premium was
computed based on an effective interest rate of 5.61%. The unamortized premiums were
$198,000 and $256,000 as of December 31, 2007 and 2006, respectively. (in thousands)
 2008
    
    $
    1,3962009
    
    
    6,4422010
    
    
    1,3762011
    
    
    19,4282012
    
    
    855Thereafter
    
    
    31,228Total
    
    $
    60,725
 21




---



##### 



7. Minority interests
 Common partnership units
     Preferred partnership units
 (in thousands)
 December 31, 2007
    
    
    December 31, 2006Earliest Potential
    
    Dividend

    
    Shares
    
    
    
    
    
    
    SharesSeries
    
    Issuance Date
    
    Redemption Date
    
    Rate

    
    Outstanding
    
    
    Amount
    
    
    Outstanding
    
    
    AmountSeries G
    
    October, 2002
    
    October, 2007
    
    
    7.950
    %
    
    
    800
    
    
    $
    20,000
    
    
    
    800
    
    
    $
    20,000Series J
    
    May & June, 2004
    
    May, 2009
    
    
    7.500
    %
    
    
    1,710
    
    
    
    42,750
    
    
    
    1,710
    
    
    
    42,750Series N
    
    December, 2005
    
    December, 2010
    
    
    7.125
    %
    
    
    800
    
    
    
    20,000
    
    
    
    800
    
    
    
    20,000Series Q
    
    March, 2007
    
    March, 2012
    
    
    6.550
    %
    
    
    480
    
    
    
    12,000
    
    
    
    
    
    
    
    Total
    
    
    
    
    
    
    
    
    
    
    3,790
    
    
    $
    94,750
    
    
    
    3,310
    
    
    $
    82,750
   22




---



##### 



8. Related party transactions
         23




---



##### 



9. Shareholders equity
 Preferred stock
 (in thousands, except share data)
 December 31, 2007
    
    
    December 31, 2006Earliest Potential
    
    Dividend

    
    Shares
    
    
    
    
    
    
    SharesSeries
    
    Issuance Date
    
    Redemption Date
    
    Rate

    
    Outstanding
    
    
    Amount
    
    
    Outstanding
    
    
    AmountSeries H
    
    January & October, 2004
    
    January, 2009
    
    
    7.000
    %
    
    
    8,200
    
    
    $
    205,000
    
    
    
    8,200
    
    
    $
    205,000Series I
    
    April, 2004
    
    April, 2009
    
    
    6.875
    %
    
    
    3,000
    
    
    
    75,000
    
    
    
    3,000
    
    
    
    75,000Series K
    
    June, 2004
    
    June, 2009
    
    
    7.950
    %
    
    
    2,300
    
    
    
    57,500
    
    
    
    2,300
    
    
    
    57,500Series L
    
    August, 2004
    
    August, 2009
    
    
    7.600
    %
    
    
    2,300
    
    
    
    57,500
    
    
    
    2,300
    
    
    
    57,500Series M
    
    May, 2005
    
    May, 2010
    
    
    7.200
    %
    
    
    3,300
    
    
    
    82,500
    
    
    
    3,300
    
    
    
    82,500Series O
    
    June & August, 2006
    
    June, 2011
    
    
    7.375
    %
    
    
    3,800
    
    
    
    95,000
    
    
    
    3,800
    
    
    
    95,000Series P
    
    January, 2007
    
    January, 2012
    
    
    6.700
    %
    
    
    5,750
    
    
    
    143,750
    
    
    
    
    
    
    
    Series F
    
    January, 2002
    
    January, 2007
    
    
    8.750
    %
    
    
    
    
    
    
    
    
    
    
    2,000
    
    
    
    50,000Total
    
    
    
    
    
    
    
    
    
    
    28,650
    
    
    $
    716,250
    
    
    
    24,900
    
    
    $
    622,500
        24




---



##### 



Common stock
     Equity Stock
  10. Stock-based compensation
    25




---



##### 



Weighted
    
    
    AggregateWeighted
    
    
    Average
    
    
    IntrinsicNumber of
    
    
    Average
    
    
    Remaining
    
    
    ValueOptions:
    
    Options
    
    
    Exercise Price
    
    
    Contract Life
    
    
    (in thousands)Outstanding at December 31, 2004
    
    
    594,235
    
    
    $
    34.23Granted
    
    
    85,000
    
    
    $
    42.41Exercised
    
    
    (70,364
    )
    
    $
    27.96Forfeited
    
    
    (9,000
    )
    
    $
    31.66Outstanding at December 31, 2005
    
    
    599,871
    
    
    $
    36.25Granted
    
    
    32,000
    
    
    $
    56.73Exercised
    
    
    (37,900
    )
    
    $
    36.07Forfeited
    
    
    (5,000
    )
    
    $
    44.20Outstanding at December 31, 2006
    
    
    588,971
    
    
    $
    35.89Granted
    
    
    32,000
    
    
    $
    68.90Exercised
    
    
    (43,384
    )
    
    $
    33.84Forfeited
    
    
    (5,000
    )
    
    $
    39.18Outstanding at December 31, 2007
    
    
    572,587
    
    
    $
    37.86
    
    
    5.41 Years
    
    $
    9,083Exercisable at December 31, 2007
    
    
    414,987
    
    
    $
    33.47
    
    
    4.60 Years
    
    $
    7,949WeightedNumber of
    
    
    Average GrantRestricted Stock Units:
    
    Units
    
    
    Date Fair ValueNonvested at December 31, 2004
    
    
    120,100
    
    
    $
    37.02Granted
    
    
    38,200
    
    
    $
    41.43Vested
    
    
    (19,250
    )
    
    $
    30.61Forfeited
    
    
    (11,050
    )
    
    $
    37.98Nonvested at December 31, 2005
    
    
    128,000
    
    
    $
    39.27Granted
    
    
    133,950
    
    
    $
    55.12Vested
    
    
    (24,000
    )
    
    $
    36.06Forfeited
    
    
    (10,750
    )
    
    $
    40.91Nonvested at December 31, 2006
    
    
    227,200
    
    
    $
    48.88Granted
    
    
    47,300
    
    
    $
    67.88Vested
    
    
    (29,723
    )
    
    $
    40.62Forfeited
    
    
    (16,550
    )
    
    $
    48.69Nonvested at December 31, 2007
    
    
    228,227
    
    
    $
    53.91
    26




---



##### 



11. Supplementary quarterly financial data (unaudited)
 Three Months EndedMarch 31,
    
    
    June 30,
    
    
    September 30,
    
    
    December 31,2006
    
    
    2006
    
    
    2006
    
    
    2006(In thousands, except per share data)Revenues (1)
    
    $
    58,903
    
    
    $
    59,305
    
    
    $
    61,842
    
    
    $
    62,789Cost of operations (1)
    
    $
    17,946
    
    
    $
    18,195
    
    
    $
    19,213
    
    
    $
    19,317Net income allocable
to common
shareholders
    
    $
    5,062
    
    
    $
    4,395
    
    
    $
    3,478
    
    
    $
    3,712Net income per share:Basic
    
    $
    0.24
    
    
    $
    0.21
    
    
    $
    0.16
    
    
    $
    0.17Diluted
    
    $
    0.23
    
    
    $
    0.20
    
    
    $
    0.16
    
    
    $
    0.17
 Three Months EndedMarch 31,
    
    
    June 30,
    
    
    September 30,
    
    
    December 31,2007
    
    
    2007
    
    
    2007
    
    
    2007(In thousands, except per share data)Revenues (1)
    
    $
    65,307
    
    
    $
    67,457
    
    
    $
    68,707
    
    
    $
    70,028Cost of operations (1)
    
    $
    20,439
    
    
    $
    21,022
    
    
    $
    21,204
    
    
    $
    21,695Net income allocable
to common
shareholders
    
    $
    5,923
    
    
    $
    3,781
    
    
    $
    4,267
    
    
    $
    3,758Net income per share:Basic
    
    $
    0.28
    
    
    $
    0.18
    
    
    $
    0.20
    
    
    $
    0.18Diluted
    
    $
    0.27
    
    
    $
    0.17
    
    
    $
    0.20
    
    
    $
    0.17
 
 (1)
    
    Discontinued operations are excluded. 27




---



##### 



12. Commitments and contingencies
   13. 401(K) Plan
  28




---



##### 



PS BUSINESS PARKS, INC.
 SCHEDULE
III-REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2007
(DOLLARS IN THOUSANDS)
 CostCapitalizedSubsequentto
    
    
    Gross Amount at Which Carried atInitial Cost to Company
    
    
    Acquisition
    
    
    December 31, 2007Buildings
    
    
    Buildings
    
    
    
    
    
    
    Buildings
    
    
    
    
    
    
    
    
    
    
    
    
    Depreciableand
    
    
    and
    
    
    
    
    
    
    and
    
    
    
    
    
    
    Accumulated
    
    
    Date
    
    LivesDescription
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Improvements
    
    
    Improvements
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation
    
    
    Acquired
    
    (Years)Produce
    
    San Francisco, CA
    
    
    
    
    
    $
    776
    
    
    $
    1,886
    
    
    $
    299
    
    
    $
    776
    
    
    $
    2,185
    
    
    $
    2961
    
    
    $
    735
    
    
    03/17/98
    
    5-30Crenshaw II
    
    Torrance, CA
    
    
    
    
    
    
    2,318
    
    
    
    6,069
    
    
    
    1,714
    
    
    
    2,318
    
    
    
    7,783
    
    
    
    10,101
    
    
    
    3,269
    
    
    04/12/97
    
    5-30Airport
    
    San Francisco, CA
    
    
    
    
    
    
    899
    
    
    
    2,387
    
    
    
    490
    
    
    
    899
    
    
    
    2,877
    
    
    
    3,776
    
    
    
    1,048
    
    
    04/12/97
    
    5-30Christopher Ave
    
    Gaithersburg, MD
    
    
    
    
    
    
    475
    
    
    
    1,203
    
    
    
    383
    
    
    
    475
    
    
    
    1,586
    
    
    
    2,061
    
    
    
    664
    
    
    04/12/97
    
    5-30Monterey Park
    
    Monterey Park, CA
    
    
    
    
    
    
    3,078
    
    
    
    7,862
    
    
    
    1037
    
    
    
    3,078
    
    
    
    8,899
    
    
    
    11,977
    
    
    
    3,568
    
    
    01/01/97
    
    5-30Calle Del Oaks
    
    Monterey, CA
    
    
    
    
    
    
    288
    
    
    
    706
    
    
    
    235
    
    
    
    288
    
    
    
    941
    
    
    
    1,229
    
    
    
    407
    
    
    01/01/97
    
    5-30Milwaukie I
    
    Milwaukie, OR
    
    
    
    
    
    
    1,125
    
    
    
    2,857
    
    
    
    1083
    
    
    
    1,125
    
    
    
    3,940
    
    
    
    5,065
    
    
    
    1,647
    
    
    01/01/97
    
    5-30Edwards Road
    
    Cerritos, CA
    
    
    
    
    
    
    450
    
    
    
    1,217
    
    
    
    757
    
    
    
    450
    
    
    
    1,974
    
    
    
    2,424
    
    
    
    749
    
    
    01/01/97
    
    5-30Rainier
    
    Renton, WA
    
    
    
    
    
    
    330
    
    
    
    889
    
    
    
    417
    
    
    
    330
    
    
    
    1,306
    
    
    
    1,636
    
    
    
    514
    
    
    01/01/97
    
    5-30Lusk
    
    San Diego, CA
    
    
    
    
    
    
    1,500
    
    
    
    3,738
    
    
    
    1,689
    
    
    
    1,500
    
    
    
    5,427
    
    
    
    6,927
    
    
    
    2,268
    
    
    01/01/97
    
    5-30Eisenhower
    
    Alexandria, VA
    
    
    
    
    
    
    1,440
    
    
    
    3,635
    
    
    
    1,909
    
    
    
    1,440
    
    
    
    5,544
    
    
    
    6,984
    
    
    
    2,424
    
    
    01/01/97
    
    5-30McKellips
    
    Tempe, AZ
    
    
    
    
    
    
    195
    
    
    
    522
    
    
    
    509
    
    
    
    195
    
    
    
    1,031
    
    
    
    1,226
    
    
    
    528
    
    
    01/01/97
    
    5-30Old Oakland Rd
    
    San Jose, CA
    
    
    
    
    
    
    3,458
    
    
    
    8,765
    
    
    
    2,298
    
    
    
    3,458
    
    
    
    11,063
    
    
    
    14,521
    
    
    
    4,453
    
    
    01/01/97
    
    5-30Junipero
    
    Signal Hill, CA
    
    
    
    
    
    
    900
    
    
    
    2,510
    
    
    
    378
    
    
    
    900
    
    
    
    2,888
    
    
    
    3,788
    
    
    
    1,131
    
    
    01/01/97
    
    5-30Northgate Blvd.
    
    Sacramento, CA
    
    
    
    
    
    
    1,710
    
    
    
    4,567
    
    
    
    2,636
    
    
    
    1,710
    
    
    
    7,203
    
    
    
    8,913
    
    
    
    3,239
    
    
    01/01/97
    
    5-30Uplander
    
    Culver City, CA
    
    
    
    
    
    
    3,252
    
    
    
    8,157
    
    
    
    4,314
    
    
    
    3,252
    
    
    
    12,471
    
    
    
    15,723
    
    
    
    5,532
    
    
    01/01/97
    
    5-30University
    
    Tempe, AZ
    
    
    
    
    
    
    2,160
    
    
    
    5,454
    
    
    
    3,844
    
    
    
    2,160
    
    
    
    9,298
    
    
    
    11,458
    
    
    
    4,643
    
    
    01/01/97
    
    5-30E. 28th Street
    
    Signal Hill, CA
    
    
    
    
    
    
    1,500
    
    
    
    3,749
    
    
    
    946
    
    
    
    1,500
    
    
    
    4,695
    
    
    
    6,195
    
    
    
    2,033
    
    
    01/01/97
    
    5-30W. Main
    
    Mesa, AZ
    
    
    
    
    
    
    675
    
    
    
    1,692
    
    
    
    2,342
    
    
    
    675
    
    
    
    4,034
    
    
    
    4,709
    
    
    
    1,503
    
    
    01/01/97
    
    5-30S. Edward
    
    Tempe, AZ
    
    
    
    
    
    
    645
    
    
    
    1,653
    
    
    
    1,570
    
    
    
    645
    
    
    
    3,223
    
    
    
    3,868
    
    
    
    1,599
    
    
    01/01/97
    
    5-30Leapwood Ave
    
    Carson, CA
    
    
    
    
    
    
    990
    
    
    
    2,496
    
    
    
    1,020
    
    
    
    990
    
    
    
    3,516
    
    
    
    4,506
    
    
    
    1,561
    
    
    01/01/97
    
    5-30Great Oaks
    
    Woodbridge, VA
    
    
    
    
    
    
    1,350
    
    
    
    3,398
    
    
    
    1,151
    
    
    
    1,350
    
    
    
    4,549
    
    
    
    5,899
    
    
    
    2,038
    
    
    01/01/97
    
    5-30Ventura Blvd. II
    
    Studio City, CA
    
    
    
    
    
    
    621
    
    
    
    1,530
    
    
    
    253
    
    
    
    621
    
    
    
    1,783
    
    
    
    2,404
    
    
    
    730
    
    
    01/01/97
    
    5-30Gunston
    
    Lorton, VA
    
    
    
    
    
    
    4,146
    
    
    
    17,872
    
    
    
    2,936
    
    
    
    4,146
    
    
    
    20,808
    
    
    
    24,954
    
    
    
    8,789
    
    
    06/17/98
    
    5-30Canada
    
    Lake Forest, CA
    
    
    
    
    
    
    5,508
    
    
    
    13,785
    
    
    
    3,919
    
    
    
    5,508
    
    
    
    17,704
    
    
    
    23,212
    
    
    
    6,942
    
    
    12/23/97
    
    5-30Ridge Route
    
    Laguna Hills, CA
    
    
    
    
    
    
    16,261
    
    
    
    39,559
    
    
    
    3,128
    
    
    
    16,261
    
    
    
    42,687
    
    
    
    58,948
    
    
    
    15,220
    
    
    12/23/97
    
    5-30Lake Forest Commerce
Park
    
    Laguna Hills, CA
    
    
    
    
    
    
    2,037
    
    
    
    5,051
    
    
    
    3,390
    
    
    
    2,037
    
    
    
    8,441
    
    
    
    10,478
    
    
    
    4,176
    
    
    12/23/97
    
    5-30Buena Park Industrial
Center
    
    Buena Park, CA
    
    
    
    
    
    
    3,245
    
    
    
    7,703
    
    
    
    1,534
    
    
    
    3,245
    
    
    
    9,237
    
    
    
    12,482
    
    
    
    3,698
    
    
    12/23/97
    
    5-30Cerritos Business Center
    
    Cerritos, CA
    
    
    
    
    
    
    4,218
    
    
    
    10,273
    
    
    
    2,895
    
    
    
    4,218
    
    
    
    13,168
    
    
    
    17,386
    
    
    
    5,123
    
    
    12/23/97
    
    5-30Parkway Commerce
Center
    
    Hayward, CA
    
    
    
    
    
    
    4,398
    
    
    
    10,433
    
    
    
    3,556
    
    
    
    4,398
    
    
    
    13,989
    
    
    
    18,387
    
    
    
    5,070
    
    
    12/23/97
    
    5-30Northpointe E
    
    Sterling, VA
    
    
    
    
    
    
    1,156
    
    
    
    2,957
    
    
    
    795
    
    
    
    1,156
    
    
    
    3,752
    
    
    
    4,908
    
    
    
    1,613
    
    
    12/10/97
    
    5-30Ammendale
    
    Beltsville, MD
    
    
    
    
    
    
    4,278
    
    
    
    18,380
    
    
    
    6,591
    
    
    
    4,278
    
    
    
    24,971
    
    
    
    29,249
    
    
    
    12,601
    
    
    01/13/98
    
    5-30Shaw Road
    
    Sterling, VA
    
    
    
    
    
    
    2,969
    
    
    
    10,008
    
    
    
    3,282
    
    
    
    2,969
    
    
    
    13,290
    
    
    
    16,259
    
    
    
    6,817
    
    
    03/09/98
    
    5-30Creekside-Phase 1
    
    Beaverton, OR
    
    
    
    
    
    
    1,852
    
    
    
    4,821
    
    
    
    1,555
    
    
    
    1,852
    
    
    
    6,376
    
    
    
    8,228
    
    
    
    2,849
    
    
    05/04/98
    
    5-30Creekside-Phase 2
Bldg-4
    
    Beaverton, OR
    
    
    
    
    
    
    807
    
    
    
    2,542
    
    
    
    1,558
    
    
    
    807
    
    
    
    4,100
    
    
    
    4,907
    
    
    
    2,005
    
    
    05/04/98
    
    5-30Creekside-Phase 2
Bldg-5
    
    Beaverton, OR
    
    
    
    
    
    
    521
    
    
    
    1,603
    
    
    
    778
    
    
    
    521
    
    
    
    2,381
    
    
    
    2,902
    
    
    
    1,179
    
    
    05/04/98
    
    5-30
 29




---



##### 



CostCapitalizedSubsequentto
    
    
    Gross Amount at Which Carried atInitial Cost to Company
    
    
    Acquisition
    
    
    December 31, 2007Buildings
    
    
    Buildings
    
    
    
    
    
    
    Buildings
    
    
    
    
    
    
    
    
    
    
    
    
    Depreciableand
    
    
    and
    
    
    
    
    
    
    and
    
    
    
    
    
    
    Accumulated
    
    
    Date
    
    LivesDescription
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Improvements
    
    
    Improvements
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation
    
    
    Acquired
    
    (Years)Creekside-Phase 2
Bldg-1
    
    Beaverton, OR
    
    
    
    
    
    
    1,326
    
    
    
    4,035
    
    
    
    1,274
    
    
    
    1,326
    
    
    
    5,309
    
    
    
    6,635
    
    
    
    2,619
    
    
    05/04/98
    
    5-30Creekside-Phase 3
    
    Beaverton, OR
    
    
    
    
    
    
    1,353
    
    
    
    4,101
    
    
    
    1,142
    
    
    
    1,353
    
    
    
    5,243
    
    
    
    6,596
    
    
    
    2,636
    
    
    05/04/98
    
    5-30Creekside-Phase 5
    
    Beaverton, OR
    
    
    
    
    
    
    1,741
    
    
    
    5,301
    
    
    
    1,581
    
    
    
    1,741
    
    
    
    6,882
    
    
    
    8,623
    
    
    
    3,269
    
    
    05/04/98
    
    5-30Creekside-Phase 6
    
    Beaverton, OR
    
    
    
    
    
    
    2,616
    
    
    
    7,908
    
    
    
    2,371
    
    
    
    2,616
    
    
    
    10,279
    
    
    
    12,895
    
    
    
    5,094
    
    
    05/04/98
    
    5-30Creekside-Phase 7
    
    Beaverton, OR
    
    
    
    
    
    
    3,293
    
    
    
    9,938
    
    
    
    4,101
    
    
    
    3,293
    
    
    
    14,039
    
    
    
    17,332
    
    
    
    6,982
    
    
    05/04/98
    
    5-30Creekside-Phase 8
    
    Beaverton, OR
    
    
    
    
    
    
    1,140
    
    
    
    3,644
    
    
    
    732
    
    
    
    1,140
    
    
    
    4,376
    
    
    
    5,516
    
    
    
    1,972
    
    
    05/04/98
    
    5-30Northpointe G
    
    Sterling, VA
    
    
    
    
    
    
    824
    
    
    
    2,964
    
    
    
    1,298
    
    
    
    824
    
    
    
    4,262
    
    
    
    5,086
    
    
    
    2,343
    
    
    06/11/98
    
    5-30Las Plumas
    
    San Jose, CA
    
    
    
    
    
    
    4,379
    
    
    
    12,889
    
    
    
    4,236
    
    
    
    4,379
    
    
    
    17,125
    
    
    
    21,504
    
    
    
    8,722
    
    
    12/31/98
    
    5-30Lafayette
    
    Chantilly, VA
    
    
    
    
    
    
    671
    
    
    
    4,179
    
    
    
    492
    
    
    
    671
    
    
    
    4,671
    
    
    
    5,342
    
    
    
    1,920
    
    
    01/29/99
    
    5-30CreeksideVII
    
    Beaverton, OR
    
    
    
    
    
    
    358
    
    
    
    3,232
    
    
    
    142
    
    
    
    358
    
    
    
    3,374
    
    
    
    3,732
    
    
    
    943
    
    
    04/17/00
    
    5-30Dulles South
    
    Chantilly, VA
    
    
    
    
    
    
    599
    
    
    
    3,098
    
    
    
    677
    
    
    
    599
    
    
    
    3,775
    
    
    
    4,374
    
    
    
    1,596
    
    
    06/30/99
    
    5-30Sullyfield Circle
    
    Chantilly, VA
    
    
    
    
    
    
    774
    
    
    
    3,712
    
    
    
    944
    
    
    
    774
    
    
    
    4,656
    
    
    
    5,430
    
    
    
    1,993
    
    
    06/30/99
    
    5-30Park East I & II
    
    Chantilly, VA
    
    
    
    
    
    
    2,324
    
    
    
    10,875
    
    
    
    2,928
    
    
    
    2,324
    
    
    
    13,803
    
    
    
    16,127
    
    
    
    5,381
    
    
    06/30/99
    
    5-30Park East III
    
    Chantilly, VA
    
    $
    5,323
    
    
    
    1,527
    
    
    
    7,154
    
    
    
    913
    
    
    
    1,527
    
    
    
    8,067
    
    
    
    9,594
    
    
    
    3,219
    
    
    06/30/99
    
    5-30Northpointe Business
Center A
    
    Sacramento, CA
    
    
    
    
    
    
    729
    
    
    
    3,324
    
    
    
    1,104
    
    
    
    729
    
    
    
    4,428
    
    
    
    5,157
    
    
    
    1,991
    
    
    07/29/99
    
    5-30Corporate Park Phoenix
    
    Phoenix, AZ
    
    
    
    
    
    
    2,761
    
    
    
    10,269
    
    
    
    1,430
    
    
    
    2,761
    
    
    
    11,699
    
    
    
    14,460
    
    
    
    4,470
    
    
    12/30/99
    
    5-30Santa Clara Technology
Park
    
    Santa Clara, CA
    
    
    
    
    
    
    7,673
    
    
    
    15,645
    
    
    
    724
    
    
    
    7,673
    
    
    
    16,369
    
    
    
    24,042
    
    
    
    6,257
    
    
    03/28/00
    
    5-30Corporate Pointe
    
    Irvine, CA
    
    
    
    
    
    
    6,876
    
    
    
    18,519
    
    
    
    4,520
    
    
    
    6,876
    
    
    
    23,039
    
    
    
    29,915
    
    
    
    8,963
    
    
    09/22/00
    
    5-30Lafayette II/Pleasant
Valley Rd
    
    Chantilly, VA
    
    
    
    
    
    
    1,009
    
    
    
    9,219
    
    
    
    2,278
    
    
    
    1,009
    
    
    
    11,497
    
    
    
    12,506
    
    
    
    5,974
    
    
    08/15/01
    
    5-30Northpointe Business
Center B
    
    Sacramento, CA
    
    
    
    
    
    
    717
    
    
    
    3,269
    
    
    
    1,626
    
    
    
    717
    
    
    
    4,895
    
    
    
    5,612
    
    
    
    2,222
    
    
    07/29/99
    
    5-30Northpointe Business
Center C
    
    Sacramento, CA
    
    
    
    
    
    
    726
    
    
    
    3,313
    
    
    
    1,074
    
    
    
    726
    
    
    
    4,387
    
    
    
    5,113
    
    
    
    2,167
    
    
    07/29/99
    
    5-30Northpointe Business
Center D
    
    Sacramento, CA
    
    
    
    
    
    
    427
    
    
    
    1,950
    
    
    
    507
    
    
    
    427
    
    
    
    2,457
    
    
    
    2,884
    
    
    
    1,015
    
    
    07/29/99
    
    5-30Northpointe Business
Center E
    
    Sacramento, CA
    
    
    
    
    
    
    432
    
    
    
    1,970
    
    
    
    192
    
    
    
    432
    
    
    
    2,162
    
    
    
    2,594
    
    
    
    883
    
    
    07/29/99
    
    5-30I-95 Building I
    
    Springfield, VA
    
    
    
    
    
    
    1,308
    
    
    
    5,790
    
    
    
    550
    
    
    
    1,308
    
    
    
    6,340
    
    
    
    7,648
    
    
    
    2,467
    
    
    12/20/00
    
    5-30I-95 Building II
    
    Springfield, VA
    
    
    
    
    
    
    1,308
    
    
    
    5,790
    
    
    
    965
    
    
    
    1,308
    
    
    
    6,755
    
    
    
    8,063
    
    
    
    2,984
    
    
    12/20/00
    
    5-30I-95 Building III
    
    Springfield, VA
    
    
    
    
    
    
    919
    
    
    
    4,092
    
    
    
    7,337
    
    
    
    919
    
    
    
    11,429
    
    
    
    12,348
    
    
    
    8,155
    
    
    12/20/00
    
    5-302700 Prosperity Avenue
    
    Fairfax, VA
    
    
    
    
    
    
    3,404
    
    
    
    9,883
    
    
    
    425
    
    
    
    3,404
    
    
    
    10,308
    
    
    
    13,712
    
    
    
    3,711
    
    
    06/01/01
    
    5-302701 Prosperity Avenue
    
    Fairfax, VA
    
    
    
    
    
    
    2,199
    
    
    
    6,374
    
    
    
    1,122
    
    
    
    2,199
    
    
    
    7,496
    
    
    
    9,695
    
    
    
    2,976
    
    
    06/01/01
    
    5-302710 Prosperity Avenue
    
    Fairfax, VA
    
    
    
    
    
    
    969
    
    
    
    2,844
    
    
    
    495
    
    
    
    969
    
    
    
    3,339
    
    
    
    4,308
    
    
    
    1,260
    
    
    06/01/01
    
    5-302711 Prosperity Avenue
    
    Fairfax, VA
    
    
    
    
    
    
    1,047
    
    
    
    3,099
    
    
    
    632
    
    
    
    1,047
    
    
    
    3,731
    
    
    
    4,778
    
    
    
    1,510
    
    
    06/01/01
    
    5-302720 Prosperity Avenue
    
    Fairfax, VA
    
    
    
    
    
    
    1,898
    
    
    
    5,502
    
    
    
    966
    
    
    
    1,898
    
    
    
    6,468
    
    
    
    8,366
    
    
    
    2,635
    
    
    06/01/01
    
    5-302721 Prosperity Avenue
    
    Fairfax, VA
    
    
    
    
    
    
    576
    
    
    
    1,673
    
    
    
    788
    
    
    
    576
    
    
    
    2,461
    
    
    
    3,037
    
    
    
    1,332
    
    
    06/01/01
    
    5-302730 Prosperity Avenue
    
    Fairfax, VA
    
    
    
    
    
    
    3,011
    
    
    
    8,841
    
    
    
    2,599
    
    
    
    3,011
    
    
    
    11,440
    
    
    
    14,451
    
    
    
    4,290
    
    
    06/01/01
    
    5-302731 Prosperity Avenue
    
    Fairfax, VA
    
    
    
    
    
    
    524
    
    
    
    1,521
    
    
    
    369
    
    
    
    524
    
    
    
    1,890
    
    
    
    2,414
    
    
    
    790
    
    
    06/01/01
    
    5-302740 Prosperity Avenue
    
    Fairfax, VA
    
    
    
    
    
    
    890
    
    
    
    2,732
    
    
    
    202
    
    
    
    890
    
    
    
    2,934
    
    
    
    3,824
    
    
    
    1,110
    
    
    06/01/01
    
    5-302741 Prosperity Avenue
    
    Fairfax, VA
    
    
    
    
    
    
    786
    
    
    
    2,284
    
    
    
    335
    
    
    
    786
    
    
    
    2,619
    
    
    
    3,405
    
    
    
    1,010
    
    
    06/01/01
    
    5-302750 Prosperity Avenue
    
    Fairfax, VA
    
    
    
    
    
    
    4,203
    
    
    
    12,190
    
    
    
    3,577
    
    
    
    4,203
    
    
    
    15,767
    
    
    
    19,970
    
    
    
    6,776
    
    
    06/01/01
    
    5-302751 Prosperity Avenue
    
    Fairfax, VA
    
    
    
    
    
    
    3,640
    
    
    
    10,632
    
    
    
    2,177
    
    
    
    3,640
    
    
    
    12,809
    
    
    
    16,449
    
    
    
    4,150
    
    
    06/01/01
    
    5-30Greenbrier Court
    
    Beaverton, OR
    
    
    
    
    
    
    2,771
    
    
    
    8,403
    
    
    
    1,333
    
    
    
    2,771
    
    
    
    9,736
    
    
    
    12,507
    
    
    
    3,899
    
    
    11/20/01
    
    5-30
 30




---



##### 



CostCapitalizedSubsequentto
    
    
    Gross Amount at Which Carried atInitial Cost to Company
    
    
    Acquisition
    
    
    December 31, 2007Buildings
    
    
    Buildings
    
    
    
    
    
    
    Buildings
    
    
    
    
    
    
    
    
    
    
    
    
    Depreciableand
    
    
    and
    
    
    
    
    
    
    and
    
    
    
    
    
    
    Accumulated
    
    
    Date
    
    LivesDescription
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Improvements
    
    
    Improvements
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation
    
    
    Acquired
    
    (Years)Parkside
    
    Beaverton, OR
    
    
    
    
    
    
    4,348
    
    
    
    13,502
    
    
    
    1,432
    
    
    
    4,348
    
    
    
    14,934
    
    
    
    19,282
    
    
    
    5,940
    
    
    11/20/01
    
    5-30The Atrium
    
    Beaverton, OR
    
    
    
    
    
    
    5,535
    
    
    
    16,814
    
    
    
    2,050
    
    
    
    5,535
    
    
    
    18,864
    
    
    
    24,399
    
    
    
    7,103
    
    
    11/20/01
    
    5-30Waterside
    
    Beaverton, OR
    
    
    
    
    
    
    4,045
    
    
    
    12,419
    
    
    
    1,924
    
    
    
    4,045
    
    
    
    14,343
    
    
    
    18,388
    
    
    
    5,829
    
    
    11/20/01
    
    5-30Ridgeview
    
    Beaverton, OR
    
    
    
    
    
    
    2,478
    
    
    
    7,531
    
    
    
    269
    
    
    
    2,478
    
    
    
    7,800
    
    
    
    10,278
    
    
    
    2,805
    
    
    11/20/01
    
    5-30The Commons
    
    Beaverton, OR
    
    
    
    
    
    
    1,439
    
    
    
    4,566
    
    
    
    2,045
    
    
    
    1,439
    
    
    
    6,611
    
    
    
    8,050
    
    
    
    3,021
    
    
    11/20/01
    
    5-30OCBC Center 1
    
    Santa Ana, CA
    
    
    
    
    
    
    734
    
    
    
    2,752
    
    
    
    590
    
    
    
    734
    
    
    
    3,342
    
    
    
    4,076
    
    
    
    1,744
    
    
    06/10/03
    
    5-30OCBC Center 2
    
    Santa Ana, CA
    
    
    
    
    
    
    2,154
    
    
    
    8,093
    
    
    
    1,506
    
    
    
    2,154
    
    
    
    9,599
    
    
    
    11,753
    
    
    
    5,164
    
    
    06/10/03
    
    5-30OCBC Center 3
    
    Santa Ana, CA
    
    
    
    
    
    
    3,019
    
    
    
    11,348
    
    
    
    5,607
    
    
    
    3,019
    
    
    
    16,955
    
    
    
    19,974
    
    
    
    8,460
    
    
    06/10/03
    
    5-30OCBC Center 4
    
    Santa Ana, CA
    
    
    
    
    
    
    1,655
    
    
    
    6,243
    
    
    
    6,017
    
    
    
    1,655
    
    
    
    12,260
    
    
    
    13,915
    
    
    
    7,441
    
    
    06/10/03
    
    5-30OCBC Center 5
    
    Santa Ana, CA
    
    
    
    
    
    
    1,843
    
    
    
    7,310
    
    
    
    793
    
    
    
    1,843
    
    
    
    8,103
    
    
    
    9,946
    
    
    
    4,331
    
    
    06/10/03
    
    5-30Metro Business Park
    
    Phoenix, AZ
    
    
    
    
    
    
    2,369
    
    
    
    7,245
    
    
    
    570
    
    
    
    2,369
    
    
    
    7,815
    
    
    
    10,184
    
    
    
    2,282
    
    
    12/17/03
    
    5-30Orangewood Corporate.
Plaza
    
    Orange, CA
    
    
    
    
    
    
    2,637
    
    
    
    12,291
    
    
    
    2,178
    
    
    
    2,637
    
    
    
    14,469
    
    
    
    17,106
    
    
    
    4,111
    
    
    12/24/03
    
    5-30Fairfax Executive Park
    
    Fairfax, VA
    
    
    
    
    
    
    4,647
    
    
    
    19,492
    
    
    
    2,851
    
    
    
    4,647
    
    
    
    22,343
    
    
    
    26,990
    
    
    
    5,887
    
    
    05/27/04
    
    5-30Rose Canyon
    
    San Diego, CA
    
    
    14,510
    
    
    
    15,129
    
    
    
    20,054
    
    
    
    943
    
    
    
    15,129
    
    
    
    20,997
    
    
    
    36,126
    
    
    
    5,769
    
    
    10/25/05
    
    5-30Signal Hill Commerce
Center
    
    Signal Hill, CA
    
    
    
    
    
    
    1,542
    
    
    
    2,314
    
    
    
    46
    
    
    
    1,542
    
    
    
    2,360
    
    
    
    3,902
    
    
    
    310
    
    
    06/14/06
    
    5-30Walnut Industrial Park
    
    Signal Hill, CA
    
    
    
    
    
    
    1,417
    
    
    
    2,125
    
    
    
    118
    
    
    
    1,417
    
    
    
    2,243
    
    
    
    3,660
    
    
    
    301
    
    
    06/14/06
    
    5-30Rose Avenue-Signal Hill
    
    Signal Hill, CA
    
    
    
    
    
    
    1,334
    
    
    
    2,001
    
    
    
    115
    
    
    
    1,334
    
    
    
    2,116
    
    
    
    3,450
    
    
    
    303
    
    
    06/14/06
    
    5-30Beaumont at Lafayette
    
    Chantilly, VA
    
    
    
    
    
    
    4,736
    
    
    
    11,051
    
    
    
    1,300
    
    
    
    4,736
    
    
    
    12,351
    
    
    
    17,087
    
    
    
    1,829
    
    
    06/20/06
    
    5-30Meadows Corporate Park I
    
    Silver Spring, CA
    
    
    17,348
    
    
    
    5,881
    
    
    
    25,070
    
    
    
    2,604
    
    
    
    5,881
    
    
    
    27,674
    
    
    
    33,555
    
    
    
    2,586
    
    
    06/29/06
    
    5-30WesTech-Allegany
    
    Silver Spring, MD
    
    
    
    
    
    
    2,944
    
    
    
    7,519
    
    
    
    397
    
    
    
    2,944
    
    
    
    7,916
    
    
    
    10,860
    
    
    
    1,177
    
    
    02/08/06
    
    5-30WesTech-Dorchester
    
    Silver Spring, MD
    
    
    
    
    
    
    2,073
    
    
    
    5,296
    
    
    
    366
    
    
    
    2,073
    
    
    
    5,662
    
    
    
    7,735
    
    
    
    850
    
    
    02/08/06
    
    5-30WesTech-Garrett I
    
    Silver Spring, MD
    
    
    
    
    
    
    1,733
    
    
    
    4,426
    
    
    
    73
    
    
    
    1,733
    
    
    
    4,499
    
    
    
    6,232
    
    
    
    687
    
    
    02/08/06
    
    5-30WesTech-Garrett II
    
    Silver Spring, MD
    
    
    
    
    
    
    2,442
    
    
    
    6,238
    
    
    
    43
    
    
    
    2,442
    
    
    
    6,281
    
    
    
    8,723
    
    
    
    970
    
    
    02/08/06
    
    5-30WesTech-Harford West
    
    Silver Spring, MD
    
    
    
    
    
    
    1,549
    
    
    
    3,955
    
    
    
    24
    
    
    
    1,549
    
    
    
    3,979
    
    
    
    5,528
    
    
    
    613
    
    
    02/08/06
    
    5-30WesTech-Harford East
    
    Silver Spring, MD
    
    
    
    
    
    
    1,385
    
    
    
    3,539
    
    
    
    4
    
    
    
    1,385
    
    
    
    3,543
    
    
    
    4,928
    
    
    
    546
    
    
    02/08/06
    
    5-30WesTech-Garrett III
    
    Silver Spring, MD
    
    
    
    
    
    
    3,374
    
    
    
    8,618
    
    
    
    73
    
    
    
    3,374
    
    
    
    8,691
    
    
    
    12,065
    
    
    
    1,338
    
    
    02/08/06
    
    5-30WesTech-Talbot
    
    Silver Spring, MD
    
    
    
    
    
    
    2,016
    
    
    
    5,151
    
    
    
    390
    
    
    
    2,016
    
    
    
    5,541
    
    
    
    7,557
    
    
    
    810
    
    
    02/08/06
    
    5-30WesTech-Harford III
    
    Silver Spring, MD
    
    
    
    
    
    
    1,864
    
    
    
    4,760
    
    
    
    304
    
    
    
    1,864
    
    
    
    5,064
    
    
    
    6,928
    
    
    
    778
    
    
    02/08/06
    
    5-30Rogers Avenue-San Jose
    
    San Jose, CA
    
    
    
    
    
    
    3,540
    
    
    
    4,896
    
    
    
    333
    
    
    
    3,540
    
    
    
    5,229
    
    
    
    8,769
    
    
    
    365
    
    
    10/27/06
    
    5-30Boca Commerce Park
    
    Boca Raton, FL
    
    
    10,274
    
    
    
    7,436
    
    
    
    8,055
    
    
    
    283
    
    
    
    7,436
    
    
    
    8,338
    
    
    
    15,774
    
    
    
    637
    
    
    12/08/06
    
    5-30Boca Commerce Mini
    
    Boca Raton, FL
    
    
    
    
    
    
    359
    
    
    
    1,203
    
    
    
    
    
    
    
    359
    
    
    
    1,203
    
    
    
    1,562
    
    
    
    43
    
    
    12/08/06
    
    5-30Wellington Commerce
Park III
    
    Wellington, FL
    
    
    
    
    
    
    1,132
    
    
    
    1,847
    
    
    
    286
    
    
    
    1,132
    
    
    
    2,133
    
    
    
    3,265
    
    
    
    174
    
    
    12/08/06
    
    5-30Wellington Commerce
Park II
    
    Wellington, FL
    
    
    10,281
    
    
    
    7,130
    
    
    
    11,633
    
    
    
    86
    
    
    
    7,130
    
    
    
    11,719
    
    
    
    18,849
    
    
    
    958
    
    
    12/08/06
    
    5-30Wellington Commerce
Park I
    
    Wellington, FL
    
    
    2,989
    
    
    
    1,350
    
    
    
    2,203
    
    
    
    33
    
    
    
    1,350
    
    
    
    2,236
    
    
    
    3,586
    
    
    
    181
    
    
    12/08/06
    
    5-30Wellington Commerce
Mini III
    
    Wellington, FL
    
    
    
    
    
    
    194
    
    
    
    453
    
    
    
    
    
    
    
    194
    
    
    
    453
    
    
    
    647
    
    
    
    16
    
    
    12/08/06
    
    5-30Wellington Commerce
Mini II
    
    Wellington, FL
    
    
    
    
    
    
    217
    
    
    
    507
    
    
    
    
    
    
    
    217
    
    
    
    507
    
    
    
    724
    
    
    
    18
    
    
    12/08/06
    
    5-30Wellington Commerce
Mini I
    
    Wellington, FL
    
    
    
    
    
    
    822
    
    
    
    1,917
    
    
    
    
    
    
    
    822
    
    
    
    1,917
    
    
    
    2,739
    
    
    
    69
    
    
    12/08/06
    
    5-30Overlake Business Park
North
    
    Redmond, WA
    
    
    
    
    
    
    8,732
    
    
    
    15,524
    
    
    
    930
    
    
    
    8,732
    
    
    
    16,454
    
    
    
    25,186
    
    
    
    1,726
    
    
    02/16/07
    
    5-30
 31




---



##### 



CostCapitalizedSubsequentto
    
    
    Gross Amount at Which Carried atInitial Cost to Company
    
    
    Acquisition
    
    
    December 31, 2007Buildings
    
    
    Buildings
    
    
    
    
    
    
    Buildings
    
    
    
    
    
    
    
    
    
    
    
    
    Depreciableand
    
    
    and
    
    
    
    
    
    
    and
    
    
    
    
    
    
    Accumulated
    
    
    Date
    
    LivesDescription
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Improvements
    
    
    Improvements
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation
    
    
    Acquired
    
    (Years)Overlake South-Bldg 1-8
    
    Redmond, WA
    
    
    
    
    
    
    7,913
    
    
    
    14,067
    
    
    
    352
    
    
    
    7,913
    
    
    
    14,419
    
    
    
    22,332
    
    
    
    1,886
    
    
    02/16/07
    
    5-30Overlake South-Bldg 9-13
    
    Redmond, WA
    
    
    
    
    
    
    4,639
    
    
    
    8,247
    
    
    
    161
    
    
    
    4,639
    
    
    
    8,408
    
    
    
    13,047
    
    
    
    1,074
    
    
    02/16/07
    
    5-30Overlake South-Bldg
14-16
    
    Redmond, WA
    
    
    
    
    
    
    4,265
    
    
    
    7,583
    
    
    
    254
    
    
    
    4,265
    
    
    
    7,837
    
    
    
    12,102
    
    
    
    1,137
    
    
    02/16/07
    
    5-30Overlake South-Bldg 17
    
    Redmond, WA
    
    
    
    
    
    
    1,564
    
    
    
    2,781
    
    
    
    50
    
    
    
    1,564
    
    
    
    2,831
    
    
    
    4,395
    
    
    
    421
    
    
    02/16/07
    
    5-30Overlake South-Retail
    
    Redmond, WA
    
    
    
    
    
    
    648
    
    
    
    1,151
    
    
    
    13
    
    
    
    648
    
    
    
    1,164
    
    
    
    1,812
    
    
    
    100
    
    
    02/16/07
    
    5-30Commerce Campus
    
    Santa Clara, CA
    
    
    
    
    
    
    17,218
    
    
    
    21,914
    
    
    
    1,187
    
    
    
    17,218
    
    
    
    23,101
    
    
    
    40,319
    
    
    
    3,341
    
    
    03/27/07
    
    5-30Fairoaks Corporate
Center
    
    Fairfax, VA
    
    
    
    
    
    
    8,951
    
    
    
    16,740
    
    
    
    123
    
    
    
    8,951
    
    
    
    16,863
    
    
    
    25,814
    
    
    
    701
    
    
    08/03/07
    
    5-30Westwood
    
    Farmers Branch, TX
    
    
    
    
    
    
    941
    
    
    
    6,884
    
    
    
    1,306
    
    
    
    941
    
    
    
    8,190
    
    
    
    9,131
    
    
    
    2,521
    
    
    02/12/03
    
    5-30MICC-Center 1
    
    Miami, FL
    
    
    
    
    
    
    6,502
    
    
    
    7,409
    
    
    
    1,259
    
    
    
    6,502
    
    
    
    8,668
    
    
    
    15,170
    
    
    
    2,867
    
    
    12/30/03
    
    5-30MICC-Center 2
    
    Miami, FL
    
    
    
    
    
    
    6,502
    
    
    
    7,409
    
    
    
    1,622
    
    
    
    6,502
    
    
    
    9,031
    
    
    
    15,533
    
    
    
    2,891
    
    
    12/30/03
    
    5-30MICC-Center 3
    
    Miami, FL
    
    
    
    
    
    
    7,015
    
    
    
    7,993
    
    
    
    2,389
    
    
    
    7,015
    
    
    
    10,382
    
    
    
    17,397
    
    
    
    3,022
    
    
    12/30/03
    
    5-30MICC-Center 4
    
    Miami, FL
    
    
    
    
    
    
    4,837
    
    
    
    5,511
    
    
    
    1,449
    
    
    
    4,837
    
    
    
    6,960
    
    
    
    11,797
    
    
    
    2,291
    
    
    12/30/03
    
    5-30MICC-Center 5
    
    Miami, FL
    
    
    
    
    
    
    6,209
    
    
    
    5,940
    
    
    
    2,744
    
    
    
    6,209
    
    
    
    8,684
    
    
    
    14,893
    
    
    
    2,626
    
    
    12/30/03
    
    5-30MICC-Center 6
    
    Miami, FL
    
    
    
    
    
    
    6,371
    
    
    
    7,259
    
    
    
    939
    
    
    
    6,371
    
    
    
    8,198
    
    
    
    14,569
    
    
    
    2,649
    
    
    12/30/03
    
    5-30MICC-Center 7
    
    Miami, FL
    
    
    
    
    
    
    5,011
    
    
    
    5,710
    
    
    
    688
    
    
    
    5,011
    
    
    
    6,398
    
    
    
    11,409
    
    
    
    2,046
    
    
    12/30/03
    
    5-30MICC-Center 8
    
    Miami, FL
    
    
    
    
    
    
    5,398
    
    
    
    6,150
    
    
    
    1,046
    
    
    
    5,398
    
    
    
    7,196
    
    
    
    12,594
    
    
    
    2,318
    
    
    12/30/03
    
    5-30MICC-Center 9
    
    Miami, FL
    
    
    
    
    
    
    7,392
    
    
    
    8,424
    
    
    
    1,006
    
    
    
    7,392
    
    
    
    9,430
    
    
    
    16,822
    
    
    
    2,918
    
    
    12/30/03
    
    5-30MICC-Center 10
    
    Miami, FL
    
    
    
    
    
    
    9,341
    
    
    
    10,644
    
    
    
    2,507
    
    
    
    9,341
    
    
    
    13,151
    
    
    
    22,492
    
    
    
    3,917
    
    
    12/30/03
    
    5-30MICC-Center 12
    
    Miami, FL
    
    
    
    
    
    
    3,025
    
    
    
    3,447
    
    
    
    580
    
    
    
    3,025
    
    
    
    4,027
    
    
    
    7,052
    
    
    
    1,219
    
    
    12/30/03
    
    5-30MICC-Center 13
    
    Miami, FL
    
    
    
    
    
    
    2,342
    
    
    
    2,669
    
    
    
    217
    
    
    
    2,342
    
    
    
    2,886
    
    
    
    5,228
    
    
    
    921
    
    
    12/30/03
    
    5-30MICC-Center 14
    
    Miami, FL
    
    
    
    
    
    
    5,900
    
    
    
    6,723
    
    
    
    2,270
    
    
    
    5,900
    
    
    
    8,993
    
    
    
    14,893
    
    
    
    2,818
    
    
    12/30/03
    
    5-30MICC-Center 15
    
    Miami, FL
    
    
    
    
    
    
    3,295
    
    
    
    3,755
    
    
    
    699
    
    
    
    3,295
    
    
    
    4,454
    
    
    
    7,749
    
    
    
    1,464
    
    
    12/30/03
    
    5-30MICC-Center 16
    
    Miami, FL
    
    
    
    
    
    
    1,263
    
    
    
    1,439
    
    
    
    1,790
    
    
    
    1,263
    
    
    
    3,229
    
    
    
    4,492
    
    
    
    1,130
    
    
    12/30/03
    
    5-30MICC-Center 17
    
    Miami, FL
    
    
    
    
    
    
    2,400
    
    
    
    1,249
    
    
    
    419
    
    
    
    2,400
    
    
    
    1,668
    
    
    
    4,068
    
    
    
    464
    
    
    12/30/03
    
    5-30MICC-Center 18
    
    Miami, FL
    
    
    
    
    
    
    322
    
    
    
    367
    
    
    
    90
    
    
    
    322
    
    
    
    457
    
    
    
    779
    
    
    
    136
    
    
    12/30/03
    
    5-30MICC-Center 19
    
    Miami, FL
    
    
    
    
    
    
    2,335
    
    
    
    2,662
    
    
    
    839
    
    
    
    2,335
    
    
    
    3,501
    
    
    
    5,836
    
    
    
    1,331
    
    
    12/30/03
    
    5-30MICC-Center 20
    
    Miami, FL
    
    
    
    
    
    
    2,674
    
    
    
    3,044
    
    
    
    399
    
    
    
    2,674
    
    
    
    3,443
    
    
    
    6,117
    
    
    
    1,128
    
    
    12/30/03
    
    5-30Lamar Boulevard
    
    Austin, TX
    
    
    
    
    
    
    2,528
    
    
    
    6,596
    
    
    
    3,641
    
    
    
    2,528
    
    
    
    10,237
    
    
    
    12,765
    
    
    
    4,651
    
    
    01/01/97
    
    5-30N. Barkers Landing
    
    Houston, TX
    
    
    
    
    
    
    1,140
    
    
    
    3,003
    
    
    
    4,283
    
    
    
    1,140
    
    
    
    7,286
    
    
    
    8,426
    
    
    
    3,445
    
    
    01/01/97
    
    5-30La Prada
    
    Mesquite, TX
    
    
    
    
    
    
    495
    
    
    
    1,235
    
    
    
    547
    
    
    
    495
    
    
    
    1,782
    
    
    
    2,277
    
    
    
    644
    
    
    01/01/97
    
    5-30NW Highway
    
    Garland, TX
    
    
    
    
    
    
    480
    
    
    
    1,203
    
    
    
    500
    
    
    
    480
    
    
    
    1,703
    
    
    
    2,183
    
    
    
    638
    
    
    01/01/97
    
    5-30Quail Valley
    
    Missouri City, TX
    
    
    
    
    
    
    360
    
    
    
    918
    
    
    
    541
    
    
    
    360
    
    
    
    1,459
    
    
    
    1,819
    
    
    
    670
    
    
    01/01/97
    
    5-30Business Parkway I
    
    Richardson, TX
    
    
    
    
    
    
    799
    
    
    
    3,568
    
    
    
    1,956
    
    
    
    799
    
    
    
    5,524
    
    
    
    6,323
    
    
    
    2,465
    
    
    05/04/98
    
    5-30The Summit
    
    Plano, TX
    
    
    
    
    
    
    1,536
    
    
    
    6,654
    
    
    
    3,380
    
    
    
    1,536
    
    
    
    10,034
    
    
    
    11,570
    
    
    
    4,204
    
    
    05/04/98
    
    5-30Northgate II
    
    Dallas, TX
    
    
    
    
    
    
    1,274
    
    
    
    5,505
    
    
    
    2,219
    
    
    
    1,274
    
    
    
    7,724
    
    
    
    8,998
    
    
    
    3,352
    
    
    05/04/98
    
    5-30Empire Commerce
    
    Dallas, TX
    
    
    
    
    
    
    304
    
    
    
    1,545
    
    
    
    655
    
    
    
    304
    
    
    
    2,200
    
    
    
    2,504
    
    
    
    921
    
    
    05/04/98
    
    5-30Royal Tech-Digital
    
    Irving, TX
    
    
    
    
    
    
    319
    
    
    
    1,393
    
    
    
    345
    
    
    
    319
    
    
    
    1,738
    
    
    
    2,057
    
    
    
    872
    
    
    05/04/98
    
    5-30Royal Tech-Springwood
    
    Irving, TX
    
    
    
    
    
    
    894
    
    
    
    3,824
    
    
    
    1,808
    
    
    
    894
    
    
    
    5,632
    
    
    
    6,526
    
    
    
    2,584
    
    
    05/04/98
    
    5-30Royal Tech-Regent
    
    Irving, TX
    
    
    
    
    
    
    606
    
    
    
    2,615
    
    
    
    1,800
    
    
    
    606
    
    
    
    4,415
    
    
    
    5,021
    
    
    
    2,291
    
    
    05/04/98
    
    5-30Royal Tech-Bldg 7
    
    Irving, TX
    
    
    
    
    
    
    246
    
    
    
    1,061
    
    
    
    137
    
    
    
    246
    
    
    
    1,198
    
    
    
    1,444
    
    
    
    566
    
    
    05/04/98
    
    5-30Royal Tech-NFTZ
    
    Irving, TX
    
    
    
    
    
    
    1,517
    
    
    
    6,499
    
    
    
    1,690
    
    
    
    1,517
    
    
    
    8,189
    
    
    
    9,706
    
    
    
    4,032
    
    
    05/04/98
    
    5-30Royal Tech-Olympus
    
    Irving, TX
    
    
    
    
    
    
    1,060
    
    
    
    4,531
    
    
    
    527
    
    
    
    1,060
    
    
    
    5,058
    
    
    
    6,118
    
    
    
    2,158
    
    
    05/04/98
    
    5-30Royal Tech-Honeywell
    
    Irving, TX
    
    
    
    
    
    
    548
    
    
    
    2,347
    
    
    
    452
    
    
    
    548
    
    
    
    2,799
    
    
    
    3,347
    
    
    
    1,187
    
    
    05/04/98
    
    5-30Royal Tech-Bldg 12
    
    Irving, TX
    
    
    
    
    
    
    1,466
    
    
    
    6,263
    
    
    
    2,052
    
    
    
    1,466
    
    
    
    8,315
    
    
    
    9,781
    
    
    
    3,529
    
    
    05/04/98
    
    5-30Royal Tech-Bldg 13
    
    Irving, TX
    
    
    
    
    
    
    955
    
    
    
    4,080
    
    
    
    1,111
    
    
    
    955
    
    
    
    5,191
    
    
    
    6,146
    
    
    
    1,959
    
    
    05/04/98
    
    5-30
 32




---



##### 



CostCapitalizedSubsequentto
    
    
    Gross Amount at Which Carried atInitial Cost to Company
    
    
    Acquisition
    
    
    December 31, 2007Buildings
    
    
    Buildings
    
    
    
    
    
    
    Buildings
    
    
    
    
    
    
    
    
    
    
    
    
    Depreciableand
    
    
    and
    
    
    
    
    
    
    and
    
    
    
    
    
    
    Accumulated
    
    
    Date
    
    LivesDescription
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Improvements
    
    
    Improvements
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation
    
    
    Acquired
    
    (Years)Royal Tech-Bldg 14
    
    Irving, TX
    
    
    
    
    
    
    2,010
    
    
    
    10,242
    
    
    
    2,162
    
    
    
    2,010
    
    
    
    12,404
    
    
    
    14,414
    
    
    
    5,133
    
    
    05/04/98
    
    5-30Royal Tech-Bldg 15
    
    Irving, TX
    
    
    
    
    
    
    1,307
    
    
    
    5,600
    
    
    
    1,574
    
    
    
    1,307
    
    
    
    7,174
    
    
    
    8,481
    
    
    
    2,685
    
    
    11/04/98
    
    5-30Westchase Corporate Park
    
    Houston, TX
    
    
    
    
    
    
    2,173
    
    
    
    7,338
    
    
    
    1,338
    
    
    
    2,173
    
    
    
    8,676
    
    
    
    10,849
    
    
    
    3,144
    
    
    12/30/99
    
    5-30Ben White 1
    
    Austin, TX
    
    
    
    
    
    
    789
    
    
    
    3,571
    
    
    
    271
    
    
    
    789
    
    
    
    3,842
    
    
    
    4,631
    
    
    
    1,685
    
    
    12/31/98
    
    5-30Ben White 5
    
    Austin, TX
    
    
    
    
    
    
    761
    
    
    
    3,444
    
    
    
    396
    
    
    
    761
    
    
    
    3,840
    
    
    
    4,601
    
    
    
    1,623
    
    
    12/31/98
    
    5-30McKalla 3
    
    Austin, TX
    
    
    
    
    
    
    662
    
    
    
    2,994
    
    
    
    691
    
    
    
    662
    
    
    
    3,685
    
    
    
    4,347
    
    
    
    1,727
    
    
    12/31/98
    
    5-30McKalla 4
    
    Austin, TX
    
    
    
    
    
    
    749
    
    
    
    3,390
    
    
    
    742
    
    
    
    749
    
    
    
    4,132
    
    
    
    4,881
    
    
    
    1,889
    
    
    12/31/98
    
    5-30Waterford A
    
    Austin, TX
    
    
    
    
    
    
    597
    
    
    
    2,752
    
    
    
    930
    
    
    
    597
    
    
    
    3,682
    
    
    
    4,279
    
    
    
    1,622
    
    
    01/06/99
    
    5-30Waterford B
    
    Austin, TX
    
    
    
    
    
    
    367
    
    
    
    1,672
    
    
    
    387
    
    
    
    367
    
    
    
    2,059
    
    
    
    2,426
    
    
    
    898
    
    
    05/20/99
    
    5-30Waterford C
    
    Austin, TX
    
    
    
    
    
    
    1,144
    
    
    
    5,225
    
    
    
    806
    
    
    
    1,144
    
    
    
    6,031
    
    
    
    7,175
    
    
    
    2,377
    
    
    05/20/99
    
    5-30McNeil 6
    
    Austin, TX
    
    
    
    
    
    
    437
    
    
    
    2,013
    
    
    
    957
    
    
    
    437
    
    
    
    2,970
    
    
    
    3,407
    
    
    
    1,469
    
    
    01/06/09
    
    5-30Rutland 11
    
    Austin, TX
    
    
    
    
    
    
    325
    
    
    
    1,536
    
    
    
    122
    
    
    
    325
    
    
    
    1,658
    
    
    
    1,983
    
    
    
    658
    
    
    01/06/99
    
    5-30Rutland 12
    
    Austin, TX
    
    
    
    
    
    
    535
    
    
    
    2,487
    
    
    
    313
    
    
    
    535
    
    
    
    2,800
    
    
    
    3,335
    
    
    
    1,248
    
    
    01/06/99
    
    5-30Rutland 13
    
    Austin, TX
    
    
    
    
    
    
    469
    
    
    
    2,190
    
    
    
    346
    
    
    
    469
    
    
    
    2,536
    
    
    
    3,005
    
    
    
    1,029
    
    
    01/06/99
    
    5-30Rutland 14
    
    Austin, TX
    
    
    
    
    
    
    535
    
    
    
    2,422
    
    
    
    278
    
    
    
    535
    
    
    
    2,700
    
    
    
    3,235
    
    
    
    1,183
    
    
    12/31/98
    
    5-30Rutland 19
    
    Austin, TX
    
    
    
    
    
    
    158
    
    
    
    762
    
    
    
    1,741
    
    
    
    158
    
    
    
    2,503
    
    
    
    2,661
    
    
    
    1,107
    
    
    01/06/99
    
    5-30Royal Tech-Bldg 16
    
    Irving, TX
    
    
    
    
    
    
    2,464
    
    
    
    2,703
    
    
    
    3,162
    
    
    
    2,464
    
    
    
    5,865
    
    
    
    8,329
    
    
    
    1,661
    
    
    07/01/99
    
    5-30Royal Tech-Bldg 17
    
    Irving, TX
    
    
    
    
    
    
    1,832
    
    
    
    6,901
    
    
    
    1,621
    
    
    
    1,832
    
    
    
    8,522
    
    
    
    10,354
    
    
    
    2,363
    
    
    08/15/01
    
    5-30Monroe Business Center
    
    Herndon, VA
    
    
    
    
    
    
    5,926
    
    
    
    13,944
    
    
    
    6,454
    
    
    
    5,926
    
    
    
    20,398
    
    
    
    26,324
    
    
    
    8,987
    
    
    08/01/97
    
    5-30Lusk II-R&D
    
    San Diego, CA
    
    
    
    
    
    
    1,077
    
    
    
    2,644
    
    
    
    424
    
    
    
    1,077
    
    
    
    3,068
    
    
    
    4,145
    
    
    
    1,134
    
    
    03/17/98
    
    5-30Lusk II-Office
    
    San Diego, CA
    
    
    
    
    
    
    1,230
    
    
    
    3,005
    
    
    
    1,370
    
    
    
    1,230
    
    
    
    4,375
    
    
    
    5,605
    
    
    
    1,785
    
    
    03/17/98
    
    5-30Norris Cn-Office
    
    San Ramon, CA
    
    
    
    
    
    
    1,486
    
    
    
    3,642
    
    
    
    859
    
    
    
    1,486
    
    
    
    4,501
    
    
    
    5,987
    
    
    
    1,819
    
    
    03/17/98
    
    5-30Northpointe D
    
    Sterling, VA
    
    
    
    
    
    
    787
    
    
    
    2,857
    
    
    
    1,389
    
    
    
    787
    
    
    
    4,246
    
    
    
    5,033
    
    
    
    2,416
    
    
    06/11/98
    
    5-30Monroe II
    
    Herndon, VA
    
    
    
    
    
    
    811
    
    
    
    4,967
    
    
    
    970
    
    
    
    811
    
    
    
    5,937
    
    
    
    6,748
    
    
    
    2,560
    
    
    01/29/99
    
    5-30Metro Park I
    
    Rockville, MD
    
    
    
    
    
    
    5,383
    
    
    
    15,404
    
    
    
    2,748
    
    
    
    5,383
    
    
    
    18,152
    
    
    
    23,535
    
    
    
    6,716
    
    
    12/27/01
    
    5-30Metro Park I R&D
    
    Rockville, MD
    
    
    
    
    
    
    5,404
    
    
    
    15,748
    
    
    
    4,610
    
    
    
    5,404
    
    
    
    20,358
    
    
    
    25,762
    
    
    
    8,570
    
    
    12/27/01
    
    5-30Metro Park II
    
    Rockville, MD
    
    
    
    
    
    
    1,223
    
    
    
    3,490
    
    
    
    623
    
    
    
    1,223
    
    
    
    4,113
    
    
    
    5,336
    
    
    
    1,708
    
    
    12/27/01
    
    5-30Metro Park II
    
    Rockville, MD
    
    
    
    
    
    
    2,287
    
    
    
    6,533
    
    
    
    1,706
    
    
    
    2,287
    
    
    
    8,239
    
    
    
    10,526
    
    
    
    3,483
    
    
    12/27/01
    
    5-30Metro Park III
    
    Rockville, MD
    
    
    
    
    
    
    4,555
    
    
    
    13,039
    
    
    
    4,120
    
    
    
    4,555
    
    
    
    17,159
    
    
    
    21,714
    
    
    
    7,336
    
    
    12/27/01
    
    5-30Metro Park IV
    
    Rockville, MD
    
    
    
    
    
    
    4,188
    
    
    
    12,035
    
    
    
    834
    
    
    
    4,188
    
    
    
    12,869
    
    
    
    17,057
    
    
    
    4,541
    
    
    12/27/01
    
    5-30Metro Park V
    
    Rockville, MD
    
    
    
    
    
    
    9,813
    
    
    
    28,214
    
    
    
    4,273
    
    
    
    9,813
    
    
    
    32,487
    
    
    
    42,300
    
    
    
    12,047
    
    
    12/27/01
    
    5-30Kearny Mesa-Office
    
    San Diego, CA
    
    
    
    
    
    
    785
    
    
    
    1,933
    
    
    
    1,187
    
    
    
    785
    
    
    
    3,120
    
    
    
    3,905
    
    
    
    1,296
    
    
    03/17/98
    
    5-30Kearny Mesa-R&D
    
    San Diego, CA
    
    
    
    
    
    
    2,109
    
    
    
    5,156
    
    
    
    628
    
    
    
    2,109
    
    
    
    5,784
    
    
    
    7,893
    
    
    
    2,137
    
    
    03/17/98
    
    5-30Bren Mar-Office
    
    Alexandria, VA
    
    
    
    
    
    
    572
    
    
    
    1,401
    
    
    
    1,909
    
    
    
    572
    
    
    
    3,310
    
    
    
    3,882
    
    
    
    1,627
    
    
    03/17/98
    
    5-30Lusk III
    
    San Diego, CA
    
    
    
    
    
    
    1,904
    
    
    
    4,662
    
    
    
    922
    
    
    
    1,904
    
    
    
    5,584
    
    
    
    7,488
    
    
    
    2,079
    
    
    03/17/98
    
    5-30Bren Mar-R&D
    
    Alexandria, VA
    
    
    
    
    
    
    1,625
    
    
    
    3,979
    
    
    
    596
    
    
    
    1,625
    
    
    
    4,575
    
    
    
    6,200
    
    
    
    1,694
    
    
    03/17/98
    
    5-30Alban Road-Office
    
    Springfield, VA
    
    
    
    
    
    
    988
    
    
    
    2,418
    
    
    
    3,055
    
    
    
    988
    
    
    
    5,473
    
    
    
    6,461
    
    
    
    2,524
    
    
    03/17/98
    
    5-30Alban Road-R&D
    
    Springfield, VA
    
    
    
    
    
    
    947
    
    
    
    2,318
    
    
    
    543
    
    
    
    947
    
    
    
    2,861
    
    
    
    3,808
    
    
    
    1,155
    
    
    03/17/98
    
    5-30Guide Drive
    
    Rockville, MD
    
    
    
    
    
    
    1,142
    
    
    
    
    
    
    
    328
    
    
    
    1,142
    
    
    
    328
    
    
    
    1,470
    
    
    
    14
    
    
    02/27/01
    
    5-30$
    60,725
    
    
    $
    494,849
    
    
    $
    1,208,690
    
    
    $
    275,359
    
    
    $
    494,849
    
    
    $
    1,484,049
    
    
    $
    1,978,898
    
    
    $
    539,857
 33




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##### 



SIGNATURES
  Dated: May 15, 2008PS Business Parks, Inc.By:
    
    /s/ Joseph D. Russell, Jr.

Joseph D. Russell, Jr.President and Chief Executive Officer
 34




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##### 



PS BUSINESS PARKS, INC.
 EXHIBIT INDEX
 23
    
    
    Consent of Independent Registered Public Accounting Firm. Filed herewith.31.1
    
    
    Certification of Chief Executive Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002. Filed herewith.31.2
    
    
    Certification of Chief Financial Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002. Filed herewith.32.1
    
    
    Certification of Chief Executive Officer and Chief Financial Officer pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.
 35