Real estate investment trust (REIT) PS Business Parks, Inc. (NYSE: PSB) has appointed Stephen W. Wilson as President and CEO, effective immediately. He has been the company’s interim President and CEO since January 17.
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Wilson has been on PSB’s board since July 2019.
Commenting on the appointment, Ronald L. Havner, Jr., the Chairman of PSB’s board of directors, said, “During his time as a director and as our interim President and CEO, Steve has demonstrated a deep understanding of the company and its strategy and brings extensive REIT management experience and real estate expertise from his more than 21 years at AvalonBay (NYSE: AVB).”
About PS Business Parks
Headquartered in California, PS Business Parks acquires, develops, owns, and operates commercial properties, mainly multi-tenant industrial, industrial-flex, and low-rise suburban office space.
As of December 31, 2021, it had 97 properties spanning 28 million square feet. PSB’s portfolio also includes 800 residential units.
Consensus Rating
Based on one Buy and one Hold, PSB has a Moderate Buy consensus rating. PSB’s average price forecast of $181.50 implies 8.2% upside potential from current levels. Shares have gained 14.5% over the past year.
Investors’ Sentiment
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on PSB, as 40.4% of investors on TipRanks increased their exposure to the stock over the past 30 days.
Conclusion
Wilson, a member of the Urban Land Institute, has been the Chairperson of the ULI Transit Oriented Development Council. He is also a member of The American Institute of Certified Public Accountants.
Before retiring in 2019, he was the Executive Vice-President of Development at Virginia-based REIT AvalonBay for five years. Wilson has also held various senior leadership positions at AvalonBay. Such an impressive profile makes him the perfect fit for PSB.
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