1、2002 Annual ReportPROPERTY LOCATIONSPS Business Parks,Inc.(as of December 31,2002)Southern CaliforniaRentable Square Feet:3,173,000Buena ParkCarsonCerritosCulver CityIrvineLaguna HillsLake ForestLakewoodMonterey ParkSan DiegoSignal HillStudio CityTorranceNorthern CaliforniaRentable Square Feet:1,497
2、,000HaywardMontereySacramentoSan JoseSan RamonSanta ClaraSouth San FranciscoOregonRentable Square Feet:1,972,000BeavertonMilwaukieWashingtonRentable Square Feet:28,000RentonArizonaRentable Square Feet:569,000MesaPhoenixTempeNorthern TexasRentable Square Feet:1,951,000DallasGarlandHoustonLas ColinasM
3、esquiteMissouri CityPlanoRichardsonSouthern TexasRentable Square Feet:833,000AustinTennesseeRentable Square Feet:138,000NashvilleVirginiaRentable Square Feet:2,621,000AlexandriaChantillyHerndonLortonMerrifieldSpringfieldSterlingWoodbridgeMarylandRentable Square Feet:1,646,000BeltsvilleGaithersburgLa
4、ndoverLargoRockvilleWAORCAAZTXTNVAMDPropertiesRegional OfficeThe graph set forth above compares the yearly change in the cumulative total shareholder return on the Common Stock(formerlyCommon Stock Series A)of the Company(formerly Public Storage Properties XI,Inc.)for the five-year period ended Dece
5、mber 31,2002 to the cumulative total return of the National Association of Real Estate Investment Trusts Equity Index(“NAREIT Equity Index”)for the same period(total shareholder return equals price appreciation plus dividends).The stock price performance graph assumes thatthe value of the investment
6、 in the Companys Common Stock and the NAREIT Equity Index was$100 on December 31,1997 and thatall dividends were reinvested.The stock price performance shown in the graph is not necessarily indicative of future price performance.CUMULATIVE TOTAL RETURNPS Business Parks,Inc.and NAREIT Equity IndexDec