UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 11-K


[x]    Annual Report Pursuant to Section 15(D) of the Securities Exchange Act of
       1934

For the fiscal year ended December 31, 2006
                          -----------------

                                       OR

[]     Transition Report Pursuant to Section 15(D) of the Securities  Exchange
       Act of 1934

For the transition period from  ____________  to  ____________.

Commission File Number:  1-10709


A.   Full title of the plan and the address of the plan, if different from that
     of the issuer named below:

                          PS 401(k) PROFIT SHARING PLAN
                               701 Western Avenue
                             Glendale, CA 91201-2349

B.   Name of issuer of the securities held pursuant to the plan and the address
     of its principal executive office:

                             PS BUSINESS PARKS, INC.
                               701 Western Avenue
                             Glendale, CA 91201-2349










                          PS 401(k) PROFIT SHARING PLAN

                              FINANCIAL STATEMENTS
                            AND SUPPLEMENTAL SCHEDULE



                                TABLE OF CONTENTS

                                                                         Page
                                                                         ----



Report of Independent Registered Public Accounting Firm                     1


Financial Statements:

  Statements of Net Assets Available
    for Benefits at December 31, 2006 and 2005                              2

  Statement of Changes in Net Assets
    Available for Benefits for the year ended December 31, 2006             3

  Notes to Financial Statements                                         4 - 9


Supplemental Schedule:

  Schedule I - Schedule of Assets (Held at End of Year)                    10










             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


To the Administrative Committee
PS 401(k) Profit Sharing Plan

We have audited the accompanying statements of net assets available for benefits
of PS 401(k)  Profit  Sharing  Plan as of December  31,  2006 and 2005,  and the
related  statement of changes in net assets  available for benefits for the year
ended December 31, 2006. These financial  statements are the  responsibility  of
the  Plan's  management.  Our  responsibility  is to express an opinion on these
financial statements based on our audits.

We conducted our audits in accordance  with the standards of the Public  Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  We were not engaged to perform an
audit of the  Plan's  internal  control  over  financial  reporting.  Our audits
included  consideration of internal control over financial  reporting as a basis
for designing audit  procedures that are appropriate in the  circumstances,  but
not for the purpose of expressing an opinion on the  effectiveness of the Plan's
internal  control  over  financial  reporting.  Accordingly,  we express no such
opinion. An audit also includes examining,  on a test basis, evidence supporting
the  amounts  and  disclosures  in  the  financial  statements,   assessing  the
accounting  principles  used and significant  estimates made by management,  and
evaluating the overall  financial  statement  presentation.  We believe that our
audits provide a reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all  material  respects,  the net assets  available  for benefits of the Plan at
December  31,  2006 and 2005,  and the changes in its net assets  available  for
benefits for the year ended December 31, 2006, in conformity with U.S. generally
accepted accounting principles.

Our audits were performed for the purpose of forming an opinion on the financial
statements taken as a whole. The  accompanying  supplemental  schedule of assets
(held at end of year) as of December  31,  2006,  is  presented  for purposes of
additional  analysis and is not a required part of the financial  statements but
is  supplementary  information  required by the  Department of Labor's Rules and
Regulations for Reporting and Disclosure  under the Employee  Retirement  Income
Security Act of 1974. This  supplemental  schedule is the  responsibility of the
Plan's management.  The supplemental schedule has been subjected to the auditing
procedures applied in our audit of the financial statements and, in our opinion,
is  fairly  stated  in all  material  respects  in  relation  to  the  financial
statements taken as a whole.

                                                           /s/ Ernst & Young LLP


Los Angeles, California
June 22, 2007




                          PS 401(k) PROFIT SHARING PLAN

                       STATEMENTS OF NET ASSETS AVAILABLE
                                  FOR BENEFITS





                                                                                    At December 31,
                                                                           --------------------------------
                                                                               2006               2005
                                                                           -------------       ------------
  ASSETS
                                                                                         
  Investments at fair value..........................................      $75,944,310         $61,797,501

  Receivables:
     Participant contributions.......................................          110,246             121,045
     Employer contributions..........................................          279,481             139,461
                                                                           -------------       ------------
  Total receivables..................................................          389,727             260,506
                                                                           -------------       ------------
  Total assets.......................................................       76,334,037          62,058,007

  LIABILITIES
  Accrued expenses...................................................                -              19,860
                                                                           -------------       ------------
  Total liabilities..................................................                -              19,860
                                                                           -------------       ------------
  Net assets available for benefits at fair value                           76,334,037          62,038,147

  Adjustment from fair value to contract value for fully
  benefit-responsive investment contracts............................          142,222             142,316
                                                                           -------------       ------------

  Net assets available for benefits..................................      $76,476,259         $62,180,463
                                                                           =============       ============



                             See accompanying notes.
                                        2




                          PS 401(k) PROFIT SHARING PLAN

                       STATEMENT OF CHANGES IN NET ASSETS
                             AVAILABLE FOR BENEFITS

                      For the Year Ended December 31, 2006

 Additions to Net Assets Attributed to:

       Investment income:
         Net appreciation in fair value of investments.......    $   10,282,144
         Interest income.....................................           329,742
         Dividend income.....................................         2,269,065
                                                                 ---------------
                                                                     12,880,951

       Contributions:
         Participant.........................................         3,634,285
         Participant rollovers...............................           408,572
         Employer............................................         1,964,635
                                                                 ---------------
                                                                      6,007,492
                                                                 ---------------
       Total additions.......................................        18,888,443

 Deductions from Net Assets Attributed to:

       Benefits paid to participants.........................         4,546,060
       Administrative expenses...............................            46,587
                                                                 ---------------
       Total deductions......................................         4,592,647
                                                                 ---------------
   Increase in net assets available for benefits.............        14,295,796
   Net assets available for benefits - beginning of year.....        62,180,463
                                                                 ---------------
   Net assets available for benefits - end of year...........    $   76,476,259
                                                                 ===============

                             See accompanying notes.
                                        3



                          PS 401(k) PROFIT SHARING PLAN
                          NOTES TO FINANCIAL STATEMENTS
                                December 31, 2006


1.       Description of the Plan
         -----------------------

         General
         -------

         The PS 401(k)  Profit  Sharing  Plan (the  "Plan")  encompasses  Public
         Storage,  PS Business  Parks,  Inc. and certain of their majority owned
         subsidiaries,  collectively, (the "Company"). The following description
         of the Plan  provides  only general  information.  Participants  should
         refer to the Plan documentation for a more complete  description of the
         Plan's provisions.

         The  Plan  is a  defined  contribution  plan  for  the  benefit  of all
         permanent  employees of the Company who have completed at least 30 days
         of  service  and are 21  years  of age.  The  Plan  is  subject  to the
         provisions of the Employee  Retirement  Income Security Act of 1974, as
         amended  ("ERISA").  Although it has not  expressed the intention to do
         so, the Company has the right to  terminate  the Plan  subject to ERISA
         provisions.   The  Plan   allows   interim   allocations   of   Company
         contributions  and  earnings  or  losses  of trust  fund  assets  among
         participants.

         The Company  appoints a committee to  administer  the Plan. At December
         31,  2006,  the Plan  Administrative  Committee  is  comprised of seven
         officers of the Company with Union Bank of California acting as Trustee
         (the "Trustee").

         Through December 31, 2006,  Union Bank of California  served as Trustee
         (the  "Trustee") of the Plan.  Effective  January 1, 2007,  Wells Fargo
         Bank became the Plan trustee.

         On August  22,  2006,  Public  Storage  merged  with  Shurgard  Storage
         Centers,  Inc.   ("Shurgard").   Shurgard  was  the  plan  sponsor  and
         administrator  of the Shurgard  Employee  Retirement  Savings Plan (the
         "Shurgard Plan").  Effective January 1, 2007,  pursuant to an amendment
         of the  Plan,  the  Shurgard  Plan  was  merged  into  the Plan and all
         participants  active  in the  Shurgard  Plan  as of  that  date  became
         eligible employees of the Plan on that date.

         Other significant provisions of the Plan are as follows:

         Contributions
         -------------

         Employee  contributions  to  the  Plan  (voluntary  contributions)  are
         deferrals  of  the  employee's   compensation  made  through  a  direct
         reduction of  compensation  in each payroll  period.  During 2006, each
         eligible  participant could elect a pretax contribution rate from 1% to
         100% of their compensation, as defined in the Plan document, subject to
         the maximum annual elective deferral amount set by the Internal Revenue
         Code.   Participants   may   also   contribute   amounts   representing
         distributions  from other  qualified  benefit  or defined  contribution
         plans.

         The Company  contributes one dollar ($1.00) for each dollar deferred by
         a participant up to three percent (3%) of compensation,  as defined and
         subject to certain  limitations as described in the Plan document.  The
         Company  also  contributes  an  additional  fifty cents ($.50) for each
         dollar that each participant  defers in excess of three percent (3%) of
         compensation  up to five percent (5%) of  compensation.  The  Company's
         aggregate   contributions   are  limited  to  four   percent   (4%)  of
         compensation,   as  defined  and  subject  to  certain  limitations  as
         described  in the Plan  document.  The  matching  contribution  is 100%
         vested.  Additional amounts may be contributed at the discretion of the
         Company. No such additional contributions were made in 2006.

         Vesting
         -------

         Since  January 1, 2005 employee  deferrals  and the Company's  matching
         contribution are 100% vested and  non-forfeitable.  Prior to January 1,
         2005,  the Company  contributed  a guaranteed  3% to all eligible  Plan
         participants; these amounts vested over a seven year period.

                                       4


                          PS 401(k) PROFIT SHARING PLAN
                          NOTES TO FINANCIAL STATEMENTS
                                December 31, 2006


         With  respect to Company  contributions  before  January 1, 2005,  each
         participant's account became 10 percent vested  (non-forfeitable) after
         two years of service  (as  defined),  20 percent  after  three years of
         service  and an  additional  20  percent  for each  additional  year of
         service thereafter.

         Upon death, severance by reason of disability, or the attainment of the
         participant's sixty-fifth birthday, a participant automatically becomes
         fully  vested to the  extent of the  balance in their  account.  In the
         event  the  Plan  is  terminated  or   contributions   are   completely
         discontinued, each participant becomes fully vested.

         Investment Options

         Since December 19, 2005, upon enrollment in the Plan, a participant may
         direct  their  contributions  and  holdings in any of the  following 15
         investment options:

         1.    Dodge & Cox International Stock Fund
         2.    American Funds EuroPacific Growth Fund/R5
         3.    American Funds Growth Fund of America/R5
         4.    Individually Directed Account
         5.    Oakmark Equity & Income I Fund
         6.    PIMCO Total Return Institutional Fund
         7.    Selected American Shares D
         8.    T. Rowe Price Equity Income Fund
         9.    T. Rowe Price Real Estate Fund (since October 31, 2006)
         10.   UBOC Stable Value B Fund
         11.   Vanguard Explorer Admiral Fund
         12.   Vanguard Extended Market Index Fund
         13.   Vanguard 500 Index Admiral Fund
         14.   Vanguard Short Term Federal Admiral Fund
         15.   Vanguard Windsor II Admiral Fund

         Prior to  December  19,  2005,  participants  had the  option to direct
         contributions to the Company's securities. Effective December 19, 2005,
         participants  no longer  have that  option.  Existing  holdings  of the
         Company's  securities  on  December  19,  2005,  were  either  held  or
         transferred to other Plan investment alternatives at the option of each
         participant (see Note 5).

         Distributions from the Trust Fund
         ---------------------------------

         Distributions  of  each  participant's   vested  account  balance  upon
         severance or death are made in a single lump sum payment; however, upon
         severance if the  participant's  vested account balance exceeds $5,000,
         payment may be deferred at the election of the participant  until April
         1st of the calendar year in which the participant  reaches 70 1/2 years
         of age.

         Additionally, the Plan provides for hardship distributions (as defined)
         at the discretion of the Plan Administrative Committee.

         Generally, distributions are made no later than 60 days after the close
         of the Plan year in which the  participant  becomes  eligible  for such
         distributions.  Under certain  circumstances,  participants enrolled in
         the Plan prior to and including December 31, 1983 may elect alternative
         distribution methods.

         Forfeited Accounts
         ------------------

         Forfeitures  of  profit  sharing  contributions  will be used  (i) as a
         non-elective  allocation  to all eligible  Plan  participants,  (ii) to
         reduce the Company's safe harbor matching  contribution or (iii) reduce
         Plan expenses.  During 2006, a total of $106,000 in non-vested  amounts
         were forfeited and will be allocated to eligible Plan  participants  in
         2007.

                                       5


                          PS 401(k) PROFIT SHARING PLAN
                          NOTES TO FINANCIAL STATEMENTS
                                December 31, 2006

         During 2006, $948,000 was allocated to eligible Plan participants based
         upon the extent an individual  participant's  compensation bears to the
         total eligible  compensation  of all such eligible  participants in the
         Plan  year  the  amounts  were  forfeited.   These  amounts   represent
         forfeitures during 2005.

2.       Summary of Significant Accounting Principles
         --------------------------------------------

         Basis of Accounting
         -------------------

         The accompanying financial statements of the Plan have been prepared on
         the  accrual  basis  of  accounting  and are in  conformity  with  U.S.
         generally accepted accounting principles.

         Estimates
         ---------

         The  preparation  of  financial  statements  in  conformity  with  U.S.
         generally   accepted   accounting    principles   requires   the   Plan
         administrator to make estimates and assumptions that affect the amounts
         reported in the financial  statements and  accompanying  notes.  Actual
         results could differ from those estimates.

         Income Tax Status
         -----------------

         The Plan has received a determination  letter from the Internal Revenue
         Service dated March 13, 2003,  stating that the Plan is qualified under
         Section  401(a)  of  the  Internal   Revenue  Code  (the  "Code")  and,
         therefore,  the related  trust is exempt from  taxation.  Subsequent to
         this  determination  by the  Internal  Revenue  Service,  the  Plan was
         amended and restated.  Once qualified,  the Plan is required to operate
         in  conformity  with the Code to maintain its  qualification.  The plan
         administrator  believes the Plan is being  operated in compliance  with
         the applicable  requirements of the Code and, therefore,  believes that
         the Plan, as amended and restated is qualified and the related trust is
         tax exempt. The Company has indicated it will take the necessary steps,
         if any, to maintain the Plan's qualified status.

         Recently Issued Accounting Standards
         ------------------------------------

         In December  2005,  the  Financial  Accounting  Standards  Board (FASB)
         issued FASB Staff Position AAG INV-1 and SOP 94-4-1, Reporting of Fully
         Benefit-Responsive  Investment  Contracts  Held by  Certain  Investment
         Companies   Subject  to  the  AICPA   Investment   Company   Guide  and
         Defined-Contribution  Health and Welfare  and Pension  Plans (the FSP).
         The FSP defines the  circumstances  in which an investment  contract is
         considered fully benefit  responsive and provides certain reporting and
         disclosure   requirements  for  fully  benefit  responsive   investment
         contracts in defined contribution health and welfare and pension plans.
         The financial statement  presentation and disclosure  provisions of the
         FSP are effective for financial  statements  issued for annual  periods
         ending  after  December  15,  2006  and  are  required  to  be  applied
         retroactively to all prior periods presented for comparative  purposes.
         The Plan has adopted the provisions of the FSP at December 31, 2006.

         As required by the FSP,  investments in the accompanying  Statements of
         Net Assets  Available for Benefits  include  fully  benefit  responsive
         investment  contracts  recognized at fair value. SOP 94-4- 1, Reporting
         of Investment  Contracts  Held by Health and Welfare  Benefit Plans and
         Defined Contribution Pension Plans, as amended,  requires fully benefit
         responsive  investment  contracts  to be  reported at fair value in the
         Plan's   Statement  of  Net  Assets   Available  for  Benefits  with  a
         corresponding  adjustment  to reflect  these  investments  at  contract
         value. The  requirements of the FSP have been applied  retroactively to
         the  Statement of Net Assets  Available for Benefits as of December 31,
         2005  presented for  comparative  purposes.  Adoption of the FSP had no
         effect on the Statement of Changes in Net Assets Available for Benefits
         for the year ended December 31, 2006.

                                       6



                          PS 401(k) PROFIT SHARING PLAN
                          NOTES TO FINANCIAL STATEMENTS
                                December 31, 2006

         Investment Valuation and Income Recognition
         -------------------------------------------

         The Plan's  investments are recorded at fair value as determined by the
         quoted  market  price on the last  business  day of the plan year.  The
         investment  contracts  are  presented at fair value on the statement of
         net  assets   available   for   benefits.   The  fair  value  of  fully
         benefit-responsive  investment  contracts is calculated by  discounting
         the related cash flows based on current  yields of similar  instruments
         with comparable durations.

         Purchases and sales of securities  are recorded on a trade-date  basis.
         Interest  income  is  recorded  on the  accrual  basis.  Dividends  are
         recorded on the ex-dividend date.

3.       Investments
         -----------

         Union Bank has  custody of the  investments  under a  non-discretionary
         trust agreement with the Plan.

         The following  presents the fair value of  investments  at December 31,
         2006 and 2005 that  represent  five  percent (5%) or more of the Plan's
         net assets available for benefits:

                                                       2006             2005
                                                  -------------   -------------
         UBOC Stable Value B Fund                 $  8,365,985    $  8,371,508
         Mutual Funds:
            Oakmark Equity & Income I                8,889,270       8,307,289
            Vanguard Index 500                       8,909,086       8,045,759
            The Growth Fund of America               6,439,719       5,158,086
         Public Storage Common Stock                24,697,256      17,901,822
         Public Storage Equity Stock, Series A       3,867,503       3,837,069


         During  2006,  the Plan's  investments  (including  gains and losses on
         investments  bought  and  sold,  as  well  as  held  during  the  year)
         appreciated in value as follows:

                                                                    2006
                                                             ---------------
         Mutual Funds......................................  $    2,583,890
         Common and Equity Stock...........................       7,698,254
                                                             ---------------
             Totals                                          $   10,282,144
                                                             ===============

4.       Administration Fees
         -------------------

         For the Plan year ended December 31, 2006, the Plan paid to the Trustee
         a  quarterly  participant  fee of $2.50 per  eligible  participant  and
         certain transaction related expenses incurred for the administration of
         the Plan. The Company  directly paid for all other Trustee fees and all
         other expenses related to the Plan.

5.       Related Party Transactions
         --------------------------

         Prior to December  19, 2005,  participants  had the option of directing
         contributions  to the  Company's  securities.  The  Company is the Plan
         sponsor as defined by the Plan document.  While  participants no longer
         have the option of directing contributions to the Company's securities,
         participants  can continue to hold such  investments  and the Plan held
         the following  shares in the Company's  securities  from  contributions
         prior to December 19, 2005:

                                       7



                          PS 401(k) PROFIT SHARING PLAN
                          NOTES TO FINANCIAL STATEMENTS
                                December 31, 2006




                                                        At December 31, 2006            At December 31, 2005
                                                   ----------------------------   -----------------------------
                                                    Shares            Amount        Shares            Amount
                                                   -----------  ---------------   -----------   ---------------
                                                                                     
         Public Storage Common Stock                 253,305     $  24,697,256      264,351      $  17,901,822
         Public Storage Equity Stock, Series A       147,221         3,867,503      138,673          3,837,069
         PS Business Parks Common Stock               10,112           715,020       10,126            498,187
                                                   -----------  ---------------   -----------   ---------------
         Totals                                      410,638     $  29,279,779      413,150      $  22,237,078
                                                   ===========  ===============   ===========   ===============


         Ronald L. Havner Jr., the  Vice-Chairman,  Chief Executive  Officer and
         President  of Public  Storage,  Inc.  and  Chairman  of the Board of PS
         Business  Parks,  Inc.,  is a Plan  participant  and is a member of the
         Board of  Directors of Union  BanCal  Corporation,  which is the parent
         company of the Trustee.

         UBOC  Stable  Value B, is a money  market  fund  offered  by the Plan's
         Trustee.  At  December  31,  2006 and  2005,  Plan  participants'  held
         $8,365,985 and $8,371,508, respectively, in this investment selection.

6.       Risks and Uncertainties
         -----------------------

         The Plan  provides for  investment  in various  investment  securities.
         Investment  securities are exposed to various  risks,  such as interest
         rate,  market,  and credit risks.  Due to the level of risk  associated
         with certain investment securities,  it is at least reasonably possible
         that changes in the values of investment  securities  will occur in the
         near term and that such changes could materially  affect  participants'
         account balances and the amounts reported in the financial statements.

7.       Concentrations
         --------------

         Investments in the Company's securities comprised approximately 38% and
         36% of the Plan's total  investments  as of December 31, 2006 and 2005,
         respectively.

8.       Plan Amendments
         ----------------

         Effective  January 1, 2005,  the Plan was  amended to  incorporate  the
         following changes:

         o    An employee is eligible to participate in the Plan if he or she is
              at least 21 years old and has completed 30 days of employment.

         o    The Company no longer  offers the  guaranteed  three  percent (3%)
              contribution of compensation to each participant.

         o    The  Company  contributes  one  dollar  ($1.00)  for  each  dollar
              deferred  by  a   participant   up  to  three   percent   (3%)  of
              compensation,  as defined  and subject to certain  limitations  as
              described in the Plan  document.  The Company also  contributes an
              additional   fifty   cents   ($.50)  for  each  dollar  that  each
              participant defers in excess of three percent (3%) of compensation
              up to five percent (5%) of compensation.  The Company's  aggregate
              contributions are limited to four percent (4%) of compensation, as
              defined and subject to certain  limitations  as  described  in the
              Plan document. The matching contribution is 100% vested.

         Effective  December 19, 2005, the Plan was amended to  incorporate  the
         following changes:

         o    Participants no longer have the option to direct  contributions to
              the Company's securities.  Existing holdings of Company securities
              on December 19,  2005,  were either held or  transferred  to other
              Plan investment alternatives at the option of each participant.

                                       8



                          PS 401(k) PROFIT SHARING PLAN
                          NOTES TO FINANCIAL STATEMENTS
                                December 31, 2006

9.       Reconciliation of Financial Statements to Form 5500
         ---------------------------------------------------

         The  following is a  reconciliation  of  investments  per the financial
         statements to the Form 5500 as of December 31:




                                                                    2006             2005
                                                               ------------     ------------
                                                                          
         Investments per the financial statements              $ 75,944,310     $ 61,797,501
         Plus: Adjustment from fair value to contract value
          for fully benefit-responsive investment contracts         142,222          142,316
                                                               ------------     ------------
         Investments per the Form 5500                         $ 76,086,532     $ 61,939,817
                                                               ============     ============



10.      Subsequent Event
         ----------------

         Effective January 1, 2007,  Participants may designate all or a portion
         of his or her elective  contributions as "Roth Contributions",  subject
         to certain  limitations and other specific terms delineated in the Plan
         document.



                                       9







                            SUPPLEMENTAL INFORMATION

                                   SCHEDULE I

                          PS 401(k) PROFIT SHARING PLAN
                              SCHEDULE H, LINE 4i -
                    SCHEDULE OF ASSETS (HELD AT END OF YEAR)
                                December 31, 2006

                   Employer Identification Number: 95-3551121
                                Plan Number: 001



(a)             (b)                                         (c)                                (e)

                                          Description of investment including maturity
  Identity of issue, borrower,              date, rate of interest, collateral, par           Current
   lessor, or similar party                            or maturity date                        Value
------------------------------------     ---------------------------------------------    ---------------

                                                                                     
*  Union Bank of California                  UBOC Stable Value B Fund                      $  8,223,763
*  Union Bank of California                  Stock Liquidity Management Account                   1,352
   Dodge & Cox Funds                         Dodge & Cox International Stock Fund             2,044,190
   American Funds                            EuroPacific Growth Fund                            258,657
   American Funds                            The Growth Fund of America                       6,439,719
   The Oakmark Funds                         Equity & Income I Fund                           8,889,270
   PIMCO Funds                               PIMCO Total Return Institutional Fund              889,193
   Selected American Funds                   Selected American D Fund                         1,942,798
   T. Rowe Price                             T. Rowe Price Equity Income Fund                   104,868
   T. Rowe Price                             T. Rowe Price Real Estate Fund                     624,312
   The Vanguard Group Mutual Funds           Explorer Admiral Fund                            2,447,732
   The Vanguard Group Mutual Funds           Extended Market Index Fund                         354,451
   The Vanguard Group Mutual Funds           Index 500 Fund                                   8,909,086
   The Vanguard Group Mutual Funds           Short Term Federal Admiral Fund                  3,133,699
   The Vanguard Group Mutual Funds           Windsor II Admiral Fund                          2,314,400
*  Public Storage                            Company common stock                            24,697,256
*  Public Storage                            Company equity stock                             3,867,503
*  PS Business Parks, Inc.                   Company common stock                               715,020
   Individually Directed Accounts            Various investment securities                       87,041
                                                                                          ---------------
   Total Investments                                                                       $ 75,944,310
                                                                                          ===============


*  Indicates a party-in-interest of the Plan.
   Note: As all Plan investments are participant directed,  column (d) providing
   certain participant  directed  transaction cost information is not applicable
   and has been omitted.

                                       10




            CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


We consent to the incorporation by reference in the Registration Statement (Form
S-8  No.  333-50274)  pertaining  to the PS  401(k)  Profit  Sharing  Plan of PS
Business  Parks,  Inc. of our report  dated June 22,  2007,  with respect to the
financial  statements and schedule of the PS 401(k) Profit Sharing Plan included
in this Annual Report (Form 11-K) for the year ended December 31, 2006.


                                                           /s/ Ernst & Young LLP


Los Angeles, California
June 22, 2007

                                       11





                                   SIGNATURES



Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
trustees (or other persons who administer the Plan) have duly caused this annual
report to be signed on its behalf by the undersigned hereunto duly authorized.

                          PS 401(k) PROFIT SHARING PLAN

Date: June 28, 2007

                                          By: /s/ Candace Krol
                                              ----------------
                                              Candace Krol
                                              Chairman, Administrative Committee