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, 2005
                          -----------------

                                       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 - 2005               1

Report of Independent Registered Public Accounting Firm - 2004               2


Financial Statements:

  Statements of Net Assets Available
    for Benefits at December 31, 2005 and 2004                               3

  Statement of Changes in Net Assets
    Available for Benefits for the year ended December 31, 2005              4

  Notes to Financial Statements                                          5 - 9


Supplemental Information:

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





                                        1
             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


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

We have audited the accompanying  statement of net assets available for benefits
of PS 401(k)  Profit  Sharing  Plan as of  December  31,  2005,  and the related
statement  of changes in net assets  available  for  benefits  for the year then
ended.  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 audit.

We conducted  our audit 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  audit
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
audit provides 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, 2005, and the changes in its net assets  available for benefits for
the year then ended,  in  conformity  with U.S.  generally  accepted  accounting
principles.

Our audit was  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,  2005,  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 27, 2006

                                       1




             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


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

We have audited the accompanying  statement of net assets available for benefits
of PS 401(k)  Profit  Sharing Plan (the  "Plan") as of December  31, 2004.  This
financial  statement  is  the  responsibility  of  the  Plan's  management.  Our
responsibility is to express an opinion on this financial statement based on our
audit.

We conducted  our audit 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.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements. An audit also includes, assessing the accounting principles used and
significant  estimates made by management,  and evaluating the overall financial
statement  presentation.  We believe that our audit provides a reasonable  basis
for our opinion.

In our opinion,  the financial  statement  referred to above presents fairly, in
all  material  respects,  the net assets  available  for benefits of the Plan at
December  31,  2004,  in  conformity  with U.S.  generally  accepted  accounting
principles.



/s/ Link, Murrel & Co.

Irvine, California

June 27, 2006

                                       2




                          PS 401(k) PROFIT SHARING PLAN

                       STATEMENTS OF NET ASSETS AVAILABLE
                                  FOR BENEFITS





                                                                             At December 31,
                                                                   ---------------------------------
                                                                        2005                2004
                                                                   --------------      -------------
                              ASSETS

                                                                                  
  Investments at fair value.....................................    $61,939,817         $58,377,895

  Cash..........................................................              -              24,041

  Receivables:
     Participant contributions..................................        121,045              96,350
     Employer contributions.....................................        139,461             121,060
     Dividends..................................................              -             267,074
                                                                   --------------      -------------
  Total receivables.............................................        260,506             484,484
                                                                   --------------      -------------
  Total assets..................................................     62,200,323          58,886,420


                           LIABILITIES

  Accrued expenses..............................................         19,860              43,696
                                                                   --------------      -------------
  Total liabilities.............................................         19,860              43,696
                                                                   --------------      -------------
  Net assets available for benefits.............................    $62,180,463         $58,842,724
                                                                   ==============      =============


                            See accompanying notes.
                                       3




                          PS 401(k) PROFIT SHARING PLAN

                       STATEMENT OF CHANGES IN NET ASSETS
                             AVAILABLE FOR BENEFITS

                      For the Year Ended December 31, 2005



 ADDITIONS TO NET ASSETS ATTRIBUTED TO:

       Investment income:
                                                                          
         Net appreciation (depreciation) in fair value of investments.....   $    5,412,644
         Interest income..................................................          230,277
         Dividend income..................................................        2,077,759
                                                                             ---------------
                                                                                  7,720,680

       Contributions:
         Participant......................................................        3,219,655
         Participant rollovers............................................          720,548
         Employer.........................................................        1,540,661
                                                                             ---------------
                                                                                  5,480,864
                                                                             ---------------
       Total additions....................................................       13,201,544

 DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:

       Benefits paid to participants......................................        9,847,989
       Administrative expenses............................................           15,816
                                                                             ---------------
       Total deductions...................................................        9,863,805
                                                                             ---------------
   Net increase in net assets available for benefits......................        3,337,739
   Net assets available for benefits - beginning of year..................       58,842,724
                                                                             ---------------
   Net assets available for benefits - end of year........................   $   62,180,463
                                                                             ===============


                            See accompanying notes.
                                       4




                          PS 401(k) PROFIT SHARING PLAN
                          NOTES TO FINANCIAL STATEMENTS
                           December 31, 2005 and 2004

1.  Summary of Significant Accounting Principles
    --------------------------------------------

    Basis of Presentation
    ---------------------

    PS 401(k) Profit Sharing Plan (the "Plan") encompasses Public Storage, Inc.,
    PS Business Parks, Inc. and their majority owned subsidiaries  collectively,
    (the  "Company").  The financial  statements and  supplemental  schedule are
    prepared in accordance  with the  financial  reporting  requirements  of the
    Employee Retirement Income Security Act ("ERISA").

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

    The financial statements of the Plan are prepared under the accrual basis of
    accounting.

    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  certain   reported  amounts  and
    disclosures. Accordingly, actual results may 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.

    Investment Valuation
    --------------------

    Investments in cash equivalents  (liquid funds,  money market funds and time
    deposits) are valued at cost, which approximates fair value.  Investments in
    mutual  funds are valued at quoted  market  prices which  represent  the net
    asset value of shares held by the Plan at year-end. All other securities are
    valued at the last  reported sale price on the last business day of the Plan
    year or at the quoted  market  price.  Interest  income is  recognized  when
    earned. Dividends are recorded on the ex-dividend date.

2.  Description of the Plan
    -----------------------

    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.  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,
    2005,  the Plan  Administrative  Committee is comprised of seven officers of
    the Company with Union Bank of California acting as Trustee (the "Trustee").
    Other significant provisions of the Plan are as follows:

                                       5




                          PS 401(k) PROFIT SHARING PLAN
                          NOTES TO FINANCIAL STATEMENTS
                           December 31, 2005 and 2004

    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.   The  maximum  annual   employee
    contribution  amount is based upon Internal  Revenue Code rules with respect
    to 401(k) plans, which are generally limited, subject to certain exceptions,
    to $14,000 for 2005.  Participants may also contribute amounts  representing
    distributions from other qualified benefit or defined contribution plans.

    The Company  contributes  one dollar  ($1.00) for each dollar  deferred by a
    participant  up to three  percent  (3%) of  compensation,  as  defined.  The
    Company also  contributes  an additional  fifty cents ($.50) for each dollar
    that each participant defers in excess of three percent (3%) of compensation
    but not more than five  percent  (5%) of  compensation,  subject  to certain
    limitations as described in the Plan document.  The matching contribution is
    100%  vested.  Additional  amounts may be  contributed  at the option of the
    Company.

    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.

    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
    ------------------

    From January 1, 2004 through December 19, 2005, upon enrollment in the Plan,
    a participant had the option of directing their  contributions in any of the
    following twenty-two investment options:

     1.  Highmark Div. Money Market     12.   American Funds Growth Fund R3
     2.  Strong Government Securities   13.   AIM Opportunities A
     3.  BGI Lifepath Income Fund R     14.   AIM Small CAP Growth A
     4.  BGI Lifepath 2010 Class R      15.   Oakmark International II
     5.  BGI Lifepath 2020 Class R      16.   Fidelity Advisor Equity Growth
     6.  BGI Lifepath 2030 Class R      17.   Ivy Science & Technology Y
     7.  BGI Lifepath 2040 Class R      18.   PIMCO Real Return Bond
     8.  MFS Value A                    19.   Public Storage Common Stock
     9.  Federated Capital Appreciation 20.   Public Storage Preferred Stock
    10.  Dreyfus S&P 500 Index          21.   PS Business Parks Stock
    11.  Janus Adv CAP Appreciation     22.   Scudder Real Estate

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

                                       6




                          PS 401(k) PROFIT SHARING PLAN
                          NOTES TO FINANCIAL STATEMENTS
                           December 31, 2005 and 2004

    1.   Dodge & Cox International       8.   T. Rowe Price Equity Income
    2.   EuroPacific Growth Fund/R5      9.   UBOC Stable Value B
    3.   Growth Fund of America /R5     10.   Vanguard Explorer/ Admrl
    4.   Oakmark Equity & Income I      11.   Vanguard Extended Market Index/Inv
    5.   PIMCO Total Return Inst        12.   Vanguard 500 Index/Admrl
    6.   Scudder RREEF Real Estate A    13.   Vanguard Short Term Federal
    7.   Selected American D            14.   Vanguard Windsor II

    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,  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  2005,  a total of $949,000  in  non-vested  amounts  were
    forfeited and will be allocated to eligible Plan participants in 2006.

    During 2005,  $1,265,000 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 were comprised of forfeitures totaling
    $606,000 and $648,000 during 2003 and 2004, respectively and earnings during
    2005 on those assets of approximately $11,000.

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

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

                                       7




                          PS 401(k) PROFIT SHARING PLAN
                          NOTES TO FINANCIAL STATEMENTS
                           December 31, 2005 and 2004

    The following  presents the fair value of  investments  at December 31, 2005
    and 2004 that  represent  five percent (5%) or more of the Plan's net assets
    available for benefits:

                                             2005                 2004
                                       -----------------    -----------------

    Money Market Funds                 $      8,371,508     $      8,498,252
    Mutual Funds:
       Oakmark Equity & Income I              8,307,289                    -
       Vanguard Index 500                     8,045,759                    -
       Growth Fund of America                 5,158,086                    -
       Dreyfus S&P 500 Index                          -            8,615,718
       Strong Government Securities                   -            3,230,585
    Public Storage, Inc. Common              17,901,822           22,846,009
    Public Storage, Inc. Preferred            3,837,069            3,643,129


    During  2005,  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:

                                                      2005
                                               --------------
          Mutual Funds........................ $    3,203,709
          Common and Preferred Stock..........      2,208,935
                                               --------------
                Totals                         $    5,412,644
                                               ==============

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

    For the Plan  year  ended  December  31,  2005,  the Plan  paid a  quarterly
    participant fee of $1.50 per eligible  participant  and certain  transaction
    related expenses  incurred for the  administration  of the Plan. The Company
    directly paid for 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.  Though  participants  no longer  have the
    option of directing contributions to the Company's securities, the Plan held
    the following shares in the Company's securities from contributions prior to
    December 19, 2005:




                                         At December 31, 2005           At December 31, 2004
                                       --------------------------     --------------------------
                                        Shares         Amount          Shares           Amount
                                       ----------   -------------     ---------    -------------
                                                                       
    Public Storage, Inc. Common         264,351     $ 17,901,822       409,794     $ 22,846,009
    Public Storage, Inc. Preferred      138,673        3,837,069       126,894        3,643,129
    PS Business Parks, Inc. Common       10,126          498,187        13,584          612,653
                                       ----------   -------------     ---------    -------------
    Totals                              413,150     $ 22,237,078       550,272     $ 27,101,791
                                       ==========   =============     =========    =============



    Ronald 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 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, 2005 and 2004, Plan  participant's  directed  $8,371,508 and
    $8,498,252, respectively, to this investment selection.

                                       8




                          PS 401(k) PROFIT SHARING PLAN
                          NOTES TO FINANCIAL STATEMENTS
                           December 31, 2005 and 2004

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

    The Plan  provides  for various  investment  options in any  combination  of
    equity, fixed income, and other investment securities. Investment securities
    are exposed to various risks, such as interest rate, market, and credit. Due
    to the level of risk associated with certain  investment  securities and the
    level  of  uncertainty  related  to  changes  in  the  value  of  investment
    securities,  it is at least reasonably possible that changes in risks in the
    near term could  materially  affect  participants'  account balances and the
    amounts  reported in the statements of net assets available for benefits and
    the statement of changes in net assets available for benefits.

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

    Investments in the Company's securities  comprised  approximately of 36% and
    46% of the  Plan's  total  investments  as of  December  31,  2005 and 2004,
    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 ($1.00) for each dollar deferred by
          a participant  up to three percent (3%) of  compensation.  The Company
          also contributes an additional fifty cents ($.50) for each dollar that
          each   participant   defers  in  excess  of  three   percent  (3%)  of
          compensation but not more than five percent (5%) of compensation.  The
          matching  contribution  is 100% vested.  Contributions  are subject to
          certain limitations.

     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.

                                       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, 2005

                   Employer Identification Number: 95-3551121
                                Plan Number: 001




                                                                 Description of
                                                              investment including
                                                               maturity date, rate
                                                                    of interest,                        Current
                                                                collateral, par or         Cost         Value
       Identity of issue, borrower, lessor, or similar party       maturity date
       -----------------------------------------------------  ---------------------    -----------  ------------
                       MONEY MARKET ACCOUNT
                                                                                           
  *     UBOC Stable Value B. Money Market                         Money Market              **      $  8,371,508

                           MUTUAL FUNDS
        Dodge & Cox International                                 Mutual Fund               **         1,148,841
         Dreyfus S&P 500 Index                                    Mutual Fund               **             2,863
         DWS RREEF Real Estate A                                  Mutual Fund               **           199,600
        EuroPacific Growth R5                                     Mutual Fund               **            19,530
        Growth Fund of America R5                                 Mutual Fund               **         5,158,086
        Oakmark Equity & Income I                                 Mutual Fund               **         8,307,289
        PIMCO Funds Real Return Bond                              Mutual Fund               **            12,283
        PIMCO Total Return Institutional                          Mutual Fund               **           470,615
        Selected American D                                       Mutual Fund               **         1,530,767
        Stock Liquidity Management Account                        Mutual Fund               **             3,274
        T. Rowe Price Equity Income                               Mutual Fund               **                21
        Vanguard Explorer AdmY                                    Mutual Fund               **         1,916,519
        Vanguard Extended Market Index                            Mutual Fund               **            95,648
        Vanguard Index 500                                        Mutual Fund               **         8,045,759
        Vanguard Short Term Fed Adm                               Mutual Fund               **         2,850,627
        Vanguard Windsor II                                       Mutual Fund               **         1,569,509
                                                                                                    ------------
     Total Mutual Funds                                                                               31,331,231

                         Equity Securities
  *     Public Storage, Inc. Common Stock                         Common Stock              **        17,901,822
  *     Public Storage, Inc. Preferred Stock                      Preferred Stock           **         3,837,069
  *     PS Business Parks, Inc. Common Stock                      Common Stock              **           498,187
                                                                                                    ------------
     Total Equity Securities                                                                          22,237,078
                                                                                                    ------------
     Total Investments                                                                              $ 61,939,817
                                                                                                    ============


*  Indicates a party-in-interest of the Plan.
** Pursuant to paragraph 2520.103-11, specifically, the special rule for certain
   participant  directed  transactions cost information is omitted as the Plan's
   investments are participant directed.

                                       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 27,  2006,  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, 2005.



/s/ Ernst & Young LLP



Los Angeles, California
June 28, 2006

                                       11





            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 May 25,  2005,  with  respect to the
statement of net assets  available for benefits of the PS 401(k) Profit  Sharing
Plan as of December  31,  2004,  which  report  appears in the December 31, 2005
Annual Report on Form 11-K for the PS 401(k) Profit Sharing Plan.


/s/ Link, Murrel & Co.



Irvine, California
June 27, 2006

                                       12




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 29, 2006

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