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, 2001
                          -----------------

                                       OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITES 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 Schedules

     (a) Financial Statements and Supplemental Schedules

                                TABLE OF CONTENTS
                                                                        Page
                                                                        ----

Independent Auditors' Report                                              1


Financial Statements:

     Statements of Net Assets Available for Plan Benefits                 2

     Statements of Changes in Net Assets Available for Plan Benefits      3

     Notes to Financial Statements                                        4


Supplemental Schedules:                                    Schedules

     Assets Held for Investment Purposes                       I         11

     Party-In-Interest Transactions                           II         12

     Reportable Transactions                                 III         13




                          INDEPENDENT AUDITORS' REPORT


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


We have audited the accompanying statements of net assets available for plan
benefits of PS 401(K)/Profit Sharing Plan (the "Plan") as of December 31, 2001
and 2000, and the related statements of changes in net assets available for plan
benefits for each of the years in the three year period ended December 31, 2001.
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 auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audits 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, as well as 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 plan benefits of the Plan as
of December 31, 2001 and 2000, and the changes in net assets available each of
the years in the three year period ended December 31, 2001 in conformity with
accounting principles generally accepted in the United States of America.

Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets held
for investment purposes, party-in-interest transactions and reportable
transactions are presented for purposes of complying with the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974 and are not a required part of the basic
financial statements. The supplemental schedules have been subjected to the
auditing procedures applied in the audits of the basic financial statements and,
in our opinion, are fairly stated in all material respects in relation to the
basic financial statements taken as a whole.


/s/ Link, Murrel & Co.
Irvine, California
June 17, 2002



                          PS 401(K)/PROFIT SHARING PLAN

                       STATEMENTS OF NET ASSETS AVAILABLE
                                FOR PLAN BENEFITS

                           December 31, 2001 and 2000



                                                                     2001                   2000
                                                                 -----------            -----------
                                     ASSETS
                                     ------

                                                                                  
Investments at fair value                                        $42,529,269            $36,692,255

Receivables:
     Participant contributions                                        91,504                      -
     Employer contribution                                            86,973                      -
                                                                 -----------            -----------

         Total receivables                                           178,477                      -
                                                                 -----------            -----------

         Total assets                                            $42,707,746            $36,692,255
                                                                 ===========            ===========


                                   LIABILITIES
                                   -----------

Accrued expenses                                                     $89,449                $24,636
Benefits payable                                                           -                 10,537
                                                                 -----------            -----------

         Total liabilities                                            89,449                 35,173
                                                                 -----------            -----------

              Net assets available for plan benefits             $42,618,297            $36,657,082
                                                                 ===========            ===========

                            See accompanying notes.
                                        2



                          PS 401(K)/PROFIT SHARING PLAN

                       STATEMENTS OF CHANGES IN NET ASSETS
                           AVAILABLE FOR PLAN BENEFITS

              For the Years Ended December 31, 2001, 2000 and 1999



                                                                                 2001               2000               1999
                                                                             ------------       ------------       ------------
ADDITIONS TO NET ASSETS ATTRIBUTED TO:

                                                                                                                 
   Investment income:
     Net appreciation in fair value of investments                            $2,659,232         $1,528,858               $727
     Interest income                                                              31,049              3,517              3,777
     Dividend income                                                           1,447,968            840,665            826,194
                                                                             ------------       ------------       ------------
                                                                               4,138,249          2,373,040            830,698

   Contributions:
     Participant                                                               2,872,453                  -                  -
     Employer                                                                  2,149,187          3,000,000          2,035,717
     Employer reimbursement for administrative expenses                                -                  -             51,038
                                                                             ------------       ------------       ------------
                                                                               5,021,640          3,000,000          2,086,755

       Total additions                                                         9,159,889          5,373,040          2,917,453
                                                                             ------------       ------------       ------------

DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:

   Benefits paid to participants                                               3,130,273          6,241,920          4,042,263
   Administrative expenses                                                        68,401            289,554            222,419
                                                                             ------------       ------------       ------------
       Total deductions                                                        3,198,674          6,531,474          4,264,682

NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENEFITS                   5,961,215         (1,158,434)        (1,347,229)

NET ASSETS AVAILABLE FOR BENEFITS:

   Beginning of year                                                          36,657,082         37,815,516         39,162,745
                                                                             ------------       ------------       ------------

   End of year                                                               $42,618,297        $36,657,082        $37,815,516
                                                                             ============       ============       ============

                            See accompanying notes.
                                       3



                          PS 401(K)/PROFIT SHARING PLAN

                          NOTES TO FINANCIAL STATEMENTS

                                December 31, 2001


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
         (the "Company").

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

         The financial statements of the Plan are prepared using the accrual
         method of accounting.

         Estimates
         ---------

         The preparation of financial statements in conformity with 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 is patterned after a prototype plan which was determined to
         qualify under Section 401(a) of the Internal Revenue Code (the Code)
         and, therefore, is exempt from federal income taxes under Section
         501(a) of the Code. The Plan is exempt from state taxes under similar
         statutes. The Plan was amended on December 29, 1994 to comply with the
         1986 Tax Reform Act. A determination letter was received on January 10,
         1996 from the Internal Revenue Service to inform the Company that the
         amended Plan is qualified and the trust established under the Plan is
         tax-exempt under the appropriate sections of the Code. On April 1,
         1996, the Plan was amended to provide a hardship distribution
         provision. On December 29, 1997, the Plan was amended to include
         employees on leave of absence as eligible participants. On January 1,
         2001, the plan effected a 401(K) Safe Harbor Plan amendment which is
         determined to qualify under Section 401(K) of the Code.

         The Plan administrator and the Plan's tax counsel believe that the Plan
         is currently designed and being operated in compliance with the
         applicable requirements of the Code. Therefore, no provision for income
         taxes has been included in the Plan's financial statements.

                                       4



1.       Summary of Significant Accounting Principles (continued)
         --------------------------------------------------------

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

         On January 1, 2001, the Plan's administrative committee (the Committee)
         transferred the Plan's assets from Wells Fargo Bank to Salomon Smith
         Barney.

         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 stated at fair value. All other
         securities are valued at the last reported sale price on the last
         business day of the Plan year or at quoted market price. Interest and
         dividend income is recognized when earned.

         Unrealized gains and losses result from the change in the fair value of
         investments held at both the beginning and end of the year, the
         difference between cost and year-end fair value for investments
         acquired during the year, and adjustments for unrealized gains and
         losses previously recognized on investments sold during the year.

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

         The following description of the plan provides only general
         information. Participants should refer to the Summary Plan Description
         for a more complete description of the Plan's provisions.

         The PS 401(K)/Profit Sharing Plan is a defined contribution plan for
         the benefit generally of all permanent employees of the Company who
         have completed at least one year of service and attained 21 years of
         age. The Plan is subject to the provisions of the Employee Retirement
         Income Security Act of 1974 (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. Major provisions of the Plan, as amended effective April
         1, 1996, December 29, 1997 and January 1, 2001 are as follows:

                                       5



2.       Description of the Plan (continued)
         -----------------------------------

         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
         tax deferred contribution amount is limited to $10,500. The Company
         contributes 3% of the employee's compensation for all participants in
         the Plan. In 2000 and 1999, the Company made profit sharing
         contributions to the Plan which were allocated to each participant's
         account based on the proportion of the participant's compensation to
         total compensation as defined.

         Participant Accounts
         --------------------

         Each participant's account is credited with the participant's and the
         Company's contribution.

         Forfeitures are allocated on the last day of the Plan year on the same
         basis as Company profit sharing contributions.

         Vesting
         -------

         Employee deferrals and the 3% Company contribution are 100% vested and
         non-forfeitable. Pre-January 2001 profit sharing company contribution
         balances vest as follows:

         Generally, each participant's account becomes 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.

         Allocation of Earnings or Losses of pre-January 1, 2001 Trust Fund
         ------------------------------------------------------------------
         Assets
         ------

         For the years ended December 31, 2000 and 1999, earnings or losses of
         Trust Fund assets were allocated to each participant's account in the
         ratio which the account balance had to the aggregate of all account
         balances as of the valuation date.

                                       6



2.       Description of the Plan (continued)
         -----------------------------------

         Investment Options
         ------------------

         For the year ended December 31, 2001, upon enrollment in the Plan, a
         participant may direct contributions in any of the following fourteen
         investment options.

                  AIM International Equity Fund
                  Alliance Premier Growth Fund
                  Oppenheimer Discovery Fund
                  PS Business Parks, Inc. Common Stock
                  Public Storage, Inc. Common Stock
                  Public Storage, Inc. Depository Shares Equity A Stock
                  Smith Barney Fundamental Value Fund
                  Smith Barney S&P 500 Index
                  Smith Barney Small Cap Growth Opportunity Fund
                  Van Kampen Growth and Income Fund
                  Smith Barney U.S. Government Securities Fund
                  Alliance Technology Fund
                  Smith Barney Retirement Portfolio
                  Van Kempen Emerging Growth Fund

         Participants may change their investment options at any time.

         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; or if the
         participant's vested account balance exceeds $5,000, payment may be
         deferred up 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 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 of the Plan as
         of December 31, 1983 may elect alternative distribution methods.

                                       7



2.       Description of the Plan (continued)
         -----------------------------------

         Forfeitures
         -----------

         The non-vested portion of a participant's account is forfeited as of
         the date of distribution of his/her vested interest. Employees resuming
         participation in the Plan prior to incurring the greater of five
         consecutive one-year breaks in service, or their prior service if
         greater than five years, may have the non-vested portion of their
         account balance restored upon repayment to the Plan of the full amount
         of such previously distributed vested interest. Restoration of the
         non-vested portion of a participant's account is to be made first from
         available forfeitures and then from Company contributions.

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

         All of the investments are under the custody of Salomon Smith Barney
         under a non-discretionary trust agreement with the Plan. Discretionary
         authority for the purchase and sale of plan assets is vested in the
         committee. The following table presents the fair value of investments.
         Investments that represent 5 percent or more of the Plan's net assets
         are separately identified. The fair value of investments is determined
         by quoted market price.

         The fair value of investments held by the Plan at December 31, 2001 and
         2000 are summarized below:

                                                   2001             2000
                                               -----------      -----------

     Money Market Funds                         $3,124,526       $3,089,830
     Mutual Funds                               19,973,662                -
     Wells Fargo Collective Fund                         -       20,078,823

     Equity Securities:
         Public Storage, Inc. Common            17,820,840       13,128,750
         Public Storage, Inc. Preferred          1,447,518          394,852
         PS Business Parks, Inc. Common            162,723                -
                                               -----------      -----------
              Total Equity Securities           19,431,081       13,523,602
                                               -----------      -----------
     Total Investments                         $42,529,269      $36,692,255
                                               ===========      ===========

                                       8



3.       Investments (continued)
         -----------------------

         The following presents the fair value of investments at December 31,
         2001 and 2000 that represent 5% or more of the Plan's net assets:

                                                2001                2000
                                             ----------          ----------
     Money market fund                       $3,124,526          $3,089,830
     Mutual Funds:
       Smith Barney S&P 500 Index            12,170,926                   -
       Smith Barney US Government
          Securities Fund                     4,186,664                   -

     Public Storage, Inc. Common Stock       17,820,840          13,128,750

     Wells Fargo Bank Asset Allocation
       Collective Fund                                -          20,078,823

4.       Plan Administration
         -------------------

         The Committee appointed by the Company's Board of Directors administers
         the Plan. The Committee is now comprised of six officers and managers
         of the Company.

         Prior to 1988, the Company paid for all expenses (excluding investment
         advisory expenses) incurred for the administration of the Plan,
         although it was not obligated to do so under the terms of the Plan.
         Beginning in 1988, the Company's policy is to reimburse the Plan, at
         the Committee's discretion, for certain legal and administrative fees
         incurred for the administration of the Plan. For the plan year ended
         December 31, 1999, $51,038 of legal and administrative fees were
         reimbursed by the Company. None of these expenses were reimbursed
         during the plan years ended December 31, 2001and 2000.

5.       Party-in-Interest Transactions
         ------------------------------

         There were no party-in-interest transactions that are prohibited by
         ERISA Section 406 and for which no statutory or administrative
         exemption exists.

                                       9



6.       Benefits Owed To Terminated Participants
         ----------------------------------------

         For financial reporting purposes disbursements to terminated
         participants are reported when the check is written. Approximately
         $3,200,000 and $1,745,000 were owed to terminated participants at
         December 31, 2001 and 2000, respectively. In addition, there were
         forfeited nonvested amounts of approximately $505,000 and $1,830,000 at
         December 31, 2001 and 2000, respectively.

                                       10



                                                                    SCHEDULE I
                                                                    ----------


                          PS 401(K)/PROFIT SHARING PLAN

                              Schedule H, Line 4i -

                       Assets held for investment purposes

                                December 31, 2001

                   Employer Identification Number: 95-2782164
                                Plan Number: 001


                                                           Cost      Fair Value
                                                           ----      -----------
Money Market Account
   Smith Barney Retirement Portfolio                         *        $3,124,526

Mutual Funds
   AIM International Equity Fund                             *           199,014
   Alliance Premier Growth Fund                              *           548,379
   Oppenheimer Discovery Fund                                *           161,650
   Smith Barney Fundamental Value Fund                       *         1,192,993
   Smith Barney S&P 500 Index                                *        12,170,926
   Smith Barney Small Cap Growth Opportunity Fund            *           328,526
   Van Kampen Growth and Income Fund                         *           379,545
   Smith Barney U.S. Government Securities Fund              *         4,186,664
   Alliance Technology Fund                                  *           334,411
   Van Kempen Emerging Growth Fund                           *           471,554
                                                                     -----------
Total Mutual Funds                                                    19,973,662

Equity Securities
   Public Storage, Inc. Common Stock                                  17,820,840
   Public Storage, Inc. Depository Shares Equity A Stock     *         1,447,518
   PS Business Parks, Inc. Common Stock                      *           162,723
                                                                     -----------
Total Equity Securities                                               19,431,081
                                                                     -----------
Total Investments                                                    $42,529,269
                                                                     ===========

*    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.

                                       11



                                                                    SCHEDULE II
                                                                    -----------


                          PS 401(K)/PROFIT SHARING PLAN

                   schedule of party-in-interest transactions

                                December 31, 2001

                   Employer Identification Number: 95-2782164
                                Plan Number: 001


A schedule of party-in-interest transactions has not been presented because
there were no party-in-interest transactions that are prohibited by ERISA
Section 406 and for which there is no statutory or administrative exemption. See
Schedule III, Reportable Transactions, for party-in-interest transactions
included therein.

                                       12



                                                                    SCHEDULE III
                                                                    ------------


                          PS 401(K)/PROFIT SHARING PLAN

                       schedule of REPORTABLE transactions

                                December 31, 2001

                   Employer Identification Number: 95-2782164
                                Plan Number: 001


A schedule of reportable transactions has not been presented because there were
no such transactions noted for the year ended December 31, 2001.

                                       13




                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the employee benefit 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, 2002

                                       By: /s/ Harvey Lenkin
                                           -----------------
                                           Harvey Lenkin
                                           Chairman, Administrative Committee