PS Business Parks Inc. announced last week that John Petersen, the company’s chief operating officer, was appointed interim chief executive officer while Chief Executive Maria Hawthorne takes a medical leave of absence.

While the Glendale real estate investment trust didn’t specify Hasthorne’s condition, the company said the leave was “unrelated to the coronavirus (COVID-19) pandemic.”

Petersen will continue to serve as chief operating officer and Hawthorne will continue to serve on the company's board during her leave.

"J.P. has a deep understanding of the company’s operations and strategy and during his more than 15 years as chief operating officer has been instrumental in the company’s success,” Chairman Ronald Havner Jr. said in a statement. “The board will continue to work closely with J.P. and the other members of the senior management team to continue to implement the company’s strategy successfully in Maria’s absence.”

Shares of PS Business Parks (PSB) closed Monday up $5.70, or 4.6 percent, to $129.50 on the New York Stock Exchange.