PSB - PSB STOCK NEWS

PS Business Parks, Inc. (NYSE:PSB) plans to release its fourth quarter 2021 earnings after the market close on February 22, 2022. A conference call is scheduled for February 23, 2022, at 10:00 a.m. PST to discuss the results. The company operates 97 properties across major coastal markets, serving about 4,900 tenants in 28 million square feet. Additionally, it has 800 residential units. Stakeholders should monitor the earnings report for insights into the company’s performance and future outlook.

PS Business Parks (NYSE: PSB) has announced the tax treatment for its 2021 dividend distributions. The total common stock distribution amounted to $8.80 per share, with ordinary dividends categorized as $3.079146 and capital gains at $5.720854. For preferred stocks, Series Z, Y, X, and W had distributions totaling $1.218750, $1.300000, $1.312500, and $0.975000 respectively. These classifications will assist in the preparation of Form 1099 for shareholders. The information is based on preliminary results and is subject to further adjustments.

Public Storage (NYSE:PSA) announced the tax treatment of its 2021 dividends. For the year ending December 31, 2021, ordinary dividends consisted of approximately 94.55% ordinary income and 5.45% capital gains. Notably, these ordinary dividends are not classified as "qualified dividend income." For non-corporate shareholders, they qualify as "qualified REIT dividends" for determining business income. The company expects no material changes to this classification, aiming to assist those distributing Forms 1099.

PS Business Parks (NYSE:PSB) announced the appointment of Stephen W. Wilson as interim President and CEO, and Maria R. Hawthorne as interim COO, effective January 17, 2022, following Dan "Mac" Chandler III's temporary leave for health reasons. Adeel Khan joined as CFO on January 10, 2022. The Board expresses confidence in the new interim leadership, highlighting their extensive experience. PS Business Parks operates 97 properties, serving 5,000 tenants across 28 million square feet, primarily in coastal markets.

Public Storage (NYSE:PSA) announced a public offering of 10 million depositary shares priced at $25.00 each, equating to gross proceeds of $250 million. Each depositary share represents a 4.100% Cumulative Preferred Share of Beneficial Interest, Series S. The offering is expected to close around January 13, 2022. Proceeds will support general corporate purposes, including acquisitions of self-storage facilities and redemptions of preferred shares. Joint book-running managers include BofA Securities, Morgan Stanley, UBS, and Wells Fargo.

Public Storage (NYSE:PSA) has successfully acquired All Storage, a self-storage portfolio, for $1.5 billion. This acquisition adds 56 properties and 7.5 million net rentable square feet, primarily in the Dallas-Fort Worth area. The company utilized its growth-oriented balance sheet, issuing $1.75 billion in senior unsecured notes to fund the deal. The transaction is expected to be immediately accretive to FFO per share and aligns with Public Storage's growth strategy, which has seen a 22% increase in its portfolio since 2019.

PS Business Parks announced a one-time dividend of $4.60 per share, payable on December 30, 2021, to stockholders of record on December 15, 2021. This special dividend is in addition to the regular quarterly dividend of $1.05 per share, also payable on the same date. The dividend is necessary to meet REIT distribution requirements based on the company's estimated 2021 taxable income. In 2021, PS Business Parks executed significant property sales totaling $398.7 million and acquisitions for $148.5 million.

Public Storage (NYSE:PSA) announced the redemption of all outstanding depositary shares representing interests in its 4.90% Cumulative Preferred Shares, Series E (NYSE:PSAPrE) on December 30, 2021. The redemption price is $25 per depositary share, amounting to an aggregate of $350,000,000 to be paid to all holders. This action could reflect the company's financial strategy and capital management as it continues to operate across 2,678 self-storage facilities in the U.S. and interests in European storage assets.

Public Storage (NYSE: PSA) announced the pricing of a public offering for 17,400,000 depositary shares at $25.00 each, representing a 4.00% Cumulative Preferred Share of Beneficial Interest, Series R. The offering aims for gross proceeds of approximately $435 million, expected to close around November 19, 2021. The net proceeds will be used for general corporate purposes, including acquisitions and redemptions of preferred shares. Joint book-running managers for the offering include BofA Securities, Morgan Stanley, UBS, and Wells Fargo.