PSB - PSB STOCK NEWS

Public Storage has priced a public offering of €700 million in Senior Notes due September 9, 2030, with a 0.500% interest rate. The offering aims to close on September 9, 2021, subject to conditions. Proceeds will be directed towards investments in self-storage facilities and general corporate purposes. This issuance supports the company’s strategy, leveraging its 35% equity stake in Shurgard Self-Storage, which operates 243 facilities in Europe. Since 2015, Public Storage has issued $5.8 billion in unsecured notes for growth.

PS Business Parks, Inc. (NYSE:PSB) announced its acquisition of Port America in Dallas, Texas, for $123.0 million. This industrial park spans 717,735 square feet and consists of 15 buildings, boasting approximately 96% occupancy at closing. Located near DFW International Airport, it supports the company’s investment strategy for small bay industrial spaces, featuring average suite sizes of 8,000 square feet. The acquisition will be funded with $72 million from previous property sales and cash reserves.

PS Business Parks, Inc. (NYSE:PSB) announced a significant expansion of its unsecured revolving credit facility, increasing the amount from $250 million to $400 million. The maturity date has been extended to August 24, 2025, with options for further extensions. The facility's interest rate is set at LIBOR plus 0.70%, with a potential to improve pricing based on sustainability targets. This credit agreement enhances the company's financial flexibility and positions it for future growth opportunities.

PS Business Parks, Inc. (NYSE:PSB) reported strong Q2 2021 results, with net income of $45.6 million ($1.65 per diluted share), up from the previous year. Net operating income (NOI) rose 9.4% to $73.2 million, driven by a 10.7% increase in cash rental income. The company achieved an occupancy rate of 92.9% and grew Funds from Operations (FFO) to $1.75 per share. Despite incurring higher expenses due to stock compensation and professional fees related to reincorporation, funds available for distribution (FAD) increased by 22.2%. To maintain investor returns, a quarterly dividend of $1.05 per share was declared.

PS Business Parks, Inc. (NYSE:PSB) announced it will release its second quarter 2021 earnings after market close on August 3, 2021. A conference call to discuss the results is set for August 4, 2021, at 10:00 a.m. PDT (1:00 p.m. EDT). Interested parties can join by calling 877-876-9176 using the conference ID PSBQ221, or by accessing a live webcast on the company’s website. A replay will be available until August 18, 2021. PSB operates 97 properties, totaling 28 million square feet with around 5,000 tenants.

PS Business Parks, Inc. (NYSE:PSB) will present virtually at REITweek 2021 on June 8, 2021, from 1:30 p.m. to 2:00 p.m. PDT. The event is complimentary for registered participants and will be available via Nareit's website. PS Business Parks is a real estate investment trust focusing on acquiring, developing, owning, and operating commercial properties, mainly in major coastal markets. The Company manages 98 properties, serving around 5,000 tenants across 28 million square feet, including approximately 800 residential units.

PS Business Parks, Inc. (NYSE:PSB) has successfully reincorporated from California to Maryland, following shareholder approval during the 2021 Annual Meeting. This legal change does not affect the company's name, business operations, management, or financials. PS Business Parks is an S&P MidCap 400 company specializing in commercial real estate, focusing on multi-tenant industrial and suburban office properties. The company manages 98 properties housing about 5,000 tenants across 28 million square feet, alongside approximately 800 residential units.

PS Business Parks, Inc. (NYSE: PSB) announced the resignation of John W. Petersen as Executive Vice President and Chief Operating Officer, effective around June 11, 2021. Petersen has been with the company since December 2004, contributing significantly during challenging times. The company expressed gratitude for his leadership and stated that other executives will temporarily take over his duties while a search for a new COO is conducted. PSB is a real estate investment trust focused on multi-tenant industrial properties and has approximately 5,000 tenants across its 98 properties.

PS Business Parks, Inc. (NYSE:PSB) reported a net income of $27.9 million, or $1.01 per diluted share, for the three months ended March 31, 2021. Net operating income (NOI) for the Same Park portfolio was $70.3 million, a 0.6% decrease year-over-year. Cash NOI was $69.9 million, down 0.2%. The portfolio's average occupancy rate dropped to 92.4%. Funds from Operations (FFO) decreased by 2.5% to $1.67 per share, attributed to higher general and administrative expenses. A quarterly dividend of $1.05 per share was declared, payable on June 30, 2021.