PS Business Parks, Inc. Announces Redemption of All Outstanding Depositary Shares Representing Interests in its 5.20% Cumulative Preferred Stock, Series W

Rhea-AI Summary

PS Business Parks, Inc. (NYSE:PSB) has announced the redemption of all outstanding depositary shares for its 5.20% Cumulative Preferred Stock, Series W (PSBPrW) on November 3, 2021. The redemption price is $25 per share, plus accrued dividends from October 1, 2021. The total redemption amount, excluding accrued dividends, will reach approximately $189.8 million.

PS Business Parks operates primarily in major coastal markets, managing significant commercial properties and serving around 5,100 tenants across 28 million square feet.

Positive

• Redemption of Series W preferred stock may enhance financial stability.
• Return of capital to shareholders in the form of stock redemption.

Negative

• None.

GLENDALE, Calif.--(BUSINESS WIRE)-- PS Business Parks, Inc. (NYSE:PSB) announced today that it is calling for redemption of all outstanding depositary shares representing interests in its 5.20% Cumulative Preferred Stock, Series W (NYSE:PSBPrW) on November 3, 2021, at $25 per share plus accrued dividends from October 1, 2021, through the date of redemption. The aggregate redemption amount, before payment of accrued dividends, to be paid to the holders of the depositary shares is $189.8 million.

Company Information

PS Business Parks, Inc., a S&P MidCap 400 company, is a REIT that acquires, develops, owns, and operates commercial properties, predominantly multi-tenant industrial, industrial-flex, and low-rise suburban office. Located primarily in major coastal markets, PS Business Parks’ 97 properties serve approximately 5,100 tenants in 28 million square feet. The portfolio also includes 800 residential units (inclusive of units in-process).

Additional information about PS Business Parks, Inc. is available on the Company’s website, which can be found at psbusinessparks.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211004005924/en/

Jeff Hedges

(818) 244-8080, Ext. 1649

Source: PS Business Parks, Inc.

FAQ

When is the redemption date for PS Business Parks' preferred stock?

The redemption date is November 3, 2021.

What is the redemption price for PS Business Parks' Series W preferred stock?

The redemption price is $25 per share, plus accrued dividends.

How much will PS Business Parks pay in total for the preferred stock redemption?

The total amount for the redemption is approximately $189.8 million.

What type of company is PS Business Parks, Inc.?

PS Business Parks, Inc. is a real estate investment trust (REIT) focused on commercial properties.

Where can I find more information about PS Business Parks, Inc.?

Additional information is available on their website at psbusinessparks.com.