PS Business Parks, Inc. Completes Maryland Reincorporation

Rhea-AI Summary

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.

Positive

• Successful reincorporation from California to Maryland may provide operational advantages.
• No changes to the company’s core business structure or management.

Negative

• None.

PS Business Parks, Inc. (NYSE:PSB) (the “Company”) announced today that it has completed the reincorporation of the Company from the State of California to the State of Maryland. The reincorporation was approved by common and preferred shareholders in connection with the 2021 Annual Meeting of Shareholders. The reincorporation changed the legal domicile of the Company, but did not result in any change in the name, business, management, fiscal year, accounting, location of the principal executive offices, assets or liabilities of the Company. The Company’s common stock will continue to be listed on the New York Stock Exchange under the ticker symbol “PSB.”

Company Information

PS Business Parks, Inc. (NYSE:PSB), an S&P MidCap 400 company, is a real estate investment trust 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’ 98 properties include approximately 5,000 tenants, in 28 million square feet, and approximately 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/20210519005874/en/

FAQ

What does the reincorporation of PS Business Parks involve?

PS Business Parks has reincorporated from California to Maryland, with no changes to its business operations or management.

How has the reincorporation of PSB affected its stock listing?

The company's common stock continues to be listed on the New York Stock Exchange under the ticker symbol PSB.

What type of properties does PS Business Parks manage?

PS Business Parks primarily manages multi-tenant industrial, industrial flex, and low-rise suburban office properties.

How many tenants does PS Business Parks serve?

PS Business Parks serves approximately 5,000 tenants across its properties.

What is the size of PS Business Parks' real estate portfolio?

The company operates 98 properties totaling around 28 million square feet and includes approximately 800 residential units.