Preferred Stock Offerings
By Ru Back Packer Staff, updated Thursday, February 1, 9:51 AM
Slide #11. PS Business Parks, Inc. — Preferred Stock Offering
||PS Business Parks, Inc. (NYSE:PSB)
|Date of Pricing:
|Price Per Share:
|Preferred Stock Offering Details:
||PS Business Parks, Inc. (NYSE:PSB) announced today that it has priced a public offering of 8,000,000 depositary shares, each representing 1/1,000th of a share of the Company's 5.20% Cumulative Preferred Stock, Series Y at $25.00 per share. The offering is expected to result in gross proceeds of $200 million and is expected to close on or about December 7, 2017, subject to the satisfaction of customary closing conditions.
PS Business Parks is a real estate investment trust that owns, operates, acquires and develops commercial properties, primarily multi-tenant flex, office and industrial space. Co.'s commercial properties typically consist of business parks with low-rise buildings, ranging from one to 49 buildings per park, located on parcels of various sizes. Facilities are managed through either on-site management or offices central to the facilities. As of Dec 31 2016, Co. owned and operated commercial space comprising 99 business parks, in the following states: California, Texas, Virginia, Florida, Maryland and Washington. Co. also manages commercial space on behalf of Public Storage.
Preferreds: PSB.PRS, PSB.PRP, PSB.PRR, PSB.PRT, PSB.PRU, PSB.PRV
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