Preferred Stock Offerings
By Ru Back Packer Staff, updated Sunday, January 28, 12:41 PM
Slide #339. PS Business Parks, Inc. — Preferred Stock Offering
||PS Business Parks, Inc. (NYSE:PSB)
|Preferred Stock Offering Details:
||PS Business Parks, Inc. (NYSE:PSB) announced today that it has priced a public offering of 4.0 million depositary shares, each representing 1/1,000 of a share of the Company's 5.70% Cumulative Preferred Stock, Series V at $25.00 per share. The Company also granted the underwriters an over-allotment option to purchase an additional 600,000 depositary shares. The offering is expected to result in $100.0 million of gross proceeds (assuming no exercise of the underwriters' over-allotment option) and is expected to close on or about March 14, 2013.
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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