Preferred Stock Offerings
By Ru Back Packer Staff, updated Thursday, February 1, 2:35 AM
Slide #404. PS Business Parks, Inc. — Preferred Stock Offering
||PS Business Parks, Inc. (NYSE:PSB)
||Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC
||5.75% Cumulative Preferred Stock, Series U (NYSE:PSB.PRU)
|Date of Pricing:
|Price Per Share:
|Preferred Stock Offering Details:
||PS Business Parks, Inc announced that it has priced a public offering of 8.0 million depositary shares, each representing 1/1,000 of a share of the Company's 5.75% Cumulative Preferred Stock, Series U at $25.00 per share. The Company also granted the underwriters an over-allotment option to purchase an additional 1.2 million depositary shares. The offering is expected to result in $200 million of gross proceeds (assuming no exercise of the underwriters' over-allotment option) and is expected to close on or about September 14, 2012. The Company intends to apply to have the depositary shares listed on the New York Stock Exchange under the symbol "PSBPrU." If this application is approved, trading of the depositary shares is expected to begin within 30 days following the initial delivery of the depositary shares.
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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