Business & Finance
Business and Finance
Business and Finance
Fri, October 8, 2010 PS Business Parks, Inc. Announces Pricing of 6.875% Cumulative Preferred Stock, Series R
GLENDALE, Calif.--([ BUSINESS WIRE ])--PS Business Parks, Inc. (NYSE:PSB) announced today that it has priced a public offering of 3 million depositary shares, each representing 1/1,000 of a share of the Companya™s 6.875% Cumulative Preferred Stock, Series R at $25.00 per share. The Company also granted the underwriters an over allotment option to purchase an additional 450,000 depositary shares. The offering is expected to result in $75.0million of gross proceeds (assuming no exercise of the underwritersa™ over allotment option) and is expected to close on or about October 15, 2010.
Banc of America Securities LLC and Wells Fargo Securities, LLC acted as joint book-running managers of the offering. This announcement shall not constitute an offer to sell or a solicitation of an offer to buy these securities nor shall there be any offer or sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. The offering will be made only by means of a prospectus and prospectus supplement, copies of which may be obtained by contacting Banc of America Securities LLC at 1-800-294-1322 or Wells Fargo Securities, LLC at 1-800-326-5897.
Company Information
PS Business Parks, Inc., a member of the S&P SmallCap 600, is a self-advised and self-managed equity real estate investment trust (aREITa) that acquires, develops, owns and operates commercial properties, primarily flex, multi-tenant office and industrial space. The Company defines aflexa space as buildings that are configured with a combination of office and warehouse space and can be designed to fit a number of uses (including office, assembly, showroom, laboratory, light manufacturing and warehouse space). As of October 7, 2010, PSB wholly owned 21.1million rentable square feet with approximately 4,050 customers located in eight states, concentrated in California (5.8 million sq. ft.), Florida (3.7 million sq. ft.), Texas (3.4 million sq. ft.), Virginia (3.3 million sq. ft.), Maryland (2.4 million sq. ft.), Oregon (1.3 million sq. ft.), Arizona (0.7 million sq. ft.) and Washington (0.5 million sq. ft.).
