GLENDALE, Calif. -- (Business Wire)
PS Business Parks, Inc. (NYSE:PSB) announced today that it is calling
for a partial redemption of 8,800,000 of its outstanding 14,000,000
depositary shares (or approximately 62.9%) representing interests in its
6.00% Cumulative Preferred Stock, Series T (NYSE:PSBPrT) on October 30,
2017 at $25 per share plus accrued dividends from October 1, 2017
through the date of redemption. The aggregate redemption amount, before
payment of accrued dividends, to be paid to the holders of the
depositary shares being redeemed is $220.0 million.
Company Information
PS Business Parks, Inc., a member of the S&P SmallCap 600, is a
self-advised and self-managed real estate investment trust (“REIT”) that
acquires, develops, owns and operates commercial properties, primarily
multi-tenant flex, office and industrial space. The Company defines
“flex” 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 June 30, 2017, the Company wholly owned
28.0 million rentable square feet with approximately 4,900 customers
concentrated in six states.
Additional information about PS Business Parks, Inc. is available on the
Internet. The Company’s website is psbusinessparks.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170926006780/en/
Contacts:
PS Business Parks, Inc.
Maria R. Hawthorne
(818) 244-8080,
Ext. 1370
Source: PS Business Parks, Inc.
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