PS Business Parks, Inc. Announces Redemption of All Outstanding Depositary Shares Representing Interests in its 5.20% Cumulative Preferred Stock, Series W
PS Business Parks, Inc. Announces Redemption of All Outstanding Depositary Shares Representing Interests in its 5.20% Cumulative Preferred Stock, Series W
PS Business Parks, Inc. (NYSE:PSB) has announced the redemption of all outstanding depositary shares for its 5.20% Cumulative Preferred Stock, Series W (PSBPrW) on November 3, 2021.
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GLENDALE, Calif.--(BUSINESS WIRE)--
PS Business Parks, Inc. (NYSE:PSB) announced today that it is calling for redemption of all outstanding depositary shares representing interests in its 5.20% Cumulative Preferred Stock, Series W (NYSE:PSBPrW) on November 3, 2021, at $25 per share plus accrued dividends from October 1, 2021, through the date of redemption. The aggregate redemption amount, before payment of accrued dividends, to be paid to the holders of the depositary shares is $189.8 million.
Company Information
PS Business Parks, Inc., a S&P MidCap 400 company, is a REIT that acquires, develops, owns, and operates commercial properties, predominantly multi-tenant industrial, industrial-flex, and low-rise suburban office. Located primarily in major coastal markets, PS Business Parks’ 97 properties serve approximately 5,100 tenants in 28 million square feet. The portfolio also includes 800 residential units (inclusive of units in-process).
Additional information about PS Business Parks, Inc. is available on the Company’s website, which can be found at psbusinessparks.com.
