Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Fri, May 20, 10:26 PM
|This Slide: #506 of 581|
Slide #506. 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 self-advised and self-managed real estate investment trust that owns, operates, acquires and develops commercial properties, primarily multi-tenant industrial, flex and office space. Substantially all of Co.'s assets are held, and its business is conducted, through PS Business Parks, L.P., a California limited partnership. Co. owns and operates commercial space, comprising business parks and buildings located in California, Texas, Virginia, Florida, Maryland and Washington. Co. owns flex space, representing industrial buildings that are configured with a combination of warehouse and office space and can be designed to fit a variety of use types.
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Buy (2.67 out of 4)
(ranked lower than approx. 93% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com