PS Business Parks Inc | 6.70% Cumulative Preferred Stock, Series P (PSB.PRP)
Prospectus excerpt: We are selling 5,000,000 Depositary Shares each representing 1/1,000 of a share of our 6.70% Cumulative Preferred Stock, Series P. The shares of Preferred Stock represented by the Depositary Shares will be deposited with American Stock Transfer & Trust Company as depositary. As a holder of Depositary Shares, you will be entitled to all proportional rights, preferences and privileges of the Preferred Stock. We have granted the underwriters an option to purchase up to 750,000 additional Depositary Shares to cover over allotments. The following is a summary of the Preferred Stock: We will pay cumulative distributions on the Preferred Stock, from the date of original issuance, at the rate of 6.70% of the liquidation preference per year ($1.675 per year per Depositary Share). We will pay distributions on the Preferred Stock quarterly, beginning on March 31, 2007 (with the payment on that date being based pro rata on the number of days from the original issuance of the Preferred Stock). We are not allowed to redeem the Preferred Stock before January 17, 2012, except in order to preserve our status as a real estate investment trust. On and after January 17, 2012, we may, at our option, redeem the Preferred Stock by paying you $25.00 per Depositary Share, plus any accrued and unpaid distributions. The Preferred Stock has no stated maturity and is not subject to any sinking fund or mandatory redemption and is not convertible into any other securities.
Full Prospectus PDF », PSB Page »