PS Business Parks Inc | 4.875% Cumulative Preferred Stock, Series Z (PSB.PRZ)
Prospectus excerpt: We are selling 12,000,000 depositary shares (the “Depositary Shares”) each representing 1/1,000 of a share of our 4.875% Cumulative Preferred Stock, Series Z (the “Preferred Stock”). 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 1,000,000 additional Depositary Shares solely to cover over-allotments, if any. The following is a summary of the Preferred Stock: We will pay cumulative distributions on the Preferred Stock, from, and including, the date of original issuance, at the rate of 4.875% of the liquidation preference per year ($1.21875 per year per Depositary Share). We will pay distributions on the Preferred Stock quarterly on March 31, June 30, September 30 and December 31 of each year, beginning on December 31, 2019 (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 November 4, 2024, except in order to preserve our status as a real estate investment trust. On and after November 4, 2024, we may, at our option, redeem the Preferred Stock by paying you $25.00 per Depositary Share, plus any accrued and unpaid distributions.
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