PS Business Parks, Inc. Announces Redemption of All Outstanding Depositary Shares Representing Interests in its 5.750% Cumulative Preferred Stock, Series U and 5.700% Cumulative Preferred Stock, Series V

PS Business Parks, Inc. (NYSE:PSB) announced today that it is calling for redemption all outstanding depositary shares representing interests in its 5.750% Cumulative Preferred Stock, Series U (NYSE:PSBPrU) and 5.700% Cumulative Preferred Stock, Series V (NYSE:PSBPrV) on December 30, 2019 at $25 per share. The aggregate redemption amount to be paid to the holders of the depositary shares is $230.0 million for the Series U and $110.0 million for the Series V for a total of $340.0 million.

Company Information

PS Business Parks, Inc., a member of the S&P MidCap 400, is a REIT that acquires, develops, owns and operates commercial properties, primarily multi-tenant industrial, flex and office space. As of October 22, 2019, the Company wholly owned 27.5 million rentable square feet with approximately 4,900 commercial customers in six states and held a 95.0% interest in a 395-unit apartment complex.

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