PS Business Parks, Inc. (NYSE:PSB) announced today that it is calling for redemption on February 17, 2012 all outstanding depositary shares representing interests in its 7.20% Cumulative Preferred Stock, Series M (NYSE:PSBPrM) at $25 per share plus accrued dividends from January 1, 2012 through the date of redemption. The aggregate redemption amount, before payment of accrued dividends, to be paid to all holders of the depositary shares is $79,550,000.
PS Business Parks, Inc., a member of the S&P SmallCap 600, is a
self-advised and self-managed equity real estate investment trust
(“REIT”) that acquires, develops, owns and operates commercial
properties, primarily multi-tenant flex, office and industrial space.
The Company defines “flex” space as buildings that are configured with a
combination of office and warehouse space and can be designed to fit a
number of uses (including office, assembly, showroom, laboratory, light
manufacturing and warehouse space). As of December 31, 2011, the Company
wholly owned 27.2 million rentable square feet with approximately 4,400
customers located in eight states, concentrated in California (11.1
million sq. ft.), Virginia (4.2 million sq. ft.), Florida (3.7 million
sq. ft.), Texas (3.3 million sq. ft.), Maryland (2.4 million sq. ft.),
Oregon (1.3 million sq. ft.), Arizona (0.7 million sq. ft.) and
Washington (0.5 million sq. ft.).
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