Business: PS Business Parks, Inc., 5.20% Depositary Shares each representing 1/1000 of a share of Cumulative Preferred Stock, Series Y, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 12/7/2022 at $25 per depositary share plus accrued and unpaid dividends, and with no stated maturity. <p> Cumulative distributions of 5.20% per annum ($1.30 per annum or $0.325 per quarter) will be paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the record date fixed by the board, not more than 45 days or less than 15 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). <p> Dividends paid by preferreds issued by REITs are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. <p> This security was rated as Baa2 by Moody’s and BBB by S&P at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
Notes: <b> March 01, 2023 </b>-- PS Business Parks, Inc. (the “Company”) (Pink Open Market: PSBXP, PSBYP, PSBZP) announced today the commencement of tender offers (the “Offers”) to purchase for cash any and all of its outstanding preferred securities described in the table below (collectively referred to as the “Securities”), at the applicable offer prices set forth below (collectively referred to as the “Offer Price”). Depositary Shares each representing 1/1,000 of a Share of 5.200% Cumulative Preferred Stock, Series Y of the Company @ $15.33 per Series Y Preferred Share. The Offers will expire on March 29, 2023 at 5:00 p.m., New York City time, unless the Company extends them such time and date, as the same may be extended. <p> <b> December 22, 2022 </b>-- PS Business Parks, Inc. (NYSE: PSBPrX, PSBPrY, PSBPrZ) announced today the expiration and results of its previously announced tender offers: Depositary Shares each representing 1/1,000 of a Share of 5.250% Cumulative Preferred Stock, Series X of the Company (“Series X Preferred Shares”) CUSIP 69360J594 Tendered Shares 5,953,898; Depositary Shares each representing 1/1,000 of a Share of 5.200% Cumulative Preferred Stock, Series Y of the Company (“Series Y Preferred Shares”) 69360J578 Tendered Shares 5,756,691; Depositary Shares each representing 1/1,000 of a Share of 4.875% Cumulative Preferred Stock, Series Z of the Company (“Series Z Preferred Shares”) 69360J552 Tendered Shares 9,728,688. The Offers expired on December 20, 2022 at 11:59 p.m., New York City time. The Company expects that the settlement date for the Offers will be December 23, 2022. <p>
In accordance with its previous announcement, the Company has notified the New York Stock Exchange (the “NYSE”) of its decision to delist each series of the Securities from the NYSE. The Company intends to file a Form 25 to delist each series of the Securities with the SEC on or about January 3, 2023. The Company expects the last trading day for each series of the Securities on the NYSE will be on or about January 13, 2023. Following the effectiveness of such delisting, the Company intends to file a Form 15 with the SEC on or about January 13, 2023 to terminate the registration of each series of the Securities under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). <p> <b>November 23, 2022</b> -- PS Business Parks, Inc. announced today the commencement of tender offer to purchase for cash any and all of its outstanding preferred securities of Depositary Shares each representing 1/1,000 of a Share of 5.250% Cumulative Preferred Stock, Series X of the Company (“Series X Preferred Shares”) at $15.29 per Series X Preferred Share The Offer will expire on December 20, 2022 at 11:59 p.m., New York City time, unless the Company extends them (such time and date, as the same may be extended, the “Expiration Date”) <p> <b> November 23, 2022 </b> -- PS Business Parks, Inc. announced today the commencement of tender offer to purchase for cash any and all of its outstanding preferred securities of Depositary Shares each representing 1/1,000 of a Share of 5.200% Cumulative Preferred Stock, Series Y of the Company (“Series Y Preferred Shares”) at $15.33 per Series Y Preferred Share. The Offer will expire on December 20, 2022 at 11:59 p.m., New York City time, unless the Company extends them (such time and date, as the same may be extended, the “Expiration Date”)”) <p> <b>July 20, 2022 </b> -- Blackstone (NYSE: BX) today announced that affiliates of Blackstone Real Estate have completed the previously announced acquisition of all of the outstanding shares of common stock of PS Business Parks, Inc. (“PSB”) for $187.50 per share in an all-cash transaction valued at approximately $7.6 billion, including transaction expenses.