LOS ANGELES-PS Business Parks Inc., a Glendale, CA-based self-managed and self-advised REIT, has begun trading a public offering of 1.3 million shares of common stock. The public offering is priced at $79.25 per share, and all shares are offered by PS Business Parks. The company is trading on the New York Stock Exchange under the ticker symbol PSB.
The offering includes an underwriter option to purchase 195,000 shares of common stock. Separately, Public Storage is buying 950,000 shares of common stock at the same price per share. Goldman, Sachs & Co. is underwriting the offering.
PS Business Parks expects to earn $103 million in gross proceeds from the offering before the underwriting discount and expense deductions have been made, and $75.3 million from the Public Storage sale. The company plans to apply the bulk of the net proceeds to pay off a $90 million term loan. Additional net proceeds will go toward corporate expenses.
In other public offering news, Marcus & Millichap announced pricing for its initial public offering earlier this week. The company offered 6 million shares of common stock priced at $12 per share, and expects to earn $34.6 million in net proceeds from the offering.
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Kelsi Maree Borland
