PS Business Parks to redeem some 6% cumulative preferreds on Oct. 30

By Wendy Van Sickle

Columbus, Ohio, Sept. 26 – PS Business Parks Inc. called an 8.8 million share portion, or about 62.9%, of its outstanding 14 million depositary shares representing interests in its 6% cumulative preferred stock, series T.

The preferreds will be redeemed at $25.00 per share plus accrued dividends from Oct. 1 through the redemption date of Oct. 30, according to the company notice.

The total redemption price will be $220 million, excluding accrued dividends.

PS Business Parks is a Glendale, Calif.-based real estate investment trust.

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