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Friday, Jan 27, 2023
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PS Business Parks Announces Public Offering

Glendale-based PS Business Parks, Inc. announced the pricing of a public offering of 3 million shares common stock at $46.50 per share. Net proceeds will total approximately $133.4 million after underwriting discounts and commissions and estimated offering expenses. The company granted underwriters the option to purchase up to an additional 450,000 shares of common stock to cover over-allotments. The offering is expected to close on Aug. 14 Public Storage agreed separately to concurrently purchase 333,333 shares for net proceeds of approximately $15.5 million. The company intends to utilize net proceeds from the offering and sale for general corporate purposes, including possible future acquisitions. BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co., and Wells Fargo Securities are joint book-running managers. And a final prospectus supplement will be filed with the Securities and Exchange Commission. Eric Billingsley

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