PS Business Parks Prices 1.3M Share Offering at $79.25/Share

PS Business Parks

today announced the pricing of its public offering of 1,300,000 shares of its common stock at a price of $79.25 per share, resulting in gross proceeds of approximately $103.0 million before the underwriting discount and estimated offering expenses. PS Business Parks has granted the underwriter the option to purchase up to an additional 195,000 shares of common stock. The offering is expected to close on November 7, 2013, subject to customary closing conditions. All of the shares were offered by PS Business Parks and will be issued pursuant to PS Business Parks' currently effective shelf registration statement filed with the Securities and Exchange Commission. In addition, Public Storage has agreed separately to concurrently purchase 950,000 shares