PS Business Parks to redeem all 5.75%, 5.7% cumulative preferreds

By Wendy Van Sickle

Columbus, Ohio, Nov. 1 – PS Business Parks Inc. called all depositary shares representing interests in its 5.7% cumulative preferred stock, series U, and 5.75% cumulative preferred stock, series V, according to a company notice.

The preferreds will be redeemed at $25.00 per share on Dec. 30.

The total redemption price will be $230 million for the series U preferreds and $110 million for the series V preferreds.

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

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