PSB - Mergers and acquisitions

Public Storage (NYSE:PSA, the "Company"))) announced today that its Board of Trustees has declared a one-time dividend of $13.15 per common share, payable on August 4, 2022 to shareholders of record on August 1, 2022. The Company is distributing the $2.3 billion projected tax gain realized in connection with the completion on July 20, 2022 of the previously announced acquisition of PS Business Parks, Inc. ("PSB") by affiliates of Blackstone Real Estate. Public Storage, like all holders of PS Business Parks' common shares and units, received $187.50 in cash per common share and unit for its approximate 41% interest in PS Business Parks. The Company and its Board of Trustees are distributing

PS Business Parks, Inc. (NYSE:PSB) ("PSB" or the "Company") announced that, at a Special Meeting of Stockholders held earlier today, PSB stockholders voted to approve the acquisition of PSB by affiliates of Blackstone Real Estate ("Blackstone"). "I am pleased to see that our stockholders approved this transformative transaction, which will provide compelling value to our stockholders and positions the company for collective success" said Stephen W. Wilson, President and Chief Executive Officer of PSB. Subject to the satisfaction or waiver of all of the conditions to the closing of the transaction in the merger agreement, the transaction is expected to be completed on or around July 20, 20

PS Business Parks, Inc. (NYSE:PSB) ("PSB" or the "Company") announced today that it expects to complete its previously announced transaction (the "Transaction") with affiliates of Blackstone Real Estate ("Blackstone") on or around July 20, 2022 following the special meeting of PSB's common stockholders on July 15, 2022. The completion of the Transaction remains subject to approval by PSB's common stockholders and other customary closing conditions. On July 8, 2022, as contemplated by the Company's merger agreement, the PSB Board of Directors declared (i) a prorated quarterly cash dividend (the "pro rata dividend") on PSB common stock and (ii) a cash dividend (the "closing cash dividend") o

Public Storage (NYSE:PSA) announced today the release of its 2022 Sustainability Report detailing how the Company's engaged and diverse team, innovative and sustainable operations, and financial fortitude continue positioning Public Storage for long-term resilience, growth, and value creation. Sustainability highlights include: Recognition by Forbes and Statista as one of "America's Best Large Employers" and by Comparably as a "Choice Employer" with an "A+" culture based on employee feedback; Creating new career paths that bolster employee satisfaction through greater role specialization and upward mobility for the property manager and customer care center teams; Increasing diversi

Public Storage (NYSE:PSA) announced today it is recognized and Certified™ by Great Place to Work® for 2022. The prestigious Great Place to Work® award is based entirely on what current employees say about their experience working at Public Storage. Great Place to Work® is the global authority on workplace culture, employee experience, and the leadership behaviors proven to deliver market-leading revenue, employee retention, and increased innovation. "Great Place to Work Certification™ isn't something that comes easily–it takes ongoing dedication to the employee experience," said Sarah Lewis-Kulin, vice president of global recognition at Great Place to Work®. "It's the only official recogn

Public Storage (NYSE:PSA) announced today that the Company will make a virtual presentation at REITweek 2022 on Wednesday, June 8, 2022, from 9:30 a.m. to 10:00 a.m. (ET). The presentation will be webcast and available to registered REITweek participants. Registration is complimentary and accessible through Nareit's website. Company Information Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At March 31, 2022, we had: (i) interests in 2,797 self-storage facilities located in 39 states with approximately 199 million net rentable square feet in the United States, (ii) an approximate 35% commo

PS Business Parks, Inc. (NYSE:PSB) ("PSB" or the "Company") announced today the expiration of the "go-shop" period set forth in the previously announced definitive merger agreement with affiliates of Blackstone Real Estate ("Blackstone"), dated as of April 24, 2022 (the "merger agreement"). Under the terms of the merger agreement, Blackstone has agreed to acquire all the outstanding shares of the Company's common stock for $187.50 per share in an all-cash transaction valued at approximately $7.6 billion, including transaction expenses. The "go-shop" period expired at 11:59 p.m. (New York City time) on May 25, 2022. During the "go-shop" period, at the direction of PSB's board of directors,

PS Business Parks, Inc. (NYSE:PSB), a real estate investment trust ("REIT"), today announced financial and operating results for the quarter ended March 31, 2022. Financial and Operational Highlights for the Three Months Ended March 31, 2022 Net income allocable to common stockholders for the three months ended March 31, 2022 was $72.0 million, or $2.60 per diluted common share. FFO for the three months ended March 31, 2022 was $1.65 per share, representing a 1.2% decrease from the same period in 2021. Core FFO for the three months ended March 31, 2022 was $1.82 per share, representing a 9.0% increase from the same period in 2021. Cash NOI for the total portfolio was $78.1 million

Public Storage (NYSE:PSA) ("Public Storage" or the "Company") today provided certain updates as to the impact on Public Storage of the agreed acquisition by affiliates of Blackstone Real Estate ("Blackstone") of PS Business Parks, Inc. (NYSE:PSB) ("PS Business Parks"), which was announced today. Upon consummation of the transaction, Public Storage, like all holders of PS Business Parks' common shares and units, would receive $187.50 in cash per PS Business Parks common share or unit. Public Storage holds an approximate 41% common equity interest in PS Business Parks through approximately 7.2 million common shares and 7.3 million limited partnership units. Public Storage expects to receive

PS Business Parks, Inc. (NYSE:PSB) announced today that Stephen W. Wilson has been appointed as the Company's President and Chief Executive Officer, effective immediately. Mr. Wilson has been serving as interim President and Chief Executive Officer since January 17, 2022. Mr. Wilson has been a director of the Company since July 2019 and will continue to serve as a director. Mr. Wilson was Executive Vice President—Development of AvalonBay Communities, Inc. (NYSE:AVB) ("AvalonBay"), a real estate investment trust that develops, redevelops, acquires, and manages multifamily communities in the United States, from 2014 until his retirement in 2019. Prior to that role, Mr. Wilson held various se

Public Storage (NYSE:PSA) announced today that one million customers have rented a storage space through its industry-leading eRental® online rental agreement. The digital self-service rental program launched in December 2019 to provide customers with an option to easily find, rent, and pay for their storage space from anywhere in about six minutes or less. Customer adoption of eRental® quickly expanded nationwide in early 2020 as customers sought social distancing and contactless service across their daily lives. The convenience continues to gain momentum and now accounts for half of the company's more than one million customer move-ins each year. Public Storage, with nearly 2,800 locat

PS Business Parks, Inc. (NYSE:PSB) (the "Company") announced today that it has closed on the sale of the remaining 12 buildings in the Royal Tech Business Park, located in Irving, Texas. The gross sales price for the remaining buildings was $93.0 million, with net sales proceeds of approximately $91.9 million after transactions costs. "At 702,000 square feet, this sale represents the final phase in the strategic disposition of the Royal Tech Business Park which originally totaled 794,000 square feet across 14 buildings. This sale is a significant milestone in the Company's continued and focused strategy to decrease its ownership of office and office-oriented flex properties," said Steve Wi

PS Business Parks, Inc. (NYSE:PSB) today announced that Dan "Mac" Chandler, III, the Company's President and Chief Executive Officer, who has been on medical leave since January 17, 2022, will step down as President and Chief Executive Officer and as a member of the Board of Directors for health reasons, effective March 23, 2022. Stephen W. Wilson, who was appointed interim President and Chief Executive Officer on January 17, 2022, will continue to serve in that role, and will continue to be supported by the Company's senior management team, including Maria R. Hawthorne, interim Chief Operating Officer, and Adeel Khan, Chief Financial Officer. Mr. Chandler said, "While it has been an honor

PS Business Parks, Inc. (NYSE:PSB) announced today the tax treatment of the Company's 2021 dividends. For the tax year ended December 31, 2021, the distributions for the common stock and preferred stock were classified as follows: Common Stock – CUSIP Number 69360J 10 7   Form 1099-Div Box: Box 1a Box 1b Box 2a Box 2b Box 2f Box 5 Record Date Payable Date Total Distribution Per Share Total Ordinary Dividends(1) Qualified Dividends(2) Total Capital Gain Distribution Unrecaptured Section 1250 Gain(3) Section 897 Capital Gain(4) Section 199A Dividends(5) 3/16/2021 3/31/2021 $1.050000 $0.367398 $0.000000 $0.682602 $0.0

Public Storage (NYSE:PSA) announced today the tax treatment of the Company's 2021 dividends. For the tax year ended December 31, 2021, distributions for the PSA common stock and all the various series of preferred stock were classified as follows: 2021   1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Ordinary Dividends 94.5451%   94.5396%   94.5516%   94.5685% Capital Gain Distributions 5.4549%   5.4604%   5.4484%   5.4315%   Total  100.0000%   100.0000%   100.0000%   100.0000% The ordinary income dividends are not "qualified dividend income." For shareholders other than corp

PS Business Parks, Inc. (NYSE:PSB) today announced the appointments of Stephen W. Wilson as interim President and Chief Executive Officer and Maria R. Hawthorne as interim Chief Operating Officer, effective January 17, 2022. Mr. Wilson has been a director of the Company since 2019 and served as Executive Vice President—Development at AvalonBay Communities, Inc. (NYSE:AVB) prior to his retirement in 2019. Ms. Hawthorne has been a Company director since 2016 and previously served in various senior leadership positions at the Company, including as President and Chief Executive Officer, prior to her retirement in 2021. Dan "Mac" Chandler, III, the Company's President and Chief Executive Office

PS Business Parks, Inc. (NYSE:PSB) today announced that its Board of Directors recently declared a one-time dividend of $4.60 per share of common stock, payable on December 30, 2021 to stockholders of record on December 15, 2021. This one-time dividend distribution will be paid in addition to the previously announced quarterly dividend of $1.05 per share of common stock, also payable on December 30, 2021 to stockholders of record on December 15, 2021. "We are pleased to announce the declaration of a special dividend to be paid in the fourth quarter, providing a meaningful return to our stockholders," said Mac Chandler, the Company's President and Chief Executive Officer. "In 2021, we conti

Public Storage (NYSE:PSA) announced today that it is calling for redemption all outstanding depositary shares representing interests in its 4.90% Cumulative Preferred Shares, Series E (NYSE:PSAPRE) on December 30, 2021 at $25 per depositary share. The aggregate redemption amount to be paid to all holders of the depositary shares is $350,000,000. Company Information Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. At September 30, 2021, we had: (i) interests in 2,678 self-storage facilities located in 39 states with approximately 186 million net rentable square feet in the United States, (ii)

Public Storage (NYSE:PSA) announced today that David Lee has joined the Company as Chief Operating Officer. Mr. Lee brings more than 20 years of operations leadership to Public Storage. Prior to joining, he served as Senior Vice President of Operations at The UPS Store where he led operational and team engagement strategy across more than 5,200 retail locations in the U.S. and Canada. Mr. Lee's focus on innovation and advancing The UPS Store operating model, employee satisfaction, and customer experience will be directly complementary as he leads operations across Public Storage's nearly 2,700 properties and 1.7 million self-storage customers. "We are excited about the proven success, lea

Public Storage (NYSE:PSA), the leading owner, acquirer, developer, and operator of self-storage properties, announced today the acquisition of the high-quality All Storage portfolio for $1.5 billion. The portfolio comprises 56 self-storage properties (7.5 million net rentable square feet) primarily located in the growing Dallas-Fort Worth market. The 52 properties in Dallas-Fort Worth add prominent locations in new, high-growth submarkets in addition to complementary locations in Public Storage's existing submarkets. With the addition of the acquisition properties, the Company's Dallas-Fort Worth portfolio will be unmatched in coverage and quality, with 172 locations and 15.5 million net r

PS Business Parks, Inc. (NYSE:PSB) (the "Company") announced today that it has closed on the previously announced sale of its Lusk Business Park, located in the Sorrento Mesa submarket of San Diego, California, to an affiliate of Longfellow Real Estate Partners (the "Buyer") for a gross purchase price of $315.4 million (the "Lusk Sale"). The Company noted that net proceeds from the Lusk Sale, after payment of transaction costs, were $311.1 million. "We are pleased to announce the completion of the Lusk Business Park sale," said Mac Chandler, the Company's President and Chief Executive Officer. "We would like to thank Longfellow Real Estate Partners for being a terrific counterparty, and we

PS Business Parks, Inc. (NYSE:PSB) announced today that Adeel Khan has been appointed as the Company's Executive Vice President, Chief Financial Officer and Corporate Secretary, effective January 10, 2022. Jeffrey D. Hedges will continue to serve as the Company's Executive Vice President, Chief Financial Officer and Corporate Secretary until November 12, 2021 and has agreed to serve as a consultant to the Company until February 11, 2022 to facilitate the transition. Mr. Khan previously served as Chief Financial Officer of Rexford Industrial Realty, Inc. (NYSE:REXR) ("Rexford") from July 2013 through August 2020 and as Corporate Controller for Rexford's predecessor business from March 2012

PS Business Parks, Inc. (NYSE:PSB, the "Company"))) has entered into a Purchase and Sale Agreement (the "Agreement") by and between the Company and an affiliate of Longfellow Real Estate Partners (the "Buyer"). The Agreement provides that, upon the terms and subject to the conditions set forth therein, the Buyer will acquire the Company's Lusk Business Park, located in the Sorrento Mesa submarket of San Diego, California, for a gross purchase price of $315.4 million (the "Lusk Sale"). As of October 6, 2021, the Buyer's due diligence period expired without exception and the required purchase deposit became non-refundable. The Company expects the net proceeds from the Lusk Sale, after payment

PS Business Parks, Inc. (NYSE:PSB) (the "Company") announced today that its Board of Directors elected M. Christian Mitchell to the Board of Directors effective October 4, 2021. Mr. Mitchell, 66, serves as a Managing Partner of THG Advisory Services, LLC, an alternative investment and advisory firm. Mr. Mitchell is a retired senior partner at Deloitte & Touche LLP where he served as the national or regional managing partner for various practices of the firm and was a founding member of the board of directors of Deloitte Consulting USA. Mr. Mitchell is a director of Pacific Premier Bancorp, Inc. (NASDAQ:PPBI), a regional bank holding company; Western Asset Mortgage Capital Corporation (NYSE

PS Business Parks, Inc. (NYSE:PSB) announced today that it is calling for redemption of all outstanding depositary shares representing interests in its 5.20% Cumulative Preferred Stock, Series W (NYSE:PSBPRW) on November 3, 2021, at $25 per share plus accrued dividends from October 1, 2021, through the date of redemption. The aggregate redemption amount, before payment of accrued dividends, to be paid to the holders of the depositary shares is $189.8 million. Company Information PS Business Parks, Inc., a S&P MidCap 400 company, is a REIT that acquires, develops, owns, and operates commercial properties, predominantly multi-tenant industrial, industrial-flex, and low-rise suburban office.

PS Business Parks, Inc. (NYSE:PSB) announced today that it has completed the acquisition of Port America, a 717,735 square foot multi-tenant industrial park located in Dallas, Texas, for a total purchase price of $123.0 million. Port America consists of 15 buildings with an average customer size of 8,000 square feet and was approximately 96% occupied at closing. The park is strategically located immediately adjacent to DFW International Airport on fee simple land. The park is uniquely positioned to provide institutional quality industrial space to small- and medium-size users seeking a premium location, 26-foot clear heights, ample dock loading, and access to key freeways serving DFW Airpo

PS Business Parks, Inc. (NYSE:PSB) today announced that its operating partnership, PS Business Parks, L.P., entered into a Fourth Amended and Restated Credit Agreement (the "Credit Agreement"). The amendment and restatement, among other things, increases the aggregate principal amount of the unsecured revolving credit facility ("Credit Facility") from $250 million to $400 million, and extends the maturity date to August 24, 2025, with two six-month extension options or one twelve-month extension option. The Credit Facility now bears interest at LIBOR plus 0.70% and includes a facility fee of 10 basis points calculated on the aggregate principal commitment. The interest rate margin and facil

Public Storage (NYSE:PSA) today announced the passing of its co-founder and Chairman Emeritus, B. Wayne Hughes, on August 18, 2021. In 1972, Mr. Hughes and Kenneth Q. Volk Jr. founded the Company, which has since grown into the world leader in self-storage, with equity interests in over 3,000 properties and over 200 million square feet. Ron Havner, Chairman of the Board of Trustees, commented: "Wayne was my mentor in every sense of the word. His practical, no nonsense approach to business and natural ability to ‘think outside the box' were the keys to Public Storage's success. He continually pushed us to innovate, so we made lots of mistakes, but we learned, kept growing, and improved the

PS Business Parks, Inc. (NYSE:PSB) announced today that it intends to release its second quarter 2021 earnings after the close of business on Tuesday, August 3, 2021. A conference call is scheduled for Wednesday, August 4, 2021, at 10:00 a.m. PDT (1:00 p.m. EDT) to discuss second quarter results. The toll free number is 877-876-9176; the conference ID is PSBQ221. The call will also be available via a live webcast on the Company's website. A replay of the conference call will be available through August 18, 2021 at 800-839-4018, as well as via webcast on the Company's website. Company Information PS Business Parks, Inc. (NYSE:PSB), an S&P MidCap 400 company, is a real estate investment tr

Public Storage (NYSE:PSA) announced today it intends to release its second quarter 2021 earnings results on Tuesday, August 3, 2021. A conference call is scheduled for Wednesday, August 4, 2021, at 9:00 a.m. (PDT) to discuss these results. Live conference call Domestic dial-in number: (866) 406-5408 International dial-in number: (973) 582-2770 Conference ID number: 2088572 Simultaneous audio webcast link: PublicStorage.com, under "About Us, Investor Relations, News and Events, Event Calendar" Conference call replay Domestic dial-in number: (800) 585-8367 International dial-in number: (404) 537-3406 Conference ID number: 2088572 Webcast link: PublicStorage.com, under "About Us, Investor Re

Public Storage (NYSE:PSA) announced today the release of its 2021 Sustainability Report detailing how the Company's engaged and diverse team, innovative and sustainable operations, and financial fortitude are positioning the Company for long-term growth and resilience. The Company has accelerated its sustainability efforts, including: Creating new career paths for upward mobility and establishing an employee engagement committee to ensure team members' views are understood and acted upon through the implementation of initiatives across the Company; Reducing energy consumption, carbon emission, water consumption, and waste production by 12%, on average, in 2020 relative to 2019 through

Public Storage (NYSE:PSA) announced today that it is calling for redemption all outstanding depositary shares representing interests in its 4.95% Cumulative Preferred Shares, Series D (NYSE:PSAPRD) on July 20, 2021 at $25 per depositary share plus accrued dividends from July 1, 2021 through the date of redemption. The aggregate redemption amount, before payment of accrued dividends, to be paid to all holders of the depositary shares is $325,000,000. Company Information Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At March 31, 2021, we had: (i) interests in 2,563 self-storage facilities l

GLENDALE, Calif.--(BUSINESS WIRE)--PS Business Parks, Inc. (NYSE:PSB) (the “Company”) announced today that the Company will make a virtual presentation at REITweek 2021 on Tuesday, June 8, 2021, from 1:30 p.m. to 2:00 p.m. (PDT). The presentation will be webcast and available to registered REITweek participants. Registration is complimentary and accessible through Nareit’s website. Company Information PS Business Parks, Inc. (NYSE:PSB), an S&P MidCap 400 company, is a real estate investment trust that acquires, develops, owns, and operates commercial properties, predominantly multi-tenant industrial, industrial flex, and low-rise suburban office. Located primarily in major coastal

GLENDALE, Calif.--(BUSINESS WIRE)--Public Storage (NYSE:PSA) announced today that the Company will make a virtual presentation at REITweek 2021 on Tuesday, June 8, 2021, from 12:45 p.m. to 1:15 p.m. (PDT). The presentation will be webcast and available to registered REITweek participants. Registration is complementary and accessible through Nareit’s website. Company Information Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At March 31, 2021, we had: (i) interests in 2,563 self-storage facilities located in 38 states with approximately 176 million net rentable square feet in the Un

Public Storage (NYSE:PSA) announced today that it is calling for redemption all outstanding depositary shares representing interests in its 5.125% Cumulative Preferred Shares, Series C (NYSE:PSAPRC) on June 30, 2021 at $25 per depositary share. The aggregate redemption amount to be paid to all holders of the depositary shares is $200,000,000. Company Information Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At March 31, 2021, we had: (i) interests in 2,563 self-storage facilities located in 38 states with approximately 176 million net rentable square feet in the United States, (ii) an app

PS Business Parks, Inc. (NYSE:PSB) (the "Company") announced today that it has completed the reincorporation of the Company from the State of California to the State of Maryland. The reincorporation was approved by common and preferred shareholders in connection with the 2021 Annual Meeting of Shareholders. The reincorporation changed the legal domicile of the Company, but did not result in any change in the name, business, management, fiscal year, accounting, location of the principal executive offices, assets or liabilities of the Company. The Company's common stock will continue to be listed on the New York Stock Exchange under the ticker symbol "PSB." Company Information PS Business P

PS Business Parks, Inc. (NYSE:PSB) (the "Company") announced today that John W. Petersen will resign as Executive Vice President and Chief Operating Officer of the Company on or about June 11, 2021. Mr. Petersen has served as Executive Vice President and Chief Operating Officer since he joined the Company in December 2004. "J.P.'s extraordinary efforts over the nearly 17 years he has been part of the team, and his leadership over the last year—one of the most difficult operating environments in our Company's history—have positioned the Company for continued growth and delivery of significant shareholder value. We are grateful for his hard work and dedication, and we wish him the best in hi

PS Business Parks, Inc. (NYSE:PSB) reported operating results for the three months ended March 31, 2021. Operating Results for the Three Months Ended March 31, 2021 Net income allocable to common shareholders for the three months ended March 31, 2021 was $27.9 million, or $1.01 per diluted common share. Net operating income ("NOI") attributable to the Company's Same Park portfolio (defined below) was $70.3 million for the three months ended March 31, 2021, representing a decrease of 0.6% over the same period in 2020. The Company also reports NOI, a measure that is not defined in accordance with U.S. generally accepted accounting principles ("GAAP"), on a cash basis, which excludes non-ca

PS Business Parks, Inc. (NYSE:PSB) (the "Company") announced today that its Board of Directors elected Dan "Mac" Chandler, III and Irene H. Oh to the Board of Directors effective April 20, 2021. Mr. Chandler, 53, has been the Company's President and Chief Executive Officer since April 5, 2021. Mr. Chandler previously served as Executive Vice President and Chief Investment Officer of Regency Centers Corporation (NASDAQ:REG). Ms. Oh, 43, has served as Executive Vice President and Chief Financial Officer of East West Bancorp, Inc. and East West Bank (NASDAQ:EWBC) ("East West"), a bank holding company that operates over 120 locations in the U.S. and China, since January 2010. She held various

Public Storage (NYSE:PSA) released today registration information for its previously announced Investor Day to be held on Monday, May 3, 2021, from 9:30 a.m. to 1:30 p.m. (PDT). The Investor Day will provide participants with detailed insight into Public Storage's leadership position within the self-storage industry. Senior team members will present on the Company's culture, business strategies, competitive advantages, and how we are leveraging Public Storage's industry leadership to drive long-term growth. Topics will include Public Storage's innovation-powered organic growth, accelerating portfolio expansion, growth-oriented balance sheet, and financial outlook. "We are excited to bring

Public Storage (NYSE:PSA), the largest self-storage operator in the nation, has been recognized as one of the best places to work in Comparably's most recent workplace culture survey. Public Storage was named in the top three large companies for Best Operations Department, top five as one of the Best Places to Work in Los Angeles, and ranked top 25 for Best Company Outlook. "Public Storage is committed to being a great place to work to build your career," said Natalia Johnson, Chief Administrative Officer of the company. "We are honored to be recognized and will continue to foster a culture founded on integrity where our 5,000 plus team of employees are empowered to bring their whole selv

Public Storage (NYSE:PSA), the leading owner, acquirer, developer, and operator of self-storage properties, announced today the acquisition of ezStorage, one of the highest quality self-storage portfolios in the United States, for $1.8 billion. The portfolio comprises 48 properties (4.2 million net rentable square feet) located in submarkets with strong demand drivers and high barriers for new property development across Washington DC, Virginia, and Maryland. Public Storage's industry-leading development team will assume responsibility for one property that is under construction and expand eight additional properties, resulting in a 10% increase in square footage through 2023. In combinati

PS Business Parks, Inc. (NYSE:PSB) announced today that it intends to release its first quarter 2021 earnings after the close of business on Tuesday, April 27, 2021. A conference call is scheduled for Wednesday, April 28, 2021, at 10:00 a.m. PDT (1:00 p.m. EDT) to discuss first quarter results. The toll free number is 877-876-9173; the conference ID is PSBQ121. The call will also be available via a live webcast on the Company's website. A replay of the conference call will be available through May 12, 2021 at 800-839-5146, as well as via webcast on the Company's website. Company Information PS Business Parks, Inc., a member of the S&P SmallCap 400, is a real estate investment trust that

Public Storage (NYSE:PSA) announced today it intends to release its first quarter 2021 earnings results on Wednesday, April 28, 2021. A conference call is scheduled for Thursday, April 29, 2021, at 9:00 a.m. (PDT) to discuss these results.   Live conference call       Domestic dial-in number:   (866) 406-5408   International dial-in number:   (973) 582-2770   Conference ID number:   2268534   Simultaneous audio webcast link:   PublicStorage.com, under "About Us, Investor Relations, News and Events, Event Calendar"           Conference call replay       Domestic dial-in number:   (800) 585-8367

GLENDALE, Calif.--(BUSINESS WIRE)--PS Business Parks, Inc. (NYSE:PSB) announced today that Dan “Mac” Chandler, III has been appointed as the Company’s President and Chief Executive Officer, effective April 5, 2021. John W. Petersen, the Company’s interim President and Chief Executive Officer, will remain in that role until April 5, 2021, when he will continue serving as the Company’s Executive Vice President and Chief Operating Officer. Mr. Chandler joins the Company after serving as Executive Vice President and Chief Investment Officer of Regency Centers Corporation (NASDAQ:REG) (“Regency”), a public real estate investment trust that acquires, develops, owns, and operates open-a

GLENDALE, Calif.--(BUSINESS WIRE)--PS Business Parks, Inc. (NYSE:PSB) reported operating results for the quarter and year ended December 31, 2020. Operating Results for the Three Months and Year Ended December 31, 2020 Net income allocable to common shareholders for the three months and year ended December 31, 2020 was $26.9 million, or $0.98 per diluted common share, and $124.6 million, or $4.52 per diluted common share, respectively. Net operating income (“NOI”) attributable to the Company’s Same Park portfolio (defined below) was $68.0 million and $270.8 million for the three months and year ended December 31, 2020, respectively, representing decreases of 3.0% and 0.6% over t

GLENDALE, Calif.--(BUSINESS WIRE)--Public Storage (NYSE:PSA) announced today it intends to release its fourth quarter 2020 earnings results on Wednesday, February 24, 2021. A conference call is scheduled for Thursday, February 25, 2021, at 9:00 a.m. (PST) to discuss these results. Live conference call Domestic dial-in number: (866) 406-5408 International dial-in number: (973) 582-2770 Conference ID number: 8057778 Simultaneous audio webcast link: PublicStorage.com, under “About Us, Investor Relations, News and Events, Event Calendar”     Conference call replay   Domestic dial-in number: (800) 585-8367

GLENDALE, Calif.--(BUSINESS WIRE)--PS Business Parks, Inc. (NYSE:PSB) announced today that it intends to release its fourth quarter 2020 earnings after the close of business on Monday, February 22, 2021. A conference call is scheduled for Tuesday, February 23, 2021, at 10:00 a.m. PST (1:00 p.m. EST) to discuss fourth quarter results. The toll free number is 877-876-9176; the conference ID is PSBQ420. The call will also be available via a live webcast on the Company’s website. A replay of the conference call will be available through March 9, 2021 at 800-839-9302, as well as via webcast on the Company’s website. Company Information PS Business Parks, Inc., a member of the S&P Smal

GLENDALE, Calif.--(BUSINESS WIRE)--PS Business Parks, Inc. (NYSE:PSB) announced today the tax treatment of the Company’s 2020 dividends. For the tax year ended December 31, 2020, 100% of the distributions for the common stock and all the various series of preferred stock for all four quarters were classified as ordinary income. The Company did not declare a capital gain distribution, nor did it have any undistributed long-term capital gain for 2020. The ordinary income dividends are not “qualified dividend income” for purposes of determining dividends that are taxed as net capital gain. For shareholders other than corporations, the ordinary dividends are “qualified REIT dividends”

GLENDALE, Calif.--(BUSINESS WIRE)--Public Storage (NYSE:PSA) announced today the tax treatment of the Company’s 2020 dividends. For the tax year ended December 31, 2020, 100% of the distributions for the PSA common stock and all the various series of preferred stock were classified as ordinary income. The Company did not declare a capital gain distribution, nor did it have any unrecaptured section 1250 gain for 2020. The ordinary income dividends are not “qualified dividend income.” For shareholders other than corporations the ordinary dividends are “qualified REIT dividends” under the qualified business income provisions enacted as part of the Tax Cuts and Jobs Act of 2017. This

GLENDALE, Calif.--(BUSINESS WIRE)--Public Storage (NYSE:PSA) today issued the following statement in response to a letter from Elliott Associates, L.P. and Elliott International, L.P. (together, “Elliott”): The Public Storage Board of Trustees and management team are committed to serving the best interests of the Company and its shareholders, and will continue to take decisive action to drive sustainable value creation. Public Storage is the world’s largest owner, operator, and developer of self-storage properties, with a $46 billion total market capitalization. This success has come through executing strategies that promote the long-term resilience of its properties and of the Co

GLENDALE, Calif.--(BUSINESS WIRE)--Public Storage (NYSE:PSA) announced today that it is calling for redemption all outstanding depositary shares representing interests in its 5.40% Cumulative Preferred Shares, Series B (NYSE:PSAPrB) on January 20, 2021 at $25 per depositary share plus accrued dividends from January 1, 2021 through the date of redemption. The aggregate redemption amount, before payment of accrued dividends, to be paid to all holders of the depositary shares is $300,000,000. Company Information Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. At September 30, 2020, we h

GLENDALE, Calif.--(BUSINESS WIRE)--Public Storage (NYSE:PSA) today announced that the Company will host an Investor Day, which is anticipated to be held virtually, on May 3, 2021. The Investor Day will provide an opportunity for investors and analysts to hear from members of Public Storage’s team as they provide a business update, including discussion of the Company’s long-term strategy, growth initiatives, capital allocation priorities and focus on sustainability and diversity. A live audio webcast of the presentations will be available on the Investor Relations section of the Public Storage website at http://investors.publicstorage.com. The Company will provide further details i

GLENDALE, Calif.--(BUSINESS WIRE)--Public Storage (NYSE:PSA), the leading owner, developer, and operator of self-storage properties, has closed the first phase of its previously announced acquisition of the newly built, high-quality Beyond Self Storage portfolio. In total, the portfolio comprises 36 properties (3.6 million net rentable square feet), which Public Storage has agreed to acquire for $528 million. The first phase includes 24 existing properties (2.3 million net rentable square feet) built since 2016, with an average occupancy of approximately 35%. The second phase includes 12 properties (1.3 million net rentable square feet) in various stages of development that the C