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PSB > SEC Filings for PSB > Form 8-K on 4-Nov-2013All Recent SEC Filings

Show all filings for PS BUSINESS PARKS INC/CA



Other Events

Item 8.01. Other Events.

On November 4, 2013, PS Business Parks, Inc. issued a press release announcing a planned public offering of its common stock.

In connection with the planned public offering of its common stock, the Company also intends to enter into a Stock Purchase Agreement with Public Storage (the "Stock Purchase Agreement") for the purchase of approximately 950,000 shares of common stock from the Company, which is an amount sufficient for Public Storage to maintain its ownership interest in the Company and PS Business Parks, L.P., the Company's operating partnership, assuming no exercise of the underwriter's option to purchase additional shares. At November 1, 2013, Public Storage and its affiliates owned 25.44% of the outstanding shares of the Company's common stock and 24.08% of the outstanding common partnership units of PS Business Parks, L.P. Assuming that the Company's stock were issued to Public Storage upon redemption of the common partnership units it owns, Public Storage would own 42.62% of the outstanding shares of the Company's common stock.

The issuance of the common stock under the Stock Purchase Agreement will be made in a transaction exempt from registration under the Securities Act.

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