PS Business Parks (PSB) announces $4.60/share special dividend.

PS Business Parks, Inc. (PSB) announced today that it has declared a special dividend of $4.60/share, payable on December 30, 2021 to stockholders of record on December 15, 2021.  This one-time distribution is in addition to PSB's regular quarterly dividend of $1.05/share, which is payable on the same dates.

PSB said that the one-time dividend is "necessary to meet distribution requirements to maintain its elected status as a real estate investment trust (“REIT”), based on its preliminary estimate of its 2021 REIT taxable income. The Company has included in its estimate of its 2021 REIT taxable income long-term capital gain attributable to assets which it sold or is expected to sell in tax year 2021 after taking into account the assets acquired which qualify as Section 1031 exchanges."

PS Business Parks, Inc. (PSB) specializes in the ownership of 'flex' style office/industrial properties in major urban markets. As of September 30, 2021, the company's portfolio included 97 business parks with 27 million square feet of GLA. PSB is a member of the S&P MidCap 400 with a total market capitalization of approximately $6.4 billion.