PS Business Parks completes offering of common stock

PS Business Parks completes offering

GLENDALE, Calif. — PS Business Parks Inc. said Friday that it has completed its offering of 3.45 million common shares.

The real estate investment trust said the offering, priced at $46.50 per share, netted proceeds of $153.6 million.

PS Business Parks also sold 383,333 of its common shares to Public Storage for $17.8 million.

Shares of PS Business Parks rose $1.23 to close the regular session at $49.06 Friday, but lost $1.27, or 2.6 percent, to $47.80 in after-hours trading following the announcement of the completion of the offering.