PS Business Parks Plans Stock Offering

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PS Business Parks Inc. said Tuesday that it expects to net more than $133 million from an offering of 3 million shares of common stock.

The Glendale real estate investment trust, which plans to use the money for acquisitions and general corporate purposes, priced the secondary offering at $46.50 per share. The offering, first announced Monday, is expected to close Friday.

The company last week said its second quarter net income rose 89 percent to $8.7 million (42 cents per share). Revenue fell 3.5 percent to $68.1 million.

Shares closed at $52.35 on Friday before the announcement and were down $4.90, or 9.5 percent, to $46.90 in Tuesday midday trading on the New York Stock Exchange.

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