PS Business Parks, Inc. announces acquisition of Port America in Texas

GLENDALE, California .– (BUSINESS WIRE) – PS Business Parks, Inc. (NYSE: PSB) announced today that it has completed the acquisition of Port America, a 717,735-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 occupied approximately 96% at closing. The park is strategically located immediately adjacent to DFW International Airport, on simple grounds. The park has a unique location to provide institutional-quality industrial space to small and medium-sized users looking for a premium location, 26-foot clear heights, a large dock load and access to key highways serving DFW Airport and the Dallas Metroplex. The park is complementary to PSB’s existing industrial and flexible portfolio in Dallas, Texas, which totals 3.0 million square feet.

“Port America fits in perfectly with our small bay industrial investment strategy. The combination of suites that offer an average dock of 8,000 square feet, easy-to-pay land in an irreplaceable location and the best local operating platform in the class should result in strong long-term growth for our shareholders, ”he said. say Mac Chandler, President and CEO of Company.

The acquisition was funded in part with $ 1031 million in exchange revenue of $ 72 million generated by the previously announced provisions for Park East and Monroe business parks in northern Virginia, and the remainder of the acquisition price went finance with cash.

Company information

PS Business Parks, Inc., an S&P MidCap 400 company, is a REIT that acquires, develops, owns and operates commercial properties, predominantly industrial, industrial and with low-rise suburban offices. Located primarily in major coastal markets, the 97 properties of PS Business Parks serve approximately 5,100 tenants in 28 million square feet. The portfolio also includes 800 residential units (including units in process).

Prospective statements

When used in this press release, the words “may”, “believe”, “anticipate”, “plan”, “wait”, “seek”, “calculate”, “intend” and similar expressions are intended identify “forward-looking” statements. ”These forward-looking statements involve risks, uncertainties and other known and unknown factors, which may cause the actual results and performance of the Company to be materially different from those expressed or implied in the forward-looking statements. factors include the duration and severity of the COVID-19 pandemic and its impact on our business and our customers, the impact of competition from new and existing commercial facilities that could affect rents and levels of employment in the company’s facilities, the company’s ability to evaluate, finance and integrate properties acquired and developed in the company’s existing operations, the company’s ability to compete effectively in the markets in which it does business; the impact of the regulatory environment, as well as national, state and local laws and regulations, including, without limitation, those governing REITs; security breaches, including ransomware, or a failure of the Company’s networks, systems, or technology, which may adversely affect the Company’s operations or business relationships, with customers and employees, or result in fraudulent payments; the impact of general economic and business conditions, including the outcome of the economic consequences of the COVID-19 pandemic; rental rates and occupancy levels on company premises; and changes in these conditions as a result of the COVID-19 pandemic, the availability of permanent capital at attractive rates, the prospects and actions of rating agencies, and the occasional detailed risks in the company’s SEC reports, including quarterly reports on Form 10 ‑Q, reports on Form 8-K and annual reports on Form 10 – K.

Credit – https://www.businesswire.com/news/home/20210901006032/en/PS-Business-Parks-Inc.-Announces-Acquisition-of-Port-America-in-Texas