PS Business Parks, Inc. Announces Expiration and Results of Tender Offers to Purchase for Cash Any and All of its Outstanding Preferred Securities Described Below

NEW YORK--(BUSINESS WIRE)--PS Business Parks, Inc. (the “Company”) (Pink Open Market: PSBXP, PSBYP, PSBZP) announced today the expiration and results of its previously announced tender offers (the “Offers”) to purchase for cash any and all of its outstanding preferred securities described in the table below (collectively referred to as the “Securities”). The following table sets forth the results of the Offers:

Series of Securities	CUSIP No. / ISIN	Number of Securities Tendered and Accepted for Purchase
Depositary Shares each representing 1/1,000 of a Share of 5.250% Cumulative Preferred Stock, Series X of the Company (“Series X Preferred Shares”)	69360J 594 / US69360J5948	597,969
Depositary Shares each representing 1/1,000 of a Share of 5.200% Cumulative Preferred Stock, Series Y of the Company (“Series Y Preferred Shares”)	69360J 578 / US69360J5781	528,308
Depositary Shares each representing 1/1,000 of a Share of 4.875% Cumulative Preferred Stock, Series Z of the Company (“Series Z Preferred Shares”)	69360J 552 / US69360J5526	1,120,035

The Offers expired on March 29, 2023 at 5:00 p.m., New York City time. The Company expects that the settlement date for the Offers will be March 31, 2023.

This communication is not a recommendation to buy or sell the Securities or any other securities, and it is neither an offer to purchase nor a solicitation of an offer to sell the Securities or any other securities. The Offers were made solely pursuant to the Offer to Purchase, dated March 1, 2023 (the “Offer to Purchase”), and the accompanying Letter of Transmittal, dated March 1, 2023.

Forward-Looking Statements

This press release includes forward-looking statements. These statements are necessarily subject to risk and uncertainty and actual results could differ materially from those anticipated due to various factors, including those set forth from time to time in the documents filed or furnished by PS Business Parks, Inc. with the SEC. You should not place undue reliance on forward-looking statements and PS Business Parks, Inc. undertakes no obligation to update any such statements to reflect circumstances or events that occur after the date on which the forward-looking statement is made.