PSA - Public Storage to distribute $2.3B tax gain from PSB deal as dividend
- Public Storage ( NYSE: PSA ) is distributing to its shareholders its $2.3B projected tax gain from the sale of PS Business Parks ("PSB") to affiliates of Blackstone ( BX ) Real Estate, the company said Friday .
- Like all holders of PSB, Public Storage ( PSA ) received $186.50 in cash per common share and unit for its 41% stake in PSB. Public Storage ( PSA ) and its board are distributing the tax gain in order to meet the distribution requirement as a real estate investment trust.
- The dividend is payable on Aug. 4 to shareholders of record on Aug. 1, 2022.
- The REIT plans to update 2022 guidance for the impact of the transaction when it releases Q2 earning on Aug. 4, 2022.
- Blackstone's ( BX ) $7.6B acquisition of PS Business Parks was completed July 20 , after PSB shareholders agreed to the merger on July 15.
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Public Storage to distribute $2.3B tax gain from PSB deal as dividend