| Issuer Free Writing Prospectus | ||
| Filed Pursuant To Rule 433 | ||
| Registration Statement No. 333-112969 | ||
| May 18, 2006 |
PS BUSINESS PARKS, INC.
DEPOSITARY SHARES EACH REPRESENTING 1/1000 OF A SHARE OF
7.375% CUMULATIVE PREFERRED STOCK, SERIES O
Final Term Sheet
Issuer: PS Business Parks, Inc. (PSB)
Security: Depositary Shares Each Representing 1/1000 Of A Share Of 7.375% Cumulative Preferred Stock, Series O
Size: 3,000,000 shares
Over-allotment Option: 450,000 shares at $25.00 per share
First Payment Date: September 30, 2006
Type of Security: SEC Registered - Registration Statement No. (333-112969)
Public Offering Price: $25.00 per share; $75,000,000 million total (not including over-allotment option)
Underwriting Discounts and Commissions: $.7875 per share for Retail Orders; $1,697,062.50 total; and $.5000 per share for Institutional Orders; $422,500.00 total (not including over-allotment option)
Proceeds to the Company, before expenses: $72,880,437.50 total
Estimated Company Expenses: $300,000, other than underwriting discounts and commissions
Bookrunners: Wachovia Capital Markets, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated
Co-managers: Citigroup Global Markets Inc., Morgan Stanley & Co. Incorporated, Credit Suisse Securities (USA) LLC and RBC Dain Rauscher Inc.
Underwriting:
| Number of Firm Shares | ||
| Wachovia Capital Markets, LLC |
720,000 | |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated |
720,000 | |
| Citigroup Global Markets Inc. |
720,000 | |
| Morgan Stanley & Co. Incorporated |
720,000 | |
| Credit Suisse Securities (USA) LLC |
60,000 | |
| RBC Dain Rauscher Inc. |
60,000 | |
| Total |
3,000,000 |
Dividend Rights: 7.375% of the liquidation preference per annum; Distributions begin on September 30, 2006
Redemption: The shares may not redeemed until on or after June 16, 2011
Trade Date: May 18, 2006
Settlement Date: June 16, 2006 (T+20)
Delivery Date: June 16, 2006 (T+20)
Selling Concession: $.50/share for Retail Orders; $.30/share for Institutional Orders
Reallowance to other dealers: $.45/share
CUSIP Number: 69360J750
ISIN Number: US69360J7506
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Wachovia Securities toll-free at 1-800-326-5897 or Merrill Lynch toll-free at 1-866-500-5408.
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