Loading...
PSB logo

PS Business Parks, Inc.NYSE:PSB Rapport sur les actions

Capitalisation boursière US$6.5b
Prix de l'action
n/a
1Y21.1%
7D0.2%
1D0.03%
Valeur du portefeuille
​
Voir

PS Business Parks, Inc.

NYSE:PSB Rapport sur les actions

Capitalisation boursière : US$6.5b

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

PS Business Parks (PSB) Aperçu de l'action

PS Business Parks, Inc., a member of the S&P MidCap 400, is a REIT that acquires, develops, owns, and operates commercial properties, primarily multi-tenant industrial, flex, and office space. Plus de détails

PSB analyse fondamentale
Score flocon de neige
Évaluation4/6
Croissance future0/6
Performances passées5/6
Santé financière6/6
Dividendes5/6

Récompenses

Se négocie à 17.3% en dessous de notre estimation de sa juste valeur

Les bénéfices ont augmenté de 257.8% au cours de l'année écoulée

Verse un dividende fiable de 2.24%

Analyse des risques

Les bénéfices devraient diminuer en moyenne de 41.1% par an au cours des 3 prochaines années

Des éléments non récurrents importants ayant un impact sur les résultats financiers


PSB Community Fair Values

Create Narrative

See what others think this stock is worth. Follow their fair value or set your own to get alerts.

NEW488,204 members

Join community and earn perks

Gain real feedbackFrom our editorial team, personally. Not silence.
Grow your followingReal investors. The kind who actually invest, not scroll past.
Unlock free accessFree premium subscription for consistent and quality authors.
Learn moreCreate Narrative
BL
BlackGoat
IN
Investingwilly
RO
RockeTeller
DA
davidlsander
488,204 investors already sharing narratives
View all narratives

PS Business Parks, Inc. Concurrents

Historique des prix et performances

Résumé des hausses, des baisses et des variations du cours de l'action pour la période du 1er janvier au 31 décembre 2009 PS Business Parks
Historique des cours de bourse
Prix actuel de l'actionUS$187.44
Plus haut sur 52 semainesUS$189.83
Plus bas sur 52 semainesUS$149.58
Bêta0.44
Variation sur 1 mois0.82%
Variation sur 3 mois9.78%
Variation sur 1 an21.15%
Variation sur 3 ans6.23%
Variation sur 5 ans43.30%
Évolution depuis l'introduction en bourse687.15%

Nouvelles et mises à jour récentes

Seeking Alpha • Jul 08

PS Business Parks declares $5.25 dividend in connection with pending transaction

PS Business Parks (NYSE:PSB) declares $5.25/share quarterly dividend. Forward yield 11.22% Payable July 20; for shareholders of record July 19; ex-div July 18. Company merger will be entitled to receive an aggregate of $187.716848 per share in cash, consisting of (i) $187.50, representing the $5.25 closing cash dividend and the merger consideration of $187.50 per share as reduced by the $5.25 closing cash dividend plus (ii) the $0.216848 pro rata dividend. See PSB Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Jun 29

PS Business Parks Will Disappear, But What With The Preferred Shares?

PS Business Parks has accepted an all-cash offer from Blackstone, and as a go-shop period did not result in higher offers, this likely is a 'done deal'. The preferred shares saw their prices decrease on the back of higher interest rates and increased uncertainty related to the delisting of PS Business Parks. Although the preferred shares will remain outstanding, the main risk is related to how Blackstone will run PSB's balance sheet. Adding debt to the currently pristine balance sheet could reduce the asset coverage ratio and the preferred dividend coverage ratio. Introduction PS Business Parks, Inc. (PSB) is on its way to a delisting as its main shareholder, Public Storage (PSA), has agreed to tender its stake to Blackstone Inc. (BX), which made an all-cash offer to acquire PS Business Parks. While the common shares will be delisted, the acquirer is not planning to call the preferred shares and those securities will remain outstanding. Data by YCharts The Sale Of PS Business Parks To Blackstone Is A Given I had PS Business Parks on my radar, mainly for the preferred shares, but I was also quite charmed by the very conservative balance sheet, which made me consider initiating a long position in its common shares as well. Unfortunately, before I could even think about pulling the trigger, Blackstone announced it had entered into an agreement to acquire all shares of PS Business Parks for a cash payment of $187.50. The main shareholder, Public Storage, agreed to tender its shares at that price, and the only thing that could block the sale was the 30-day “go shop” period where PS Business Parks could actively solicit offers superior to the Blackstone all-cash bid. That “go shop” period ended at the end of May, and no superior offer came up, so there’s no reason for anyone to vote against this deal; after all, PSB was allowed to solicit higher offers, but nothing came along. And now, the interest rates have increased even further. I can’t imagine the appetite has increased for other parties to submit a superior offer which would have to be all-cash as well, unless a share deal with a much higher premium would be launched. For instance, a $188/share all-stock offer would likely not be deemed superior to $187.50 in cash by the PSB board of directors. So, the sale of PS Business Parks to Blackstone seems to be a done deal. Although the PSB share price is trading at a discount to the offer, said discount is very small and does not pose superior returns compared to bonds these days, so the market also seems to believe the deal is going ahead. The Preferred Shares Offer An Attractive Yield, But The Risks Are Increasing Before I was even considering going long the common units, I was looking at PS Business Parks from the perspective of a preferred shareholder. There are currently three series of preferred share outstanding, with different preferred dividend payments. Stockwatch.com The Z-series have the highest yield at 6.91%, followed by the Y-shares (6.91%) and the X-series (6.7%). So although the preferred dividend payments in absolute dollar amounts are the lowest, the current low share price of the Z-series makes this series the most attractive one. So first of all, allow me to explain how strong the preferred dividend coverage ratio is. Let’s first have a look at the REIT’s FFO and FAD (‘Funds Available for Distribution’) in the first quarter of this year. PSB Investor Relations As you can see, the FAD was approximately $50.2M, and this already includes in excess of $5M in recurring capital improvements and tenant improvements. Also keep in mind, the starting point of this calculation is the net income allocable to common stockholders. This means the starting point already includes the impact of all preferred dividend payments, and if we take a step back and have a look at the income statement, we see the total amount paid out as preferred dividends was $9.6M. PSB Investor Relations If we add this back to the equation, PSB generated almost exactly $60M in pre-preferred dividend FAD, which means the preferred dividends are very handsomely covered by a factor of in excess of 600%. That’s great, and it explains why PSB was able to issue these perpetual securities with such a low preferred dividend yield (ranging from 4.875% to 5.25%). I was even more impressed with PSB’s balance sheet, which barely contained any debt: the $20M credit facility is just a fraction of the cash position and the cash position takes care of almost all liabilities (which means there’s about $53M in other assets like rent receivable to cover the shortfall. PSB Investor Relations This also means the preferred shareholders are first in line to be made whole in case something would go terribly wrong. The total equity value of the balance sheet was $1.78B, of which $755M was attributable to the preferred shares. Perhaps even more important is the accumulated depreciation on the assets to the tune of almost $1.2B, which means that excluding this accumulated depreciation, the book value would be closer to $3B for an asset coverage ratio of almost 400%. That’s why I was very interested in the preferred shares of PS Business Parks before the buyout offer was announced.
Seeking Alpha • Mar 18

PS Business Parks: Not Any Better An Opportunity

PS Business Parks has continued attractive performance from a fundamental perspective. Even so, shares have taken a step back with the broader market and the losses haven't been pretty. This is the downside of a pricey firm, but given the quality of the operation, it is still likely a 'hold' at this time.

Recent updates

Seeking Alpha • Jul 08

PS Business Parks declares $5.25 dividend in connection with pending transaction

PS Business Parks (NYSE:PSB) declares $5.25/share quarterly dividend. Forward yield 11.22% Payable July 20; for shareholders of record July 19; ex-div July 18. Company merger will be entitled to receive an aggregate of $187.716848 per share in cash, consisting of (i) $187.50, representing the $5.25 closing cash dividend and the merger consideration of $187.50 per share as reduced by the $5.25 closing cash dividend plus (ii) the $0.216848 pro rata dividend. See PSB Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Jun 29

PS Business Parks Will Disappear, But What With The Preferred Shares?

PS Business Parks has accepted an all-cash offer from Blackstone, and as a go-shop period did not result in higher offers, this likely is a 'done deal'. The preferred shares saw their prices decrease on the back of higher interest rates and increased uncertainty related to the delisting of PS Business Parks. Although the preferred shares will remain outstanding, the main risk is related to how Blackstone will run PSB's balance sheet. Adding debt to the currently pristine balance sheet could reduce the asset coverage ratio and the preferred dividend coverage ratio. Introduction PS Business Parks, Inc. (PSB) is on its way to a delisting as its main shareholder, Public Storage (PSA), has agreed to tender its stake to Blackstone Inc. (BX), which made an all-cash offer to acquire PS Business Parks. While the common shares will be delisted, the acquirer is not planning to call the preferred shares and those securities will remain outstanding. Data by YCharts The Sale Of PS Business Parks To Blackstone Is A Given I had PS Business Parks on my radar, mainly for the preferred shares, but I was also quite charmed by the very conservative balance sheet, which made me consider initiating a long position in its common shares as well. Unfortunately, before I could even think about pulling the trigger, Blackstone announced it had entered into an agreement to acquire all shares of PS Business Parks for a cash payment of $187.50. The main shareholder, Public Storage, agreed to tender its shares at that price, and the only thing that could block the sale was the 30-day “go shop” period where PS Business Parks could actively solicit offers superior to the Blackstone all-cash bid. That “go shop” period ended at the end of May, and no superior offer came up, so there’s no reason for anyone to vote against this deal; after all, PSB was allowed to solicit higher offers, but nothing came along. And now, the interest rates have increased even further. I can’t imagine the appetite has increased for other parties to submit a superior offer which would have to be all-cash as well, unless a share deal with a much higher premium would be launched. For instance, a $188/share all-stock offer would likely not be deemed superior to $187.50 in cash by the PSB board of directors. So, the sale of PS Business Parks to Blackstone seems to be a done deal. Although the PSB share price is trading at a discount to the offer, said discount is very small and does not pose superior returns compared to bonds these days, so the market also seems to believe the deal is going ahead. The Preferred Shares Offer An Attractive Yield, But The Risks Are Increasing Before I was even considering going long the common units, I was looking at PS Business Parks from the perspective of a preferred shareholder. There are currently three series of preferred share outstanding, with different preferred dividend payments. Stockwatch.com The Z-series have the highest yield at 6.91%, followed by the Y-shares (6.91%) and the X-series (6.7%). So although the preferred dividend payments in absolute dollar amounts are the lowest, the current low share price of the Z-series makes this series the most attractive one. So first of all, allow me to explain how strong the preferred dividend coverage ratio is. Let’s first have a look at the REIT’s FFO and FAD (‘Funds Available for Distribution’) in the first quarter of this year. PSB Investor Relations As you can see, the FAD was approximately $50.2M, and this already includes in excess of $5M in recurring capital improvements and tenant improvements. Also keep in mind, the starting point of this calculation is the net income allocable to common stockholders. This means the starting point already includes the impact of all preferred dividend payments, and if we take a step back and have a look at the income statement, we see the total amount paid out as preferred dividends was $9.6M. PSB Investor Relations If we add this back to the equation, PSB generated almost exactly $60M in pre-preferred dividend FAD, which means the preferred dividends are very handsomely covered by a factor of in excess of 600%. That’s great, and it explains why PSB was able to issue these perpetual securities with such a low preferred dividend yield (ranging from 4.875% to 5.25%). I was even more impressed with PSB’s balance sheet, which barely contained any debt: the $20M credit facility is just a fraction of the cash position and the cash position takes care of almost all liabilities (which means there’s about $53M in other assets like rent receivable to cover the shortfall. PSB Investor Relations This also means the preferred shareholders are first in line to be made whole in case something would go terribly wrong. The total equity value of the balance sheet was $1.78B, of which $755M was attributable to the preferred shares. Perhaps even more important is the accumulated depreciation on the assets to the tune of almost $1.2B, which means that excluding this accumulated depreciation, the book value would be closer to $3B for an asset coverage ratio of almost 400%. That’s why I was very interested in the preferred shares of PS Business Parks before the buyout offer was announced.
Seeking Alpha • Mar 18

PS Business Parks: Not Any Better An Opportunity

PS Business Parks has continued attractive performance from a fundamental perspective. Even so, shares have taken a step back with the broader market and the losses haven't been pretty. This is the downside of a pricey firm, but given the quality of the operation, it is still likely a 'hold' at this time.
Seeking Alpha • Nov 25

PS Business Parks: High Quality Persists, But Shares Are Even More Expensive Than Before

PS Business Parks continues to demonstrate that it's a high quality player in its space. The overall risk profile of the business is favorable and its long-term outlook is encouraging. But given how pricey shares are today, there are better prospects to be had.
Seeking Alpha • Aug 27

PS Business Parks: Shareholders Rule This Kingdom

PS Business Parks is a high-quality REIT that carries no debt on its balance sheet. It's seeing strong signs of an uptick in demand, with growth in cash rental rates. I also highlight the dividend, valuation, and show why it's currently a Buy.

Rendement pour les actionnaires

PSBUS REITsUS Marché
7D0.2%-5.1%4.9%
1Y21.1%7.6%21.3%

Rendement vs Industrie: PSB a dépassé le secteur US REITs qui a rapporté 7.6 % au cours de l'année écoulée.

Rendement vs marché: PSB a dépassé le marché US qui a rapporté 21.3 % au cours de l'année écoulée.

Volatilité des prix

Is PSB's price volatile compared to industry and market?
PSB volatility
PSB Average Weekly Movement3.5%
REITs Industry Average Movement3.2%
Market Average Movement7.3%
10% most volatile stocks in US Market16.3%
10% least volatile stocks in US Market3.1%

Cours de l'action stable: PSB n'a pas connu de volatilité de prix significative au cours des 3 derniers mois par rapport au marché US.

Volatilité au fil du temps: La volatilité hebdomadaire de PSB ( 4% ) est restée stable au cours de l'année écoulée.

À propos de l'entreprise

FondéeSalariésPDGSite web
1990156Steve Wilsonwww.psbusinessparks.com

PS Business Parks, Inc. Résumé des fondamentaux

Comment les bénéfices et les revenus de PS Business Parks se comparent-ils à sa capitalisation boursière ?
PSB statistiques fondamentales
Capitalisation boursièreUS$6.55b
Bénéfices(TTM)US$468.68m
Recettes(TTM)US$445.04m
11.1x
Ratio P/E
11.6x
Ratio P/S

Le site PSB est-il surévalué ?

Voir Juste valeur et analyse de l'évaluation

Bénéfices et recettes

Principales statistiques de rentabilité tirées du dernier rapport sur les bénéfices (TTM)
PSB compte de résultat (TTM)
RecettesUS$445.04m
Coût des recettesUS$132.53m
Marge bruteUS$312.51m
Autres dépenses-US$156.16m
Les revenusUS$468.68m

Derniers bénéfices déclarés

Jun 30, 2022

Prochaine date de publication des résultats

s/o

Résultat par action (EPS)16.96
Marge brute70.22%
Marge bénéficiaire nette105.31%
Ratio dettes/capitaux propres0.9%

Quelles ont été les performances à long terme de PSB?

Voir les performances historiques et les comparaisons

Dividendes

2.2%
Rendement actuel des dividendes
68%
Ratio de distribution

Analyse de l'entreprise et données financières

DonnéesDernière mise à jour (heure UTC)
Analyse de l'entreprise2022/07/20 22:46
Cours de l'action en fin de journée2022/07/19 00:00
Les revenus2022/06/30
Revenus annuels2021/12/31

Sources de données

Les données utilisées dans notre analyse de l'entreprise proviennent de S&P Global Market Intelligence LLC. Les données suivantes sont utilisées dans notre modèle d'analyse pour générer ce rapport. Les données sont normalisées, ce qui peut entraîner un délai avant que la source ne soit disponible.

PaquetDonnéesCadre temporelExemple de source américaine *
Finances de l'entreprise10 ans
  • Compte de résultat
  • Tableau des flux de trésorerie
  • Bilan
Estimations consensuelles des analystes+3 ans
  • Prévisions financières
  • Objectifs de prix des analystes
Prix du marché30 ans
  • Cours des actions
  • Dividendes, scissions et actions
Propriété10 ans
  • Actionnaires principaux
  • Délits d'initiés
Gestion10 ans
  • L'équipe dirigeante
  • Conseil d'administration
Principaux développements10 ans
  • Annonces de l'entreprise

* Exemple pour les titres américains ; pour les titres non américains, des formulaires réglementaires et des sources équivalentes sont utilisés.

Sauf indication contraire, toutes les données financières sont basées sur une période annuelle mais mises à jour trimestriellement. C'est ce qu'on appelle les données des douze derniers mois (TTM) ou des douze derniers mois (LTM). En savoir plus.

Modèle d'analyse et flocon de neige

Les détails du modèle d’analyse utilisé pour générer ce rapport sont disponibles sur notre page Github ; nous proposons également des guides sur la façon d’utiliser nos rapports et des tutoriels sur YouTube.

Découvrez l'équipe de classe mondiale qui a conçu et construit le modèle d'analyse Simply Wall St.

Indicateurs de l'industrie et du secteur

Nos indicateurs de secteur et de section sont calculés toutes les 6 heures par Simply Wall St. Les détails de notre processus sont disponibles sur Github.

Sources des analystes

PS Business Parks, Inc. est couverte par 6 analystes. 1 de ces analystes ont soumis les estimations de revenus ou de bénéfices utilisées comme données d'entrée dans notre rapport. Les soumissions des analystes sont mises à jour tout au long de la journée.

AnalysteInstitution
Christopher LucasBaird
Michael BilermanCitigroup Inc
Anthony PaoloneJ.P. Morgan