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PS Business Parks, Inc.NYSE:PSB Rapporto sulle azioni

Cap. di mercato US$6.5b
Prezzo delle azioni
n/a
1Y21.1%
7D0.2%
1D0.03%
Valore del portafoglio
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PS Business Parks, Inc.

Report azionario NYSE:PSB

Capitalizzazione di mercato: 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) Panoramica del titolo

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. Maggiori dettagli

PSB analisi fondamentale
Punteggio fiocco di neve
Valutazione4/6
Crescita futura0/6
Prestazioni passate5/6
Salute finanziaria6/6
Dividendi5/6

Premi

Negoziato a 17.3% al di sotto della nostra stima del suo valore equo

Gli utili sono cresciuti del 257.8% nell'ultimo anno

Paga un dividendo affidabile di 2.24%

Analisi del rischio

Si prevede che gli utili diminuiranno in media di 41.1% all'anno per i prossimi 3 anni

Grandi elementi una tantum che incidono sui risultati finanziari


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Concorrenti di PS Business Parks, Inc.

Storia dei prezzi e prestazioni

Riepilogo dei massimi, dei minimi e delle variazioni dei prezzi delle azioni per PS Business Parks
Prezzi storici delle azioni
Prezzo attuale dell'azioneUS$187.44
Massimo di 52 settimaneUS$189.83
Minimo di 52 settimaneUS$149.58
Beta0.44
Variazione di 1 mese0.82%
Variazione a 3 mesi9.78%
Variazione di 1 anno21.15%
Variazione a 3 anni6.23%
Variazione a 5 anni43.30%
Variazione dall'IPO687.15%

Notizie e aggiornamenti recenti

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.

Rendimenti per gli azionisti

PSBUS REITsUS Mercato
7D0.2%1.0%-0.4%
1Y21.1%9.9%18.4%

Ritorno vs Industria: PSB ha superato il US REITs che ha restituito 9.9 % nell'ultimo anno.

Rendimento vs Mercato: PSB ha superato il mercato US che ha restituito 18.4 % nell'ultimo anno.

Volatilità dei prezzi

Is PSB's price volatile compared to industry and market?
PSB volatility
PSB Average Weekly Movement3.5%
REITs Industry Average Movement3.1%
Market Average Movement7.3%
10% most volatile stocks in US Market16.6%
10% least volatile stocks in US Market3.2%

Prezzo delle azioni stabile: PSB non ha avuto una volatilità dei prezzi significativa negli ultimi 3 mesi rispetto al mercato US.

Volatilità nel tempo: La volatilità settimanale ( 4% ) di PSB è rimasta stabile nell'ultimo anno.

Informazioni sull'azienda

FondatoI dipendentiAMMINISTRATORE DELEGATOSito web
1990156Steve Wilsonwww.psbusinessparks.com

PS Business Parks, Inc. Riepilogo dei fondamenti

Come si confrontano gli utili e i ricavi di PS Business Parks con la sua capitalizzazione di mercato?
PSB statistiche fondamentali
Capitalizzazione di mercatoUS$6.55b
Utili (TTM)US$468.68m
Ricavi(TTM)US$445.04m
11.1x
Rapporto P/E
11.6x
Rapporto P/S

PSB è sopravvalutato?

Vedi Fair Value e analisi di valutazione

Utili e ricavi

Statistiche chiave sulla redditività dall'ultima relazione sugli utili (TTM)
PSB Conto economico (TTM)
RicaviUS$445.04m
Costo del fatturatoUS$132.53m
Profitto lordoUS$312.51m
Altre spese-US$156.16m
UtiliUS$468.68m

Ultimi utili riportati

Jun 30, 2022

Prossima data di guadagno

n/a

Utile per azione (EPS)16.96
Margine lordo70.22%
Margine di profitto netto105.31%
Rapporto debito/patrimonio netto0.9%

Come si è comportato PSB nel lungo periodo?

Vedi performance storica e confronto

Dividendi

2.2%
Rendimento attuale del dividendo
68%
Rapporto di remunerazione

Analisi aziendale e situazione dei dati finanziari

DatiUltimo aggiornamento (ora UTC)
Analisi dell'azienda2022/07/20 15:49
Prezzo dell'azione a fine giornata2022/07/19 00:00
Utili2022/06/30
Utili annuali2021/12/31

Fonti dei dati

I dati utilizzati nella nostra analisi aziendale provengono da S&P Global Market Intelligence LLC. I seguenti dati sono utilizzati nel nostro modello di analisi per generare questo report. I dati sono normalizzati, il che può comportare un ritardo nella disponibilità della fonte.

PacchettoDatiTempisticaEsempio Fonte USA *
Dati finanziari della società10 anni
  • Conto economico
  • Rendiconto finanziario
  • Bilancio
Stime di consenso degli analisti+3 anni
  • Previsioni finanziarie
  • Obiettivi di prezzo degli analisti
Prezzi di mercato30 anni
  • Prezzi delle azioni
  • Dividendi, scissioni e azioni
Proprietà10 anni
  • Top azionisti
  • Insider trading
Gestione10 anni
  • Team di leadership
  • Consiglio di amministrazione
Sviluppi principali10 anni
  • Annunci aziendali

* Esempio per i titoli statunitensi, per i titoli non statunitensi si utilizzano forme e fonti normative equivalenti.

Se non specificato, tutti i dati finanziari si basano su un periodo annuale ma vengono aggiornati trimestralmente. Si tratta dei cosiddetti dati TTM (Trailing Twelve Month) o LTM (Last Twelve Month). Per saperne di più.

Modello di analisi e Snowflake

I dettagli del modello di analisi utilizzato per generare questo report sono disponibili sulla nostra pagina Github; disponiamo inoltre di guide su come utilizzare i nostri report e di tutorial su Youtube.

Scoprite il team di livello mondiale che ha progettato e realizzato il modello di analisi Simply Wall St.

Metriche di settore e industriali

Le nostre metriche di settore e di sezione sono calcolate ogni 6 ore da Simply Wall St; i dettagli del nostro processo sono disponibili su Github.

Fonti analitiche

PS Business Parks, Inc. è coperta da 6 analisti. 1 di questi analisti ha fornito le stime di fatturato o di utile utilizzate come input per il nostro report. Le stime degli analisti vengono aggiornate nel corso della giornata.

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