fwp
Issuer Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement No. 333-160104
October 7, 2010
PS BUSINESS PARKS, INC.
3,000,000 DEPOSITARY SHARES
EACH REPRESENTING 1/1000 OF A 6.875% CUMULATIVE
PREFERRED SHARE OF BENEFICIAL INTEREST, SERIES R
Final Term Sheet
     
Issuer:
  PS Business Parks, Inc. (PSB)
 
    
Security:
  Depositary Shares Each Representing 1/1000 of a 6.875% Cumulative Preferred Share of Beneficial Interest, Series R
 
    
Size:
  3,000,000 depositary shares
 
    
Over-allotment Option:
  450,000 depositary shares at $25.00 per depositary share
 
    
Type of Security:
  SEC Registered — Registration Statement No. 333-160104
 
    
Public Offering Price:
  $25.00 per depositary share; $75,000,000 total (not including over-allotment option)
 
    
Underwriting Discounts and Commissions:
  $0.7875 per share for Retail Orders; $2,031,750.00 total; and $0.5000 per share for Institutional Orders; $210,000.00 total
 
    
Proceeds to the Company, before expenses:
  $72,758,250.00 total
 
    
Estimated Company Expenses:
  $150,000, other than underwriting discounts and commissions
 
    
Bookrunners:
  Banc of America Securities LLC
 
  Wells Fargo Securities, LLC
 
    
Underwriting:
    
       
    Number of
    Firm Shares
Banc of America Securities LLC
  1,500,000
Wells Fargo Securities, LLC
  1,500,000
 
    
Distribution Rights:
  6.875% of the liquidation preference per annum; Distributions begin on December 31, 2010

 

 

     
Redemption:
  The depositary shares may not be redeemed until on or after October 15, 2015, except in order to preserve our status as a real estate investment trust.
 
    
Settlement Date:
  October 15, 2010 (T+5)
 
    
Delivery Date:
  October 15, 2010 (T+5)
 
    
Selling Concession:
  $0.50/depositary share for Retail Orders;
 
  $0.30/depositary share for Institutional Orders
 
    
Reallowance to other dealers:
  $0.45/depositary share
 
    
CUSIP Number:
  69360J883
 
    
ISIN Number:
  US69360J8835
The Issuer has filed a registration statement (including a prospectus with the SEC) and prospectus supplement for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the prospectus supplement, 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 or prospectus supplement if you request it by calling Banc of America Securities LLC toll-free 1-800-294-1322 or Wells Fargo Securities LLC toll-free 1-800-326-5897.
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