REAL ESTATE TECHNOLOGY
PS Business Parks | July 16, 2022
PS Business Parks, Inc. (NYSE:PSB) (“PSB” or the “Company”) announced that, at a Special Meeting of Stockholders held earlier today, PSB stockholders voted to approve the acquisition of PSB by affiliates of Blackstone Real Estate (“Blackstone”).
“I am pleased to see that our stockholders approved this transformative transaction, which will provide compelling value to our stockholders and positions the company for collective success”
Stephen W. Wilson, President and Chief Executive Officer of PSB
Subject to the satisfaction or waiver of all of the conditions to the closing of the transaction in the merger agreement, the transaction is expected to be completed on or around July 20, 2022.
The final voting results will be reported in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission after certification by PSB’s inspector of elections.
Additionally, as previously announced, on July 8, 2022, as contemplated by the merger agreement, the PSB Board of Directors declared (i) a prorated quarterly cash dividend (the “pro rata dividend”) on PSB common stock and (ii) a cash dividend (the “closing cash dividend”) of $5.25 per share of PSB common stock, each payable immediately before the effective time of the merger of PSB’s operating partnership with an affiliate of Blackstone, to holders of record as of the close of business on the business day immediately preceding the closing date of the Transaction and contingent upon the approval of the merger agreement by PSB’s stockholders, the satisfaction or waiver of the other conditions to the Transaction and the merger agreement not having been terminated. The amount of the pro rata dividend is based upon PSB’s current quarterly dividend rate of $1.05 per share of PSB common stock and pro-rated for the number of days from and including July 1, 2022 through the day immediately prior to the closing date of the Transaction.
Based on the anticipated closing date of the Transaction of July 20, 2022, the pro rata dividend will equal $0.216848 per share of PSB common stock, and each of the pro rata dividend and the closing cash dividend will be payable immediately prior to the partnership merger effective time on July 20, 2022 to the holders of record as of the close of business on July 19, 2022.
If the Transaction is completed on July 20, 2022, PSB stockholders who hold their shares of common stock on the record date for the dividends and through the effective time of the 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.
If the closing date of the Transaction is delayed past July 20, 2022, holders of PSB’s common stock will not receive the pro rata dividend or the closing cash dividend on July 20, 2022, and in such case PSB will make a public announcement providing further updates with respect to these matters.
For additional information regarding the proposed transaction, please consult the definitive proxy statement filed by PSB with the U.S. Securities and Exchange Commission on June 8, 2022.
J.P. Morgan Securities LLC is acting as lead financial advisor to PSB and provided a fairness opinion to the PSB board of directors in connection with the transaction. Eastdil Secured is acting as real estate advisor to PSB and is also acting as a co-financial advisor to PSB. Wachtell, Lipton, Rosen & Katz is serving as PSB’s legal advisor.
About PS Business Parks
PS Business Parks, Inc., an S&P MidCap 400 company, is a REIT that acquires, develops, owns, and operates commercial properties, predominantly multi-tenant industrial, industrial-flex, and low-rise suburban office space. Located primarily in major coastal markets, PS Business Parks’ 96 properties serve approximately 4,900 tenants in 27 million square feet of space as of March 31, 2022. The portfolio also includes 800 residential units (inclusive of units in-process).
MARKET OUTLOOK,REAL ESTATE INVESTMENT
New Western | August 16, 2022
New Western, the largest national private source of fix-and-flip residential investment properties, announced today the opening of its fifth Florida office, located in Fort Myers. Over the next five years, New Western intends to help revitalize $641 million worth of homes in the city and increase housing inventory by purchasing value-added properties and then selling them to investors who will improve them.
"We're very pleased to continue our expansion into Florida with the opening of our Fort Myers office, The residential real estate market in Fort Myers has been growing expeditiously as of late, and our team is looking forward to bringing affordable housing back to the market. The success we've experienced in our other Florida locations is a testament to the value we bring to local real estate investors through our marketplace and expertise."
-Kurt Carlton, co-founder and president of New Western
With nearly 580,000 aged properties in the Fort Myers metropolitan area alone, including 61% built before 2002, the area offers significant potential inventory for investors looking to rehabilitate and resell homes. At the same time, Fort Myers is in need of more affordable housing options: The average Fort Myers home sales price has increased by 30% year-over-year to $410,000. New Western, however, acquires properties for less than $250,000 on average, and investors who rehab properties purchased through New Western sell them for up to 31% less than the cost of a newly built home.
I'm looking forward to becoming a part of the Fort Myers community and helping provide much-needed housing inventory to local investors, There is ample opportunity in this market for us to make a difference. Our marketplace and team is in an ideal position to assist in facilitating more affordable housing solutions in Fort Myers,said Milton Bernal, general manager of New Western's Fort Myers office.
Fort Myers is the 49th office opening for the real estate marketplace offering exclusive opportunities to investors looking to rehab houses. Since 2008, New Western has bought and sold more than $12 billion worth of residential real estate by leveraging data and local market insight to stock its marketplace with exclusive investment properties. On average, New Western buys a property every 13 minutes, and sells a property within 90 minutes of purchase.
About New Western
New Western makes real estate investing more accessible for more people. Operating in most major cities, our marketplace connects more than 100,000 local investors looking to rehab houses with sellers. As the largest private source of investment properties in the nation, we buy a home every 13 minutes. New Western delivers new opportunity for all—a fresh start for sellers, exclusive inventory for investors, and affordable housing for buyers.
REAL ESTATE INVESTMENT
eXp Realty | September 19, 2022
eXp Realty®, the fastest-growing global real estate brokerage and the core subsidiary of eXp World Holdings, Inc., today announced plans to expand its real estate operations into Poland.
This announcement follows the successful launch of four new markets in 2022 including the Dominican Republic, Greece, New Zealand and Chile with Dubai expected to open soon. Upon launch of these new markets, eXp Realty will have a presence in 24 global markets, including its headquarters in the United States.
“Poland’s recent wave of real estate brokerage consolidation speaks to the attractiveness of its property sector for both foreign and domestic investments, With continued rapid growth and resilience in the real estate market, Poland provides eXp Realty an ideal opportunity to establish a strong foothold in the Central and Eastern European region.”
-Michael Valdes, Chief Growth Officer
eXp Realty’s brokerage operations in Poland will be led by Dorota Chomuntowska who joins the company with more than 11 years of real estate broker experience in Poland and other international markets. eXp has pioneered a new wave of quality and value for the real estate industry, I am honored to lead this expansion in Poland and look forward to introducing eXp Realty to agents across the country,says Chomuntowska.
About eXp World Holdings, Inc.
eXp World Holdings, Inc. is the holding company for eXp Realty®, Virbela and SUCCESS® Enterprises. eXp Realty is the fastest-growing real estate company in the world with more than 84,000 agents in the United States, Canada, the United Kingdom, Australia, South Africa, India, Mexico, Portugal, France, Puerto Rico, Brazil, Italy, Hong Kong, Colombia, Spain, Israel, Panama, Germany, Dominican Republic, Greece, New Zealand and Chile and continues to scale internationally. As a publicly traded company, eXp World Holdings provides real estate professionals the unique opportunity to earn equity awards for production goals and contributions to overall company growth. eXp World Holdings and its businesses offer a full suite of brokerage and real estate tech solutions, including its innovative residential and commercial brokerage model, professional services, collaborative tools and personal development. The cloud-based brokerage is powered by Virbela, an immersive 3D platform that is deeply social and collaborative, enabling agents to be more connected and productive. SUCCESS® Enterprises, anchored by SUCCESS® magazine and its related media properties, was established in 1897 and is a leading personal and professional development brand and publication.