By Kathryn Hardison


Public Storage's board of trustees has declared a dividend of $13.15 per common share, to be paid with proceeds that the company is expecting from a recent acquisition.

The company said Friday that the dividend will be payable Aug. 4 to shareholders of record as of Aug. 1.

Public Storage is distributing the $2.3 billion projected tax gain realized from the acquisition of PS Business Parks Inc., completed Wednesday by affiliates of Blackstone Real Estate. As a holder of PS Business Parks' common shares and units, Public Storage received $187.50 in cash per common share and unit for its approximate 41% interest.


Write to Kathryn Hardison at kathryn.hardison@wsj.com


(END) Dow Jones Newswires

07-22-22 1638ET