UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1 )*
Storage Properties, Inc.
(Name of Issuer)
Common Stock, $.05 par value
(Title of Class of Securities)
861903 10 2
(CUSIP Number)
David Goldberg, 600 No. Brand Blvd., Glendale, California
91203-1241, 818/244-8080, ext. 529
---------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
April 15, 1996
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on
Schedule 13G to report the acquisition which is the subject of
this Schedule 13D, and is filing this schedule because of Rule
13d-1(b)(3) or (4), check the following box [ ].
Check the following box if a fee is being paid with the
statement [ ]. (A fee is not required only if the reporting
person: (1) has a previous statement on file reporting
beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment
subsequent thereto reporting beneficial ownership of five
percent or less of such class.) (See Rule 13d-7.)
NOTE: Six copies of this statement, including all exhibits,
should be filed with the Commission. See Rule 13d-1(a) for
other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to
the subject class of securities, and for any subsequent
amendment containing information which would alter disclosures
provided in a prior cover page.
The information required on the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18
of the Securities Exchange Act of 1934 ("Act") or otherwise
subject to the liabilities of that section of the Act but shall
be subject to all other provisions of the Act (however, see the
Notes).
SCHEDULE 13D
CUSIP No. 861903 10 2
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Public Storage, Inc.
2 Check the Appropriate Box if a Member of a Group*
a. [ ]
b. [ ]
3 SEC Use Only
4 Source of Funds*
WC
5 Check Box if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e) [ ]
6 Citizenship or Place of Organization
California
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH
7 Sole Voting Power
280,600
8 Shared Voting Power
N/A
9 Sole Dispositive Power
280,600
10 Shared Dispositive Power
N/A
11 Aggregate Amount Beneficially Owned by Each Reporting
Person
280,600
12 Check Box if the Aggregate Amount in Row (11) Excludes
Certain Shares* [ ]
13 Percent of Class Represented by Amount in Row (11)
8.38%
14 Type of Reporting Person*
CO
The Statement on Schedule 13D dated April 3, 1996 (the
"Schedule 13D") filed by Public Storage, Inc. (the "Reporting Person"),
relating to the Common Stock, par value $.05 per share (the "Shares"),
of Storage Properties, Inc., a California corporation (the "Issuer"),
is amended by this Amendment No. 1 as set forth below. Defined terms
that are not defined herein have the meanings assigned to those terms
in the Schedule 13D.
Item 3. Source and Amount of Funds or Other Consideration
The 280,600 Shares acquired by the Reporting Person (as of
April 15, 1996) were acquired as follows: (i) 20,000 Shares were
acquired by the Reporting Person as a result of the PSMI Merger and
(ii) 260,600 Shares were purchased by the Reporting Person for an
aggregate cost (including commissions) of approximately $1,727,829,
with funds obtained from the Reporting Person's working capital.
Item 5. Interest in Securities of the Issuer
As of April 15, 1996, the Reporting Person beneficially owned
280,600 Shares, representing approximately 8.38% of the 3,348,167
Shares outstanding. The Reporting Person has the sole power to vote
and the sole power to dispose of all of these Shares.
During the period commencing April 9, 1996 (i.e., after the
date of the last transaction reported in the Schedule 13D) and ending
April 15, 1996, the Reporting Person engaged in the following
acquisitions of Shares at the following prices (not including
commissions):
No. of Type Price
Transaction Shares of per
Date Bought Transaction Share
----------- ------ ----------- -------
4/09/96 600 open market $6.9375
4/15/96 32,900 open market $7.00
SIGNATURE
After reasonable inquiry and to the best of its knowledge and
belief, the undersigned certifies that the information set forth in
this statement is true, complete and correct.
Dated: April 23, 1996 PUBLIC STORAGE, INC.
By: /s/ DAVID GOLDBERG
-------------------------
David Goldberg
Senior Vice President and
General Counsel
