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FILED PURSUANT TO RULE 424(b)(5)
REGISTRATION NO. 333-75113
PS Partners II, Ltd.
701 Western Avenue
Glendale, California 91201-2397
April 22, 1999
Re: Public Storage, Inc.
PS Partners II, Ltd.
Information Statement, Notice of Action Without a Meeting and
Prospectus dated March 29, 1999
Dear Limited Partner:
You were recently mailed an information statement, notice of action without
a meeting and prospectus dated March 29, 1999 and accompanying cash election
form relating to the acquisition by Public Storage, Inc. of all of the units of
limited partnership interest in the Partnership not currently owned by Public
Storage. Public Storage, a general partner of the Partnership, owns 74% of the
Partnership units. Public Storage is acquiring the units through a merger in
which each of your units will be converted into the right to receive a value of
$697 in Public Storage common stock or, at your election, in cash.
The cash election deadline has been extended from April 29, 1999 to May 6,
1999. In order for an election to be effective, the exchange agent, BankBoston,
N.A., must receive a properly completed cash election form no later than 5:00
P.M., New York City time, on May 6, 1999. If all conditions set forth in the
Merger Agreement have been met or, if permissible, waived, the Effective Date of
the merger will be May 7, 1999.
The Partnership will make distributions to holders of Partnership units to
cause the estimated net asset value per unit as of May 7, 1999, the Effective
Date, to be substantially equivalent to $697. The market value of the Public
Storage common stock to be issued in the merger will continue to be based on the
average of the per share closing prices on the New York Stock Exchange, Inc. of
Public Storage, Inc. common stock during the 20 consecutive trading days ending
on April 23, 1999 (the fifth trading day prior to April 30, 1999).
If you have any questions, please contact Public Storage's Investor
Services Department at (800) 807-3055, (800) 421-2856 or (818) 244-8080.
Very truly yours,
PUBLIC STORAGE, INC.
General Partner
/s/ Harvey Lenkin
By: Harvey Lenkin
President
