SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 20, 1996
----------------
Public Storage Properties X, Inc.
---------------------------------
(Exact name of registrant as specified in its charter)
California 1-10708 95-4300880
---------- ------- ----------
(State or other juris- (Commission (IRS Employer
diction of incorporation) File Number) Identification No.)
701 Western Avenue, Suite 200, Glendale, California 91203-1241
--------------------------------------------------- ----------
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code (818) 244-8080
--------------
N/A
-----
(Former name or former address, if changed since last report)
Item 5. Other Events
------------
Registrant and Public Storage, Inc., a New York Stock Exchange
listed REIT, have agreed, subject to certain conditions, to merge.
Attached is Registrant's press release describing the proposed
transaction and which is incorporated herein by reference.
Item 7. Financial Statements and Exhibits
---------------------------------
(a) Financial Statements.
None.
(b) Exhibits.
(1) Registrant's press release dated June 20, 1996.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
PUBLIC STORAGE PROPERTIES X, INC.
By: /S/ DAVID GOLDBERG
-------------------
David Goldberg
Vice President and
General Counsel
Date: June 25, 1996
Joint News Release
Public Storage Properties X, Inc.
Public Storage, Inc.
701 Western Avenue
P.O. Box 25050
Glendale, CA 91221-5050
-----------------------------------------------------------------
For Release: Immediately
Date: June 20, 1996
Contact: Mr. Harvey Lenkin
(818) 244-8080
GLENDALE, California--Public Storage Properties X, Inc. (AMEX:PSL) and
Public Storage, Inc. (NYSE:PSA) announced today that the corporations
had agreed, subject to certain conditions, to merge. In the merger,
PSL would be merged with and into PSA, and each outstanding share of
PSL's Common Stock Series A would be converted, at the election of the
shareholders of PSL, into either shares of PSA Common Stock or, with
respect to up to 20% of the PSL Common Stock, $20.92 in cash. This
dollar amount has been based on PSL's estimated net asset value as of
September 30, 1996 (the appraised value of PSL's real estate assets and
the estimated book value of PSL's other net assets). The number of
shares of PSA Common Stock will be based on dividing this same dollar
amount by the average of the per-share closing prices on the New York
Stock Exchange for a specified period prior to PSL's shareholders'
meeting. In the event of the merger, pre-merger cash distributions
would be made to shareholders of PSL to cause PSL's estimated net asset
value as of the effective date of the merger to be substantially
equivalent to its estimated net asset value as of September 30, 1996.
If additional cash distributions are required in order to satisfy PSL's
real estate investment trust distribution requirements, the number of
shares of PSA's Common Stock issued in the merger and the amount
receivable upon a cash election would be reduced on a pro rata basis in
an aggregate amount equal to such additional distributions. The merger
is conditioned on, among other requirements, receipt of a satisfactory
fairness opinion by PSL and approval by the shareholders of PSL. It is
expected that any merger would close in September or October of 1996.
###
