UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No.__)*
PUBLIC STORAGE PROPERTIES X, INC.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
744605106
(CUSIP Number)
Mr. Gideon J. King, Loeb Partners Corporation, 61 Broadway, New York, NY
10006 (212)483-7023 (Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications
September 5, 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 |X|. (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.
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*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). <PAGE>
SCHEDULE 13D
CUSIP No 774605106
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Loeb Arbitrage Fund - I.D. #13-3269989
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) XX
(b)
3 SEC USE ONLY
4 SOURCE OF FUNDS*
WC, O
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E)
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
NUMBER OF 7 SOLE VOTING POWER
SHARES 91,296 Shares
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY --- Shares
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 91,296 Shares
PERSON 10 SHARED DISPOSITIVE POWER
WITH --- Shares
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
91,296 Shares
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.23%
14 TYPE OF REPORTING PERSON*
PN, BD
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
CUSIP No 953504107
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Loeb Partners Corporation I.D. #13-3114801
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) XX
(b)
3 SEC USE ONLY
4 SOURCE OF FUNDS*
WC, O
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E)
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF 7 SOLE VOTING POWER
SHARES 10,562 Shares
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 6,442 Shares
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 10,562 Shares
PERSON 10 SHARED DISPOSITIVE POWER
WITH 6,442 Shares
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,004 Shares
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.788%
14 TYPE OF REPORTING PERSON*
CO, BD, IA
*SEE INSTRUCTIONS BEFORE FILLING OUT!
ITEM 1. SECURITY AND ISSUER.
This statement refers to the Class A Common Stock ("Common Stock") of
Public Storage Properties X, Inc., 600 North Brand Boulevard, Glendale, CA.,
91203-5039. A.A. Chandanamattha is the Chairman.
ITEM 2. IDENTITY AND BACKGROUND.
Loeb Arbitrage Fund ("LAF"), 61 Broadway, New York, N.Y., 10006 is a New
York limited partnership. It is a registered broker/dealer. Its general partner
is Loeb Arbitrage Management, Inc. ("LAM"), a Delaware corporation, with the
same address. Its President is Arthur E. Lee, who is also an Executive Vice
President of Loeb Partners Corporation. The other officers of LAM are Thomas L.
Kempner, Chairman of the Board, Irwin D. Rowe, Vice President and Secretary and
Peter A. Tcherepnine, Vice President.
Loeb Partners Corporation ("LPC"), 61 Broadway, New York, N.Y., 10006, is a
Delaware corporation. It is a registered broker/dealer and a registered
investment adviser. Thomas L. Kempner is its President and a director and its
Chief Executive Officer. John L. Loeb and Henry A. Loeb are Vice Chairman and
directors of LPC. Irwin D. Rowe is an Executive Vice President and also a
director of LPC. John L. Loeb and Henry A. Loeb are uncles of Thomas L. Kempner.
Loeb Holding Corporation ("LHC"), a Maryland corporation, 61 Broadway, New
York, N.Y., 10006 is the sole stockholder of Loeb Arbitrage Management, Inc.,
and LPC. Thomas L. Kempner is its President and a director as well as its Chief
Executive Officer and majority stockholder. Messrs. John L. Loeb, Henry A. Loeb
and Irwin D. Rowe are also directors of LHC, as are Robert Krones, Andrew J.
McLaughlin, Jr. and Edward E. Matthews. Mr. Matthews' address is 70 Pine Street,
New York, N.Y., 10270. The business address of the other individuals is 61
Broadway, New York, N.Y., 10006.
All of the individuals named are United States citizens. None have within
the last five years, been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors) or have been a party to a civil proceeding
of a judicial or administrative body of competent jurisdiction and as a result
of such proceeding have been or are subject to a judgment, decree or final order
enjoining future violations of, or prohibiting or mandating activities subject
to, federal or state securities laws or finding any violations with respect to
such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER COMPENSATION.
Shares of Common Stock were acquired by LAF and LPC in margin accounts
maintained at Bear Stearns Securities Corp.
ITEM 4. PURPOSE OF TRANSACTION.
LAF and LPC have acquired shares of Common Stock for investment purposes.
LAF and LPC reserve the right to sell shares of Common Stock or to acquire
additional shares in open market transactions or otherwise.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) The persons reporting hereby own the following shares of Common Stock
as of September 5, 1996.
SHARES OF COMMON STOCK
Loeb Arbitrage Fund 91,296
Loeb Partners Corporation* 17,004
-------
Total 108,300
This constitutes 5.02% of the 2,157,480 outstanding shares as reported by
the issuer.
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*Including 3,985 and 2,457 shares respectively, held for the accounts of two
customers of Loeb Partners Corporation, as to which it has investment
discretion.
(b) See paragraph (a) above.
(c) The following purchases of Common Stock have been made since July
5, 1996 by the persons named below.
PURCHASES OF COMMON STOCK
HOLDER DATE SHARES AVERAGE PRICE
Loeb Arbitrage Fund 7-08-96 1,995 $19.77
7-09-96 9,022 19.89
7-10-96 960 19.77
7-12-96 475 19.77
7-15-96 265 19.77
7-16-96 2,064 19.90
7-17-96 100 19.77
7-18-96 1,034 19.77
7-19-96 100 19.77
7-23-96 3,009 19.77
7-30-96 680 19.64
7-31-96 1,500 19.89
8-01-96 900 19.77
8-05-96 875 19.89
8-08-96 5,786 20.02
8-09-96 600 20.02
8-12-96 2,420 20.02
8-13-96 1,188 20.01
8-14-96 300 20.02
8-15-96 1,716 20.02
8-16-96 1,188 20.15
8-19-96 4,312 20.06
8-20-96 506 20.26
8-22-96 9,570 20.51
8-23-96 1,034 20.39
8-26-96 3,542 20.39
8-27-96 3,872 20.39
8-29-96 5,787 20.39
8-30-96 3,366 20.39
9-03-96 1,474 20.26
9-04-96 2,332 20.35
9-05-96 1,892 20.26
PURCHASES OF COMMON STOCK
HOLDER DATE SHARES AVERAGE PRICE
Loeb Partners
Corporation* 7-05-96 125 $19.79
7-08-96 80 19.78
7-09-96 578 19.89
7-10-96 140 19.79
7-12-96 25 19.77
7-15-96 35 19.79
7-16-96 136 19.91
7-18-96 166 19.77
7-19-96 100 19.77
7-23-96 491 19.77
7-29-96 60 19.65
7-30-96 60 19.64
7-31-96 200 19.89
8-01-96 100 19.77
8-05-96 25 19.93
8-06-96 1,200 19.89
8-07-96 4,200 19.78
8-08-96 914 20.02
8-09-96 100 20.03
8-12-96 380 20.02
8-13-96 212 20.02
8-14-96 128 20.59
8-15-96 156 20.02
8-16-96 212 20.15
8-19-96 688 20.27
8-20-96 94 20.27
8-22-96 1,530 20.52
8-23-96 166 20.39
8-26-96 558 20.39
8-27-96 628 20.39
8-28-96 125 20.39
8-29-96 688 20.39
8-30-96 634 20.39
9-03-96 226 20.26
9-04-96 368 20.36
9-05-96 308 20.27
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*Including transactions for the accounts of two customers of Loeb Partners
Corporation as to which it has investment discretion.
All the reported transactions were affected on the American Stock
Exchange.
(d) and (e). Not Applicable
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO THE ISSUER.
None.
ITEM 7. MATERIALS TO BE FILED.
None.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete and
correct.
September 16, 1996 Loeb Arbitrage Fund
By: Loeb Arbitrage Management, Inc., G.P.
/s/ Arthur E. Lee
--------------------------------
By: Arthur E. Lee, President
September 16, 1996 Loeb Partners Corporation
/s/ Arthur E. Lee
By: ----------------------
Arthur E. Lee
Executive Vice President
