UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the period ended June 30, 1996
or
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the transition period from to
---------------- ---------------------
Commission File Number 1-10708
PUBLIC STORAGE PROPERTIES X, INC.
-----------------------------------------------------
(Exact name of registrant as specified in its charter)
California 95-4300880
- ------------------------------- ------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
701 Western Avenue
Glendale, California 91201-2349
- ------------------------------- ------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (818) 244-8080
--------------
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
-- --
The number of shares outstanding of the Company's classes of common stock as of
June 30, 1996:
2,157,484 shares of $.01 par value Series A shares
<PAGE>
INDEX
Page
PART I. FINANCIAL INFORMATION
Condensed Balance Sheets at June 30, 1996
and December 31, 1995 2
Condensed Statements of Income for the three
and six months ended June 30, 1996 and 1995 3
Condensed Statement of Shareholders' Equity for the
six months ended June 30, 1996 4
Condensed Statements of Cash Flows for the
six months ended June 30, 1996 and 1995 5
Notes to Condensed Financial Statements 6-8
Management's Discussion and Analysis of
Financial Condition and Results of Operations 9-12
PART II. OTHER INFORMATION 13-14
<PAGE>
<TABLE>
PUBLIC STORAGE PROPERTIES X, INC.
CONDENSED BALANCE SHEETS
<CAPTION>
June 30, December 31,
1996 1995
------------ ------------
(Unaudited)
ASSETS
------
<S> <C> <C>
Cash and cash equivalents $ 257,000 $ 463,000
Rent and other receivables 25,000 23,000
Prepaid expenses 172,000 311,000
Real estate facilities at cost:
Building, land improvements and equipment 25,967,000 25,873,000
Land 12,110,000 12,110,000
------------ ------------
38,077,000 37,983,000
Less accumulated depreciation (12,062,000) (11,541,000)
------------ ------------
26,015,000 26,442,000
------------ ------------
Total assets $ 26,469,000 $ 27,239,000
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Accounts payable $ 417,000 $ 504,000
Dividends payable 293,000 599,000
Advance payments from renters 266,000 263,000
Note payable 5,650,000 4,900,000
Shareholders' equity:
Series A common, $.01 par value,
2,828,989 shares authorized,
2,157,484 shares issued and
outstanding (1,674,875 shares
issued and outstanding in 1995) 21,000 17,000
Convertible Series B common, $.01 par
value, 184,453 shares authorized and
none issued and outstanding (36,891
issued and outstanding in 1995) - -
Convertible Series C common, $.01 par value,
522,618 shares authorized and
none issued and outstanding (522,618
issued and outstanding in 1995) - 5,000
Paid-in-capital 25,717,000 27,157,000
Cumulative income 29,126,000 27,583,000
Cumulative distributions (35,021,000) (33,789,000)
------------ ------------
Total shareholders' equity 19,843,000 20,973,000
------------ ------------
Total liabilities and shareholders' equity $26,469,000 $27,239,000
============ ============
</TABLE>
See accompanying notes.
2
<PAGE>
<TABLE>
PUBLIC STORAGE PROPERTIES X, INC.
CONDENSED STATEMENTS OF INCOME
(UNAUDITED)
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
---------------------------------- ----------------------------------
1996 1995 1996 1995
------------- -------------- ------------- -------------
REVENUES:
<S> <C> <C> <C> <C>
Rental income $1,881,000 $1,789,000 $3,681,000 $3,507,000
Interest income 6,000 6,000 10,000 10,000
------------- -------------- ------------- -------------
1,887,000 1,795,000 3,691,000 3,517,000
------------- -------------- ------------- -------------
COSTS AND EXPENSES:
Cost of operations 546,000 531,000 1,126,000 995,000
Management fees paid to affiliates 100,000 105,000 199,000 207,000
Depreciation 261,000 257,000 521,000 510,000
Administrative 37,000 44,000 83,000 99,000
Interest expense 114,000 42,000 219,000 85,000
------------- -------------- ------------- -------------
1,058,000 979,000 2,148,000 1,896,000
------------- -------------- ------------- -------------
NET INCOME $ 829,000 $ 816,000 $1,543,000 $1,621,000
============= ============== ============= =============
Earnings per share:
Primary - Series A $0.38 $0.43 $0.80 $0.85
============= ============== ============= =============
Fully diluted - Series A $0.38 $0.33 $0.70 $0.65
============= ============== ============= =============
Dividends declared per share:
Series A $0.35 $0.35 $0.70 $0.70
============= ============== ============= =============
Series B $0.22 $0.35 $0.57 $0.70
============= ============== ============= =============
Weighted average common
shares outstanding:
Primary - Series A 2,175,184 1,755,967 1,916,363 1,765,017
============= ============== ============= =============
Fully diluted - Series A 2,175,184 2,463,038 2,196,117 2,472,088
============= ============== ============= =============
</TABLE>
See accompanying notes.
3
<PAGE>
<TABLE>
Public Storage Properties X, Inc.
Condensed Statement of Shareholders' Equity
(Unaudited)
<CAPTION>
Convertible Convertible
Series A Series B Series C Paid-in
Shares Amount Shares Amount Shares Amount Capital
--------- ------- ------ ------- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Balances at December 31, 1995 1,674,875 $17,000 36,891 $ - 522,618 $5,000 $27,157,000
Net income - - - - - - -
Conversion of B & C shares
to A shares 559,509 5,000 (36,891) - (522,618) (5,000)
Repurchase of shares (76,900) (1,000) - - - - (1,440,000)
Cash distributions declared:
$.70 per share - Series A - - - - - - -
$.57 per share - Series B - - - - - - -
--------- ------- ------ ------- -------- ------ -----------
Balances at June 30, 1996 2,157,484 $21,000 - $ - - $ $25,717,000
========= ======= ====== ======= ======== ====== ============
</TABLE>
Public Storage Properties X, Inc.
Condensed Statement of Shareholders' Equity
(Unaudited)
Cumulative Total
Net Cumulative Shareholders'
Income Distributions Equity
------------ ------------- ----------
Balances at December 31, 1995 $27,583,000 ($33,789,000) $20,973,000
Net income 1,543,000 - 1,543,000
Conversion of B & C shares
to A shares
Repurchase of shares - - (1,441,000)
Cash distributions declared:
$.70 per share - Series A - (1,211,000) (1,211,000)
$.57 per share - Series B - (21,000) (21,000)
------------ ------------- ----------
Balances at June 30, 1996 $29,126,000 ($35,021,000) $19,843,000
------------- ------------- -----------
See accompanying notes.
4
<PAGE>
<TABLE>
PUBLIC STORAGE PROPERTIES X, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<CAPTION>
Six Months Ended
June 30,
----------------------------------
1996 1995
------------ -------------
Cash flows from operating activities:
<S> <C> <C>
Net income $1,543,000 $1,621,000
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 521,000 510,000
(Increase) decrease in rent and other receivables (2,000) 5,000
Increase in prepaid expenses (41,000) (13,000)
Amortization of prepaid management fees 180,000 -
Decrease in accounts payable (87,000) (77,000)
Increase (decrease) in advance payments from renters 3,000 (2,000)
------------ -------------
Total adjustments 574,000 423,000
------------ -------------
Net cash provided by operating activities 2,117,000 2,044,000
------------ -------------
Cash flows from investing activities:
Additions to real estate facilities (94,000) (76,000)
------------ -------------
Net cash used in investing activities (94,000) (76,000)
------------ -------------
Cash flows from financing activities:
Distributions paid to shareholders (1,538,000) (1,375,000)
Proceeds from note payable to Bank 750,000 325,000
Purchase of Company Series A common stock (1,441,000) (716,000)
------------ -------------
Net cash used in financing activities (2,229,000) (1,766,000)
------------ -------------
Net (decrease) increase in cash
and cash equivalents (206,000) 202,000
Cash and cash equivalents at
the beginning of the period 463,000 665,000
------------ -------------
Cash and cash equivalents at
the end of the period $ 257,000 $ 867,000
============ =============
</TABLE>
See accompanying notes.
5
<PAGE>
PUBLIC STORAGE PROPERTIES X, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
1. The accompanying unaudited condensed financial statements have been
prepared pursuant to the rules and regulations of the Securities and
Exchange Commission. Certain information and footnote disclosures normally
included in financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted pursuant to
such rules and regulations, although management believes that the
disclosures contained herein are adequate to make the information presented
not misleading. These unaudited condensed financial statements should be
read in conjunction with the financial statements and related notes
appearing in the Company's Form 10-K for the year ended December 31, 1995.
2. In the opinion of management, the accompanying unaudited condensed
financial statements reflect all adjustments, consisting of only normal
accruals, necessary to present fairly the Company's financial position at
June 30, 1996 and December 31, 1995, the results of its operations for the
three and six months ended June 30, 1996 and 1995 and its cash flows for
the six months then ended.
3. The results of operations for the three and six months ended June 30, 1996
are not necessarily indicative of the results expected for the full year.
4. In 1995, the Company prepaid eight months of 1996 management fees at a
total cost of $240,000. The Company expensed $180,000 of the 1996 prepaid
management fees for the six months ended June 30, 1996. The balance of
prepaid management fees, $60,000, is included in prepaid expenses in the
Balance Sheet at June 30, 1996.
5. In June 1994, the Company obtained an unsecured revolving credit facility
with a bank for borrowings up to $4,000,000 for working capital purposes
and to repay and terminate a prior credit facility. During 1995, the
Company renegotiated its credit facility to extend the conversion date to a
term loan to January 1, 1997, extend the maturity date to January 1, 2001,
and increase the maximum borrowings to $7,500,000. Outstanding borrowings
on the credit facility, at the Company's option, bear interest at either
the bank's prime rate plus .25% (8.50% at June 30, 1996) or the bank's
LIBOR rate plus 2.25% (7.80% at June 30, 1996). Interest is payable
monthly. Principal will be payable quarterly beginning on April 1, 1997. On
January 1, 2001, the remaining unpaid principal and interest is due and
payable. At June 30, 1996, the outstanding balance on the credit facility
was $5,650,000. In July 1996, the Company borrowed an additional $100,000
on its credit facility. The Company is subject to certain covenants
including cash flow coverages and dividend restrictions. As of June 30,
1996, the Company was in compliance with the covenants of the credit
facility.
6
<PAGE>
6 The Company's Articles of Incorporation provide that the Series B shares
and Series C shares will convert automatically into Series A shares on a
share-for-share basis (the "Conversion") when (A) the sum of (1) all
cumulative dividends and other distributions from all sources paid with
respect to the Series A shares (including liquidating distributions, but
not including payments made to redeem such stock other than in liquidation)
and (2) the cumulative Partnership distributions from all sources with
respect to all Units (including the General Partners' 1% interest) equals
(B) the product of $20 multiplied by the number of the then outstanding
"Original Series A shares". The term "Original Series A shares" means the
Series A shares issued in the Reorganization. On June 30, 1996, the
requirements for Conversion were met and the Convertible Series B shares
and Convertible Series C shares converted into Series A shares.
7. For the second quarter of 1996, the Company declared a dividend of $.35 per
share (a regular dividend of $.33 and a special one-time dividend of $.02)
to Series A shares and a dividend of $.218 per share to Convertible Series
B shares. The Company also declared a pro rata dividend of $.132 per share
on the Series A shares issued upon conversion of Convertible Series B
shares and Convertible Series C shares.
7
<PAGE>
8. In June 1996, the Company and Public Storage, Inc. ("PSI") agreed, subject
to certain conditions, to merge. Upon the merger, each outstanding share of
the Company's common stock series A (other than shares held by PSI or by
shareholders of the Company who have properly exercised dissenters' rights
under California law ("Dissenting Shares")) will be converted into the
right to receive cash, PSI common stock or a combination of the two, as
follows: (i) with respect to a certain number of shares of the Company's
common stock series A (not to exceed 20% of the outstanding common stock
series A of the Company, less any Dissenting Shares), upon a shareholder's
election, $20.92 in cash, subject to reduction as described below or (ii)
that number (subject to rounding) of shares of PSI common stock determined
by dividing $20.92, subject to reduction as described below, by the average
of the per share closing prices on the New York Stock Exchange of PSI
common stock during the 20 consecutive trading days ending on the fifth
trading day prior to the special meeting of the Company's shareholders. The
consideration paid by PSI in the merger will be reduced on a pro rata basis
by the amount of cash distributions required to be paid by the Company to
its shareholders prior to completion of the merger in order to satisfy the
Company's REIT distribution requirements ("Required REIT Distributions").
The consideration received by the Company's shareholders in the merger,
however, along with any Required REIT Distributions, will not be less than
$20.92 per share of the Company's common stock series A, which amount
represents the market value of the Company's real estate assets at May 31,
1996 (based on an independent appraisal) and the estimated net asset value
of its other assets at September 30, 1996. Additional distributions will be
made to the Company's shareholders to cause the Company's estimated net
asset value as of the date of the merger to be substantially equivalent to
its estimated net asset value as of September 30, 1996. The common stock
series A of the Company held by PSI will be canceled in the merger. The
merger is conditioned on, among other requirements, approval by the
Company's shareholders. It is expected that any merger would close in
September 1996. PSI is the Company's mini-warehouse operator and owns
20.95% of the Company's common stock series A.
8
<PAGE>
PUBLIC STORAGE PROPERTIES X, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following is management's discussion and analysis of certain
significant factors occurring during the periods presented in the accompanying
Condensed Financial Statements.
Results of Operations.
- ----------------------
The Company's net income for the six months ended June 30, 1996 and 1995
was $1,543,000 and $1,621,000, respectively, representing a decrease of $78,000
or 5%. Net income for the three months ended June 30, 1996 and 1995 was $829,000
and $816,000, respectively, representing an increase of $13,000. Property net
operating income (rental income less cost of operations, management fees paid to
affiliates and depreciation expense) increased for both periods. However, the
increase in interest expense caused the decrease in net income for the six
months ended June 30, 1996.
Rental income for the six months ended June 30, 1996 and 1995 was
$3,681,000 and $3,507,000, respectively, representing an increase of $174,000 or
5%. Rental income for the three months ended June 30, 1996 and 1995 was
$1,881,000 and $1,789,000, respectively, representing an increase of $92,000 or
5%. The Company's mini-warehouse operations showed increases in rental income of
$121,000 and $62,000 for the six and three month periods ended June 30, 1996,
respectively, compared to the same periods in 1995 due primarily to an increase
in rental rates at a majority of the Company's properties. The Company's San
Diego, California business park showed increases in rental income of $53,000 and
$30,000 for the six and three month periods ended June 30, 1996 over 1995,
respectively, due primarily to increases in occupancy levels and rental rates.
The Company's mini-warehouse operations had weighted average occupancy
levels of 91% and 90% for the six month periods ended June 30, 1996 and 1995,
respectively. The Company's business park facility had an average occupancy
level of 93% and 88% for the six month periods ended June 30, 1996 and 1995,
respectively.
Cost of operations (including management fees paid to affiliates and
depreciation expense) for the six months ended June 30, 1996 and 1995 was
$1,846,000 and $1,712,000, respectively, representing an increase of $134,000 or
8%. Cost of operations for the three months ended June 30, 1996 and 1995 was
$907,000 and $893,000, representing an increase of $14,000 or 2%. These
increases are primarily attributable to increases in repairs and maintenance
costs and property tax expense. Repairs and maintenance costs increased mainly
due to an increase in snow removal costs associated with higher than normal snow
levels experienced at the Company's mini-warehouse properties in the eastern
states. The increase in property tax expense is primarily attributable to
one-time tax refunds received in the first quarter of 1995 from appealing a
prior year tax assessment at the Company's New York property and San Diego
business park.
9
<PAGE>
In 1995, the Company prepaid eight months of 1996 management fees on its
mini-warehouse operations (based on the management fees for the comparable
period during the calendar year immediately preceding the prepayment) discounted
at the rate of 14% per year to compensate for early payment. During the six
month period ended June 30, 1996, the Company expensed $180,000 of prepaid
management fees. The amount is included in management fees paid to affiliates in
the condensed statements of income. As a result of the prepayment, the Company
saved approximately $19,000 in management fees, based on the management fees
that would have been payable on rental income generated in the six months ended
June 30, 1996 compared to the amount prepaid.
Interest expense for the three and six month periods ended June 30, 1996
increased by $72,000 and $134,000, respectively, as compared to the same periods
in 1995 due primarily to a higher outstanding loan balance in 1996 over 1995.
Liquidity and Capital Resources.
- --------------------------------
Cash flows from operating activities ($2,117,000 in 1996) and borrowing
against the Company's credit facility were sufficient to meet all current
obligations and distributions of the Company during the six months ended June
30, 1996. Management expects cash flows from operations will be sufficient to
fund capital expenditures and quarterly distributions.
In June 1994, the Company obtained an unsecured revolving credit facility
with a bank for borrowings up to $4,000,000 for working capital purposes and to
repay and terminate a prior credit facility. During 1995, the Company
renegotiated its credit facility to extend the conversion date to a term loan to
January 1, 1997, extend the maturity date to January 1, 2001, and increase the
maximum borrowings to $7,500,000. Outstanding borrowings on the credit facility,
at the Company's option, bear interest at either the bank's prime rate plus .25%
(8.50% at June 30, 1996) or the bank's LIBOR rate plus 2.25% (7.80% at June 30,
1996). Interest is payable monthly. Principal will be payable quarterly
beginning on April 1, 1997. On January 1, 2001, the remaining unpaid principal
and interest is due and payable. At June 30, 1996, the outstanding balance on
the credit facility was $5,650,000. In July 1996, the Company borrowed an
additional $100,000 on its credit facility. The Company is subject to certain
covenants including cash flow coverages and dividend restrictions. As of June
30, 1996, the Company was in compliance with the covenants of the credit
facility.
10
<PAGE>
The Company's Board of Directors has authorized the Company to purchase up
to 800,000 shares of Series A common stock. As of June 30, 1996, the Company had
repurchased 523,237 shares of Series A common stock, of which 76,900 shares were
purchased in 1996.
The Company's Articles of Incorporation provide that the Series B shares
and Series C shares will convert automatically into Series A shares on a
share-for-share basis (the "Conversion") when (A) the sum of (1) all cumulative
dividends and other distributions from all sources paid with respect to the
Series A shares (including liquidating distributions, but not including payments
made to redeem such stock other than in liquidation) and (2) the cumulative
Partnership distributions from all sources with respect to all Units (including
the General Partners' 1% interest) equals (B) the product of $20 multiplied by
the number of the then outstanding "Original Series A shares". The term
"Original Series A shares" means the Series A shares issued in the
Reorganization.
On June 30, 1996, the Company's Convertible Series B shares and Convertible
Series C shares converted into Series A shares in accordance with the Company's
Articles of Incorporation. For the second quarter of 1996, the Company declared
a dividend of $.35 per share (a regular dividend of $.33 and a special one-time
dividend of $.02) to Series A shares and a dividend of $.218 per share to
Convertible Series B shares. The Company also declared a pro rata dividend of
$.132 per share on the Series A shares issued upon conversion of Convertible
Series B shares and Convertible Series C shares. Prior to the conversion, the
Series C shares did not receive dividends. As a result of the additional Series
A shares outstanding due to the conversion, the Company has decreased its
regular dividend to $.33 per share per quarter. The Company believes that this
level of dividends can be supported by cash flow from operations and enable the
Company to repay the advances under the terms of the credit facility discussed
above.
The Company has elected and intends to continue to qualify as a real estate
investment trust ("REIT") for federal income tax purposes. As a REIT, the
Company must meet, among other tests, sources of income, share ownership, and
certain asset tests. The Company is not taxed on that portion of its taxable
income which is distributed to its shareholders provided that at least 95% of
its taxable income is so distributed to its shareholders prior to filing of the
Company's tax return. The primary difference between book income and taxable
income is depreciation expense. In 1995, the Company's federal tax depreciation
was $1,199,000.
11
<PAGE>
Supplemental Information.
- -------------------------
The Company's funds from operations ("FFO") is defined generally by the
National Association of Real Estate Investment Trusts as net income before loss
on early extinguishment of debt and gain on disposition of real estate, plus
depreciation and amortization. FFO for the six months ended June 30, 1996 and
1995 was $2,064,000 and $2,131,000, respectively. FFO for the three months ended
June 30, 1996 and 1995 was $1,090,000 and $1,073,000, respectively. FFO is a
supplemental performance measure for equity Real Estate Investment Trusts used
by industry analysts. FFO does not take into consideration principal payments on
debt, capital improvements, distributions and other obligations of the Company.
The only depreciation or amortization that is added to income to derive FFO is
depreciation and amortization directly related to physical real estate. All
depreciation and amortization reported by the Company relates to physical real
estate and does not include any depreciation or amortization related to
goodwill, deferred financing costs or other intangibles. FFO is not a substitute
for the Company's net cash provided by operating activities or net income
computed in accordance with generally accepted accounting principles, as a
measure of liquidity or operating performance.
Proposed Merger.
- ----------------
See footnote 8 to financial statements for a discussion of a proposed
merger.
12
<PAGE>
PART II. OTHER INFORMATION
ITEMS 1 through 4 are inapplicable.
ITEM 5. Other Information
In June 1996, the Company and Public Storage, Inc. ("PSI") agreed,
subject to certain conditions, to merge. Upon the merger, each
outstanding share of the Company's common stock series A (other than
shares held by PSI or by shareholders of the Company who have properly
exercised dissenters' rights under California law ("Dissenting
Shares")) will be converted into the right to receive cash, PSI common
stock or a combination of the two, as follows: (i) with respect to a
certain number of shares of the Company's common stock series A (not to
exceed 20% of the outstanding common stock series A of the Company,
less any Dissenting Shares), upon a shareholder's election, $20.92 in
cash, subject to reduction as described below or (ii) that number
(subject to rounding) of shares of PSI common stock determined by
dividing $20.92, subject to reduction as described below, by the
average of the per share closing prices on the New York Stock Exchange
of PSI common stock during the 20 consecutive trading days ending on
the fifth trading day prior to the special meeting of the Company's
shareholders. The consideration paid by PSI in the merger will be
reduced on a pro rata basis by the amount of cash distributions
required to be paid by the Company to its shareholders prior to
completion of the merger in order to satisfy the Company's REIT
distribution requirements ("Required REIT Distributions"). The
consideration received by the Company's shareholders in the merger,
however, along with any Required REIT Distributions, will not be less
than $20.92 per share of the Company's common stock series A, which
amount represents the market value of the Company's real estate assets
at May 31, 1996 (based on an independent appraisal) and the estimated
net asset value of its other assets at September 30, 1996. Additional
distributions will be made to the Company's shareholders to cause the
Company's estimated net asset value as of the date of the merger to be
substantially equivalent to its estimated net asset value as of
September 30, 1996. The common stock series A of the Company held by
PSI will be canceled in the merger. The merger is conditioned on, among
other requirements, approval by the Company's shareholders. It is
expected that any merger would close in September 1996. PSI is the
Company's mini-warehouse operator and owns 20.95% of the Company's
common stock series A.
13
<PAGE>
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
A) EXHIBITS: The following exhibits are included herein:
(2) Agreement and Plan of Reorganization between the Company and
PSI. Filed with PSI's Registration Statement No.333-08671 and
incorporated herein by reference.
(27) Financial Data Schedule
B) REPORTS ON FORM 8-K
A Form 8-K dated June 20, 1996 was filed on June 25, 1996, which
reported under Item 5 that the Company and PSI had agreed,
subject to certain conditions, to merge.
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 thereunto duly authorized.
DATED: August 13, 1996
PUBLIC STORAGE PROPERTIES X, INC.
BY: /s/ Ronald L. Havner, Jr.
--------------------------
Ronald L. Havner, Jr.
Senior Vice President and
Chief Financial Officer
14
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000864337
<NAME> PUBLIC STORAGE PROPERTIES X, INC.
<MULTIPLIER> 1
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-1-1996
<PERIOD-END> JUN-30-1996
<EXCHANGE-RATE> 1
<CASH> 257,000
<SECURITIES> 0
<RECEIVABLES> 197,000
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 454,000
<PP&E> 38,077,000
<DEPRECIATION> (12,062,000)
<TOTAL-ASSETS> 26,469,000
<CURRENT-LIABILITIES> 976,000
<BONDS> 5,650,000
0
0
<COMMON> 21,000
<OTHER-SE> 19,822,000
<TOTAL-LIABILITY-AND-EQUITY> 26,469,000
<SALES> 0
<TOTAL-REVENUES> 3,691,000
<CGS> 0
<TOTAL-COSTS> 1,846,000
<OTHER-EXPENSES> 83,000
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 219,000
<INCOME-PRETAX> 1,543,000
<INCOME-TAX> 0
<INCOME-CONTINUING> 1,543,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,543,000
<EPS-PRIMARY> .80
<EPS-DILUTED> .70
</TABLE>
