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) February 13, 1998
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Public Storage Properties XX, Inc.
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(Exact name of registrant as specified in its charter)
California 1-10850 95-4300893
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(State or other juris- (Commission (IRS Employer
diction of incorporation) File Number) Identification No.)
701 Western Avenue, Glendale, California 91203-1241
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(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code (818) 244-8080
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N/A
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(Former name or former address, if changed since last report)
Item 5. Other Events
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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
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(a) Financial Statements.
None.
(b) Exhibits.
(1) Registrant's press release dated February 13, 1998.
<PAGE>
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 XX, INC.
By: /S/ DAVID GOLDBERG
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David Goldberg
Vice President
Date: February 18, 1998
Joint News Release
Public Storage Properties XX, Inc.
Public Storage, Inc.
701 Western Avenue
P.O. Box 25050
Glendale, CA 91221-5050
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For Release: Immediately
Date: February 13, 1998
Contact: Mr. Harvey Lenkin
(818) 244-8080
GLENDALE, California--Public Storage Properties XX, Inc. (AMEX:PSZ) and Public
Storage, Inc. (NYSE:PSA) announced today that the corporations had agreed,
subject to certain conditions, to merge. In the merger, PSZ would be merged with
and into PSA, and each outstanding share of PSZ's Common Stock Series A would be
converted, at the election of the shareholders of PSZ, into either shares of PSA
Common Stock or, with respect to up to 20% of the PSZ Common Stock, $22.57 in
cash. This dollar amount has been based on PSZ's estimated net asset value (the
appraised value of PSZ's real estate assets as of October 1, 1997 and the
estimated book value of PSZ's other net assets as of April 1998). 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 PSZ's shareholders' meeting. The number of shares of
PSA's Common Stock issued in the merger and the amount receivable upon a cash
election will be reduced by the amount of cash distributions required to be paid
to PSZ's shareholders by PSZ prior to completion of the merger in order to
satisfy PSZ's REIT distribution requirements. Additional distributions would be
made to shareholders of PSZ to cause PSZ's estimated net asset value as of the
effective date of the merger to be substantially equivalent to $22.57 per share.
The merger is conditioned on, among other requirements, approval by PSA's board
of directors, receipt of a satisfactory fairness opinion by PSZ and approval by
the shareholders of PSZ. It is expected that any merger would close during the
first half of 1998.
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