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) April 9, 1997
----------------
Public Storage Properties XIX, Inc.
-----------------------------------
(Exact name of registrant as specified in its charter)
California 1-10913 95-4325981
---------- ------- ----------
(State or other juris- (Commission (IRS Employer
diction of incorporation) File Number) Identification No.)
701 Western Avenue, 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 April 9, 1997.
<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 XIX, INC.
By: /S/ OBREN B. GERICH
-------------------
Obren B. Gerich
Vice President
Date: April 10, 1997
Joint News Release
Public Storage Properties XIX, Inc.
Public Storage, Inc.
701 Western Avenue
P.O. Box 25050
Glendale, CA 91221-5050
For Release: Immediately
Date: April 9, 1997
Contact: Mr. Harvey Lenkin
(818) 244-8080
----------------------------------------------------------------------
GLENDALE, California--Public Storage Properties XIX, Inc. (AMEX:PSY)
and Public Storage, Inc. announced today that the corporations agreed,
subject to certain conditions, to merge. In the merger, PSY would be
merged with and into PSA, and each outstanding share of PSY's Common
Stock Series A would be converted, at the election of the shareholders
of PSY, into either shares of PSA Common Stock or, with respect to up
to 20% of the PSY Common Stock, $16.72 in cash. This dollar amount has
been based on PSY's estimated net asset value (the appraised value of
PSY's real estate assets as of March 17, 1997 and the estimated book
value of PSY's other net assets as of June 30, 1997). 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 PSY'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 PSY's
shareholders by PSY prior to completion of the merger in order to
satisfy PSY's REIT distribution requirements. Additional distributions
would be made to shareholders of PSY to cause PSY's estimated net asset
value as of the effective date of the merger to be substantially
equivalent to $16.72 per share. The merger is conditioned on, among
other requirements, approval by PSA's board of directors, receipt of a
satisfactory fairness opinion by PSY and approval by the shareholders of
PSY. It is expected that any merger would close during the second half
of 1997.
###
