Public Storage 1998 Annual Report Download - page 5

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Public Storage, Inc. 1998 Annual Report
3
Public Storage, Inc. 1998 Annual Report
broaden the Public Storage trade name in dynamic markets where
self-storage demand is favorable. Storage Trust Realty was a fully
integrated, self-managed and self-administered REIT headquartered
in Columbia, Missouri with 215 self-storage properties located in
16 states. Each share of beneficial interest of Storage Trust Realty is
being exchanged for 0.86 shares of Public Storage’s common stock.
This exchange ratio implies an enterprise value of approximately
$600 million for Storage Trust Realty, including the assumption of
approximately $192 million of debt. The merger was structured as
a tax-free transaction. Daniel C. Staton, Storage Trust Realty’s
Chairman of the Board, is now a member of our Board of Directors.
Numerous employees in both companies pulled together to
complete the merger. We want everyone involved to know we are
enormously proud of their dedication. To our shareholders and
customers we express appreciation for accompanying us on this
leg of the journey.
Sincerely,
B. Wayne Hughes Harvey Lenkin
Chairman of the Board President
and Chief Executive Officer
March 31, 1999
How to Calculate the Growth of Our Business:
Add up the strong demand for our properties
and services and multiply that by about
700,000 customers. This growth was built
over 25 years of investing in our business.
Public Storage/Storage Trust Combined Portfolio
(12/31/98)
Number of Public Storage Facilities
Number of Storage Trust Facilities
STATE
00
Public Storage Non-shared Markets
Public Storage and Storage Trust Shared Markets