Public Storage Completes Merger With 3 Firms

Public Storage Inc., a Glendale real estate investment trust, said it has closed a merger and plan of reorganization with three smaller companies, Partners Preferred Yield Inc., Partners Preferred Yield II and Partners Preferred Yield III.

The merger was approved by Partners Preferred shareholders this month, the company said. Public Storage is the surviving entity.

Public Storage said that about 3.88 million shares valued at $25.53 each will be issued in the mergers, and that an additional $30 million in cash will be paid to some Partners Preferred shareholders.