Storage Firm Plans Real Estate Investment Trust

Public Storage Properties XII Ltd., a Glendale partnership that invests in storage properties, has proposed reorganizing into a real estate investment trust.

In a filing with the Securities and Exchange Commission, the partnership proposed giving its limited partners shares in the new trust, which could be traded in the stock market.

The general partners of Public Storage Properties XII are PSI Associates Inc., a unit of Public Storage Inc., the privately held Glendale company that operates storage warehouses around the country, and Public Storage Inc.’s president, B. Wayne Hughes.

The trust structure is expected to attract new investors and simplify administration for Public Storage Properties XII, the filing said.