Shareholders OK Merger of 2 Storage Companies

Storage Equities Inc. and Public Storage Properties VIII Inc. said that a merger agreement between the two entities has been approved by shareholders of both companies.

Storage Equities, the surviving entity, is a Glendale-based real estate investment trust that has invested primarily in existing mini-warehouses and self-service storage facilities. Public Storage Properties is also a real estate investment trust that has invested in mini-warehouses. On June 30, Storage Equities owned or had interests in 356 properties, while Public Storage owned or had interests in about 23 properties.

The merger is expected to be completed Friday. Shareholders in Public Storage Properties will be paid in two separate distributions. In the first, they will be paid 95 cents per share, and in the second, they will be paid $21.21 per share in cash or stock, depending on individual shareholder election.