Public Storage Converts 2 Partnership Affilates
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Two more partnership affiliates of Public Storage Inc. in Glendale have been converted to real estate investment trusts (REITs) whose shares are now trading on the American Stock Exchange.
Public Storage Properties XV and Public Storage Properties XVII own 19 and 20 properties, respectively, which are primarily self-storage warehouses managed by Public Storage or other affiliates. The two REITS formerly were organized as limited partnerships.
The conversions are the latest in Public Storage’s plan to convert a total of 18 partnerships into REITs whose shares will trade on the Amex. The company has four conversions still pending.
In the six months ended June 30, Public Storage Properties XV earned $838,000 on revenue of $3 million, and Public Storage Properties XVII had earnings of $568,000 on revenue of $3.7 million.
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