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SAN DIEGO INDUSTRY NOTES

December 17, 1985

PSA Inc. will use proceeds of a $65-million offering to retire $35.5 million in outstanding debt and redeem $10 million of its Series A preferred stock. The remainder after expenses will be used to augment working capital. Also, PSA declared a cash dividend of $2.375 per share of 9.5% cumulative convertible preferred stock to stockholders of record on Dec. 10. PSA will pay 47.5 cents per share to holders of convertible depositary preferred shares.

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