FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1994
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
For Quarter Ended September 30, 1994 Commission file number 0-23466
SHURGARD STORAGE CENTERS, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 91-1603837
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1201-3RD AVENUE, SUITE 2200, SEATTLE, WASHINGTON
98101
(Address of principal executive offices)
(Zip Code)
(Registrant's telephone number, including area code) 206-624-8100
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days.
Yes X No
Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest practicable
date.
Shares outstanding at October 14, 1994:
Class A Common Stock, $.001 par value, 16,829,283 shares
outstanding
Class B Common Stock, $.001 par value, 154,604 shares
outstanding
<PAGE>
Part II, Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits (numbered in accordance with Item 601 of Regulation
S-K)
(11) Statement of computation of per share earnings.
(27) Financial Data Schedules
(b) Reports on Form 8-K.
September 22, 1994 Press Release re. Acquisition
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
SHURGARD STORAGE CENTERS, INC.
Date: November 1, 1994 By: Harrell Beck
Harrell Beck
President, Chief Financial Officer and
Authorized Signatory
Shurgard Storage Centers, Inc.
Exhibit (11) - Statement Re: Computation of Earnings per Share
Three Months Nine Months
Ended Ended
Primary Earnings per Share Sept. 30, 1994 Sept. 30,1994
Net Income $6,004,000 $12,617,000
Weighted average common and common
equivalent shares outstanding:
Weighted average common
shares outstanding 16,983,887 16,983,887
Net effect of dilutive stock options -
based on treasury stock method
using average market price 5,852 5,852
Total 16,989,739 16,989,739
Primary earnings per common and common
equivalent share $0.35 $0.74
Fully-diluted Net Income Per Common and Common
Equivalent Share
The Company has no further dilutive securities.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
ALL INFORMATION PROVIDED REPRESENTS SEVEN MONTHS OF OPERATING ACTIVITY FOR
159 STORAGE CENTERS AND 2 BUSINESS PARKS, AS WELL AS ONE MONTH OF OPERATING
ACTIVITY FOR THE 20 STORAGE CENTERS ACQUIRED ON SEPTEMBER 1, 1994. PRIOR
TO MARCH 1, 1994, THE COMPANY WAS INACTIVE.
</LEGEND>
<CIK> 0000906933
<NAME> SHURGARD STORAGE CENTERS, INC.
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> QTR-3 9-MOS
<FISCAL-YEAR-END> DEC-31-1994 DEC-31-1994
<PERIOD-END> SEP-30-1994 SEP-30-1994
<CASH> 19,299 19,299
<SECURITIES> 0 0
<RECEIVABLES> 0 0
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 0
<PP&E> 451,799 451,799
<DEPRECIATION> 7,601 7,601
<TOTAL-ASSETS> 484,774 484,774
<CURRENT-LIABILITIES> 0 0
<BONDS> 125,121 125,121
<COMMON> 319,114 319,114
0 0
0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 484,774 484,774
<SALES> 20,465 45,701
<TOTAL-REVENUES> 20,757 46,283
<CGS> 0 0
<TOTAL-COSTS> 11,168 24,983
<OTHER-EXPENSES> 763 1,689
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 2,822 5,814
<INCOME-PRETAX> 6,004 13,797
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 6,004 13,797
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 (1,180)
<CHANGES> 0 0
<NET-INCOME> 6,004 12,617
<EPS-PRIMARY> .35 .74
<EPS-DILUTED> .35 .74
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