FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: September 22, 1994
SHURGARD STORAGE CENTERS, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-23466 91-1603837
(State of Organization)(Commission File Number)(IRS Employer Id
entification Number)
1201 Third Avenue - Suite 2200
Seattle, Washington 98101
(Address of principal executive offices)
Registrant's telephone number, including area code: 206/624-8100
There are no exhibits.
There are 3 pages
/page
ITEM 5 - OTHER MATTERS
The following information was released to press on September 6,
1994:
SHURGARD STORAGE CENTERS, INC. COMPLETES ACQUISITION
OF TWENTY SELF STORAGE PROPERTIES AND FINALIZES
$50 MILLION TWO-YEAR REVOLVING CREDIT FACILITY
SEATTLE, WASHINGTON, SEPTEMBER 6, 1994 . . . Shurgard
Storage Centers, Inc. (NASDAQ-NMS:SHUR) ("Shurgard" or the
"Company"), today announced that it has completed the acquisition
of twenty self storage properties from Colonial Self Storage, an
unaffiliated self storage operator based in Raleigh, North
Carolina, founded by Norman C. Mason, for an aggregate purchase
price of $34 million, of which $30 million was funded through the
Company's $50 million credit facility obtained in July 1994.
Harrell L. Beck, President and Chief Financial Officer of
the Company, stated, "This acquisition is consistent with our
strategy of acquiring premier properties concentrated in our
existing markets and establishes a significant market presence in
a high-priority new market that fits well within the existing
Shurgard network."
"We're pleased to have the opportunity to acquire properties
from a quality developer and operator like Norm Mason's Colonial
Self Storage. Our newly-acquired self storage properties are
similar to other Colonial Self Storage properties that we've
purchased in the past, all of which have performed in line with
our expectations and have been integrated successfully into the
Shurgard network."
As disclosed in the Company's press release dated August 15,
1994, the new properties acquired by the Company were 98%
occupied with average rent per square foot of $7.34 as of
June 30, 1994. The Company's new properties are located in the
Washington D.C. metropolitan area (7 stores, 2,399 units, 252,807
square feet), Raleigh, North Carolina (5 stores, 1,567 units,
195,130 square feet), Richmond, Virginia (3 stores, 926 units,
105,225 square feet), Virginia Beach, Virginia (4 stores, 1,196
units, 147,550 square feet) and Charlottesville, Virginia (1
store, 300 units, 31,600 square feet). In aggregate, these
properties represent 6,384 total units and total square footage
of 732,312. The average age of the properties is 7.6 years.
Finalizes Two-Year Revolving Credit Facility
The Company also reported that it has finalized its
previously announced commitment with a commercial bank group led
by Seafirst Corporation, a subsidiary of BankAmerica Corp., to
provide the Company with a $50 million two-year revolving credit
facility. The facility will be secured by real estate, will
accrue interest at LIBOR plus 200 basis points or prime and a
commitment fee of 75 basis points.
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, hereunto duly authorized.
Shurgard Storage Centers, Inc.
September 22,1994 By:HARRELL BECK
Date Harrell Beck, President and Treasurer
