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: April 24, 1995
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
Identification No.)
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 4 pages
ITEM 5 - OTHER MATTERS
The following information was released to press on April 18,
1995:
SHURGARD REPORTS FIRST QUARTER 1995 RESULTS
SEATTLE, WASHINGTON, April 18, 1995 -- Shurgard Storage
Centers, Inc. (NASDAQ-NMS:SHUR) a self-storage real estate
investment trust (REIT), reported today its results for the first
quarter of 1995.
Shurgard, which began operation on March 1, 1994, supplied
pro forma first quarter 1994 results for comparative purposes.
Funds from operations ("FFO") for the first quarter
increased by 10.9% to $9.1 million, or $0.54 per share, from pro
forma funds from operations of $8.2 million, or $0.48 per share,
for the same period in 1994. FFO is used by the company to
represent net income (determined in accordance with generally
accepted accounting principles) plus depreciation and
amortization, plus or minus non-recurring income and expenses,
and other non-cash items.
Total revenues for the first quarter increased 15.0 percent
over first quarter revenues for last year. This increase is the
result of same-store revenue growth of 6.6%, with the remaining
8.4% increase coming from acquisitions made during the latter
part of 1994. Same-store revenue growth was principally the
result of rental rates increasing 6% from $8.04 per square foot
for the first quarter of 1994 to $8.52 per square foot for the
first quarter of 1995. Same-store occupancy remained stable for
the two periods.
Net operating income rose by 16.0% over last year's first
quarter. Same-store net operating income growth was 6.9% and the
remaining 9.1% increase was the result of acquisitions made in
1994. Same-store net operating income growth was the result of
increased rates and improved operating margins. Earnings
remained stable compared to the first quarter of 1994.
Concerning the Company's financial results, Shurgard's
chairman and chief executive officer, Charles K. Barbo, said,
"These results reflect continued strength in rental rates in an
industry characterized by strong demand and limited new
development. In addition, we believe that these strong results
also reflect our employees' commitment to the customer, teamwork
and Shurgard's mission and values."
Shurgard also announced that it invested in four sites for
development of new storage centers. In addition, it has recently
opened two new storage centers in Tennessee and Belgium.
In connection with the merger of its external adviser, the
Company issued 1,266,705 additional shares of Class A common
stock on March 24, 1995. As a result of the merger, the
Company's total assets and debt as of March 31, 1995 were $540
million and $182 million, respectively, with a total market
capitalization of $615 million. The Company has a conservative
debt to total market capitalization ratio of 30%.
Also during the quarter, the Company announced that it had
increased the quarterly dividend for the first quarter of 1995
from $0.44 per share to $0.46 per share for stockholders of
record as of March 24, 1995, payable May 19, 1995.
Shurgard Storage Centers, Inc., a self-administered, self-
advised real estate investment trust (REIT) headquartered in
Seattle, WA, is a fully integrated real estate operating company
specializing in all aspects the self storage industry. Shurgard
operates an international network of more than 250 storage
centers located throughout the United States and Europe. Of
these properties, the company owns directly, or through joint
venture interests, approximately two-thirds of the portfolio.
The remaining properties are owned by affiliated and unaffiliated
parties. Shurgard employs some 600 people nationwide. The
company's common stock trades on the Nasdaq National Market under
the "SHUR" symbol. Shurgard is followed by securities analysts
at leading institutions, including Morgan Keegan & Company, Inc.,
Nomura Securities International, Inc., Green Street Advisors,
Offutt Securities, Inc., and Robertson Stephens & Co., Inc.
SHURGARD STORAGE CENTERS, INC.
QUARTERLY AND PRO FORMA INFORMATION (UNAUDITED)
(Assuming formation of the REIT on January 1, 1994)
(Dollars in thousands, except per share amounts)
--- Three Months ended March 31 ---
1995
All Stores 1994(1)
Revenues $21,303 $18,527
Net operating income $13,048 $11,247
Third Party Activity Net $57
Earnings $5,354 $5,287
Funds from operations $9,149 $8,203
Weighted Average Shares outstanding 17,082 16,984
Per share Funds from operations $0.54 $0.48
First Quarter Dividend
(declared October 29, 1994) $0.46 ------
(1) Assumes formation of the real estate investment trust
on January 1, 1994 and that the Company's 8.2% fixed rate seven-
year debt was outstanding during the entire period.
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.
April 24,1995 By:/s/ KRISTIN STRED
Date Kristin Stred, Secretary
