SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
November 19, 1999
Date of Report
(Date of earliest
event reported)
SHURGARD STORAGE CENTERS, INC.
-----------------------------------------------------
(Exact name of registrant as specified in its charter)
Washington 0-23466 91-1603837
-------------- ----------- -----------------
(State or other (Commission (IRS Employer
jurisdiction of File No.) Identification No.)
incorporation)
1155 Valley Street, Suite 400
Seattle, Washington 98109
(Address of principal executive offices, including zip code)
(206) 624-8100
(Registrant's telephone number, including area code)
Item 5. Other Events
Pro Rata Statement of Assets and Liabilities at Historical Cost (1)
Supplemental Financial Data
September 30, 1999
<TABLE>
Consolidated Unconsolidated Total European
(in thousands) Domestic Domestic Domestic Self
Operations Operations Operations Storage Total
----------- ------------- ---------- -------- ---------
<S> <C> <C> <C> <C> <C>
Operating storage
centers $ 967,024 $ 58,589 $ 1,025,613 $ 9,493 $ 1,035,106
Construction in
progress 74,459 8,193 82,652 6,282 88,934
Containerized storage
assets 3,409 3,409 3,409
Corporate Office 10,595 10,595 10,595
Accumulated
depreciation (117,308) (4,454) (121,762) (565) (122,327)
-------- ------ --------- ------ ---------
Storage assets, net 934,770 65,737 1,000,507 15,210 1,015,717
Participating
mortgages 13,230 13,230 13,230
Cash and other
assets 59,768 4,192 63,960 2,035 65,995
Amortizable assets 30,951 1,999 32,950 88 33,038
--------- ------ --------- ------ ---------
Total assets 1,038,719 71,928 1,110,647 17,333 1,127,980
========= ====== ========= ====== =========
Accounts payable and
other liabilities 27,316 2,091 29,407 1,605 31,012
Lines of credit 148,600 29,064 177,664 1,521 179,185
Notes payable 237,663 23,543 261,206 13,890 275,096
------- ------ ------- ------ -------
Total liabilities 413,579 54,698 468,277 17,016 485,293
======= ====== ======= ====== =======
</TABLE>
Other Selected Pro Rata Self Storage Operating Data (1)
For the nine months ended September 30, 1999
<TABLE>
Historical
NOI Cost
--------- ----------
<S> <C> <C>
Domestic:
Same store $ 88,997 $ 884,572
New store 3,362 141,041
-------- ---------
$ 92,359 $1,025,613
======== =========
European:
Same store 242 3,353
New store 75 6,141
-------- --------
$ 317 $ 9,493
======== ========
</TABLE>
(1) The information is presented on a combined basis and represents both
consolidated and unconsolidated entities at pro-rata ownership
percentages.
Summary of Operating Self Storage Properties
<TABLE>
Domestic European Total
------------------------ ---------------------- ----------------------
Number of Net Rentable Number of Net Rentable Number of Net Rentable
Properties Square Feet Properties Square Feet Properties Square Feet
----------- ----------- ---------- ------------ ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
100% owned 263 17,247,000 263 17,247,000
Partially
owned
consolidated 35 2,188,000 17 999,000 52 3,187,000
Partially
owned
unconsolidated 20 1,199,000 20 1,199,000
Fee Managed 30 1,715,000 30 1,715,000
---- ---------- ----- ------- ---- ----------
348 22,349,000 17 999,000 365 23,348,000
==== ========== ===== ======= ==== ==========
</TABLE>
