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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
December 15, 2000
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Date of Report
(Date of earliest event reported)
SHURGARD STORAGE CENTERS, INC.
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(Exact name of registrant as specified in its charter)
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<S> <C> <C>
Washington 0-11455 91-1603837
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(State or other (Commission File No.) (IRS Employer
jurisdiction of Identification No.)
incorporation)
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1155 Valley Street
Suite 400
Seattle, Washington 98109-4426
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(Address of principal executive offices, including zip code)
(206) 624-8100
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
On December 15, 2000, Shurgard Storage Centers, Inc. (the "Company")
exercised its option to purchase the partnership interest of Fremont Storage
Partners I, L.P. in Shurgard/Fremont Partners I, a Washington general
partnership, in accordance with the terms of the option agreement that was
executed in connection with the formation of that partnership in 1998. As a
result of the purchase of the partnership interest owned by Fremont, the
partnership will be wholly owned by Shurgard, directly and indirectly through
its wholly owned subsidiary Shurgard Development I, Inc., a Washington
corporation. The partnership currently owns 15 properties. Shurgard's cost to
exercise the option will be determined in accordance with the formula
established at the time of the formation of the partnership. The exact purchase
price will be calculated prior to closing, and it is expected to be in the range
of $26 million to $30 million. Of the total option purchase price, $7.5 million
is payable on January 15, 2001, and the balance will be payable at the closing
of the purchase of the Fremont partnership interest, which is expected to occur
in the first quarter of 2001. In connection with the closing, Shurgard will
either repay or assume the partnership's existing bank financing of
approximately $45 million, which is secured by the properties.
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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.
Dated: December 26, 2000
By /s/ Harrell Beck
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Harrell Beck, Senior Vice President,
Chief Financial Officer and Treasurer
