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Shurgard Reports Flat Q2 FFO Growth

SEATTLE-The self storage real estate investment trust (REIT) reports a rise in same store revenue, but says its results for the rest of the year will determine the success of its increased marketing.

By Brian K. Miller | Updated on August 09, 2000

Shurgard Storage reported little growth in funds from operations(FFO) for the second three months of the year, in part due to the cost of increased marketing. The marketing did, however, assist in moderate same store sales growth, which the company hopes will increase further and continue through to the bottom line in the final two quarters.

FFO for the quarter ended June 30 was $20.2 million compared with FFO of $19.7 million for the second quarter of 1999. On a per share basis, FFO was 69 cents a share, a one cent increase from a year ago.

Same store revenue for the second quarter increased 6.8% percent over the same period a year ago. Same store net operating income increased 7.2% in the second quarter 2000 versus second quarter 1999. Same Store average rental rates increased to $10.78/sf from $10.29/sf. Same store occupancy for the second quarter 2000 also increased to 88%, 2% greater than second quarter 1999.

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