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Shurgard Storage Centers Reports Third Quarter Increase

SEATTLE-The self-storage REIT is reporting third quarter funds from operation of approximately $22.2 million, a 6.4% increase over the last year's third quarter. On a per share basis, the company's FFO increased 4.1%.

By Ingrid Ricks | Updated on November 10, 2000

SEATTLE-Shurgard Storage Centers, Inc., a self storage REIT based in Seattle, has reported FFO of approximately $22.9 million for its third quarter ending September 30, a 6.4% increase over the $20.9 million posted for the same period in 1999. On a per share basis, the company’s FFO increased 4.1% from third quarter 1999, raising its per share price by three cents to 75 cents a share.

Shurgard’s same store revenue experienced a 7.7% third quarter increase over last year, which followed a second quarter increase of 7.6%. Same store average rental rates increased from $10.46 to $11 per sf over the 12-month period ending Sept. 30, 2000, while same store occupancy rates increased by 1% to 89%.

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