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Salomon Upgrades Shurgard to Outperform

SEATTLE- Salomon Smith Barney has upgraded locally based Shurgard Storage Centers, a real estate investment trust specializing in self-storage facilities, to outperform from neutral. The company's stock price is flirting with a three-year high.

By Gina Binole | Updated on June 28, 2001

SEATTLE-Based on sector-leading same-store sales growth, solid industry fundaments and the prospects for accelerating funds from operations growth during the second half of the year, Salomon Smith Barney has upgraded Shurgard Storage Centers from neutral to outperform.

“We believe FFO growth could accelerate towards the 10% level,largely due to the elimination of dilution from on balance sheet development, and other non-operating factors, Jonathan Litt writes in a research note. “However, to be conservative we are not changing our FFO growth assumptions as this time.

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