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Shurgard Readies for Restatement

REDMOND, WA-Third quarter earnings will not be released until the company consults the SEC on new accounting treatment of four development joint ventures. Shurgard did, however, say 3Q 2001 Same Store NOI was up 5.9% over the same period in 2000.

By Janet Parker | Updated on November 18, 2001

REDMOND, WA-The week before last, Shurgard Storage Centers Inc. postponed the release of its third quarter earnings pending a review of its auditors’ recommendation to restate earnings from 1998 through the first half of 2001. Reviews now complete, the self-storage REIT said Friday it will, in fact, restate 3-1/2 years’ of financial results, but not just yet.

Shurgard’s management says before issuing any restatement, it will first consult the Securities and Exchange Commission regarding the proposed changes. Charles K. Barbo, Shurgard’s Chairman and CEO says, “The accounting treatment of the development joint ventures is a complex, highly technical matter, and we believe it is prudent to consult with the SEC to assure that our proposed accounting treatment is appropriate.”

In both its written statement and analysts’ call held Friday, Shurgard confirmed that three of the four joint ventures lying at the crux of the issue will be impacted by the revised accounting. Those three JV’s are now fully owned by the Redmond-headquartered company.

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