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Shurgard Reports Decent 4Q Despite Economy

SEATTLE-Shurgard Storage Centers Inc., a self storage real estate investment trust, reports a slightly higher FFO for the fourth quarter 2001. It was approximately $19.9 million compared with FFO of $19.7 million for the fourth quarter of 2000, an increase of 1.0%.

By Gina Binole | Updated on February 08, 2002

SEATTLE-Shurgard Storage Centers Inc. (NYSE:SHU) reports a decent fourth quarter, despite the tough economy and the closure of two of its Storage To Go’s warehouses.

“The company delivered solid performance in the fourth quarter despite considerable uncertainty in the economy, Charles Barbo, Shurgard’s chairman said in announcing the news. “Our development teams are doing a good job of identifying and securing new store opportunities in the United States and Europe. For 2002, we are projecting improved FFO growth, with an increase in the range of 16% to 19%.”

FFO for the fourth quarter 2001 was approximately $19.9 million compared with FFO of $19.7 million for the fourth quarter of 2000, an increase of 1.0%. FFO decreased six cents per share during the fourth quarter 2001, from $.66 to $.60 per share, compared with the same period a year earlier. The change in FFO reflects a previously announced one-time charge to FFO of approximately $3.2 million, or $.10 per share, for the discontinuation of operations at two of Storage To Go’s warehouses. FFO per share for the fourth quarter 2001 would have been $.70, except for the impact of the Storage To Go charge to earnings.

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