Net income for the fourth quarter 2002 was $17 million and for the year it was $67.6 million, according to the release. Same store NOI growth was flat in the fourth quarter but was 1.8% for the year.
"Given the perspective of flat to negative growth throughout the year in most of the REIT industry, and in our sector specifically, I would say that we fared relatively well in 2002," said Shurgard Chairman Charles Barbo in announcing the results.
Shurgard's FFO increased 37% in the fourth quarter to $27.3 million and rose 27% for the year to $104.9 million.
The company said the extraordinary increases in net income and FFO are primarily due to its acquisition of its partners' interests in three development joint ventures and a participating mortgage, which resulted in a significant reduction of the company's financing costs related to those joint ventures and the charge taken in the fourth quarter of 2001 associated with closing three Storage To Go warehouses.
Looking ahead, the company expects FFO for the year 2003 to decrease of approximately 2% to 7% compared with 2002.
As of December 31, Shurgard operated a global network of 562 properties. The total includes 464 owned, leased, or managed properties in operation in the United States and 96 in Europe. During 2002, Shurgard opened or acquired 84 new stores, 60 of which were in the United States and 24 in Europe.
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