The acquisition of the 19 storage centers closed on June 30. The storage centers were owned by five separate entities and operated as Minnesota Mini-Storage. The consideration of 3,050,000 shares of common stock could include another 50,000 common shares if the stores meet certain revenue targets prior to year-end 2005, according to the company.

Over the last two months, Shurgard purchased all or part of 36 storage centers previously developed under the company's tax retention operating leases. The company no longer has any outstanding tax retention operating leases. The total purchase price, approximately $164.7 million, was financed with borrowings under the company's revolving credit facility along with $22.2 million in proceeds from the company's notes offering in March 2003. Twenty five of the stores have been open anywhere from one month to two years; the rest are under development. The stores still under development will cost an additional $35.6 million to complete, according to the company. The company owns 110% of 22 stores and will own between 51% and 85% of the remaining stores involved in the transaction.

In the third completed transaction, Shurgard on June 20 acquired an additional 42.5% indirect ownership interest in Shurgard Europe by increasing its equity interest in Recom & Co. SNC from 9.1% to 88.1%. In so doing, the company increased its stake in Shurgard Europe from approximately 18% to approximately 61%, including the 10.6% interest the company acquired from Credit Suisse First Boston in April 2003.