These alternatives include a sale of the company; formation of asset joint ventures with strategic partners; a sale of certain of its assets or operations; and continued implementation of Shurgard's strategic business plan. Shurgard cautioned investors Thursday morning that there could be no assurance that the exploration of strategic alternatives would result in any definitive agreement or transaction.

Citigroup Global Markets Inc. and Banc of America Securities LLC are serving as financial advisors in connection with these matters. Willkie Farr & Gallagher LLP and Perkins Coie LLP are acting as legal counsel.

Shurgard operates a network of over 630 operating storage centers located throughout the US and Europe. Public Storage has interests in 1,480 storage facilities. In early July, Public Storage offered .80 shares of PSA common stock for each share of Shurgard, which represented a 14% premium over Shurgard's stock price immediately prior to the offer.