[0] Shurgard Reports Second Quarter Results -- Same Store NOI Increases 7.2%.Business Editors SEATTLE--(BUSINESS WIRE)--August 9, 2000 Shurgard Storage Centers Shurgard Storage Centers, Inc. was a Real estate investment trust (REIT) based in the Cascade neighborhood of Seattle, Washington. Its predecessor company, Capital Northwest Management Corporation, was founded in 1972 in Olympia, Washington by Charles K. Barbo and Donald B. , Inc. (NYSE NYSE See: New York Stock Exchange :SHU), a leading self storage real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ), today reported operating results for the second quarter ended June June: see month. 30, 2000. "Shurgard is focused. We are executing our strategy of developing new sales distribution channels and driving revenue growth. Second quarter performance was a great improvement over the first quarter, but it is our results for the rest of the year that will determine the success of our strategy. As we stated in the first quarter, Shurgard is breaking new ground and leading the way in a very competitive industry. I believe our efforts to capture sales and create qualified demand will prove to be the best way to increase shareholder value," said Charles Charles, archduke of Austria Charles, 1771–1847, archduke of Austria; brother of Holy Roman Emperor Francis II. Despite his epilepsy, he was the ablest Austrian commander in the French Revolutionary and Napoleonic wars; however, he was handicapped by K. Barbo, Chairman and Chief Executive Officer of Shurgard. Second Quarter Financial Results FFO FFO See: Funds from operations for the quarter was $20.2 million compared with FFO of $19.7 million for the second quarter of 1999. On a per share basis, FFO was $.69 per share, an increase of $.01 from a year ago. Same Store revenue for the second quarter increased 6.8% percent over the same period a year ago. Same Store NOI NOI Net Operating Income NOI Notice of Intent NOI Nation of Islam NOI Notice of Inquiry NOI Neuro Orthopaedic Institute NOI New Organizing Institute NOI Notice of Interest NOI No Offense Intended NOI National Olympiad in Informatics increased 7.2% in the second quarter 2000 versus second quarter 1999. Same Store average rental RENTAL. A roll or list of the rents of an estate containing the description of the lands let, the names of the tenants, and other particulars connected with such estate. This is the same as rent roll, from which it is said to be corrupted. rates increased to $10.78 from $10.29 per square foot. Same Store occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy for the second quarter 2000 also increased to 88%, 2 percentage points greater than second quarter 1999. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Steve v. t. 1. To pack or stow, as cargo in a ship's hold. See Steeve. Tyler Tyler, city (1990 pop. 75,450), seat of Smith co., E Tex.; inc. 1850. In the heart of the rich East Texas oil field, Tyler has refineries and other oil-based industries. , Shurgard Senior Vice President, Operations, "Our second quarter performance was strong primarily for two reasons: first, we were able to move rates significantly with minimal customer turnover, and second, we were able to convert more of our customer inquiries into successful sales. I believe our marketing emphasis is improving our ability to close sales. We are reaching the customers who value the convenience of our locations and the quality of our stores and service . . . and are willing to pay a premium because they understand the value of what Shurgard offers."
Q2 Domestic 'Same Store' Operating Results:
(dollars in thousands except average rent)
Three months ended June 30, (1)
-------------------------------
2000 1999 % Change
---- ---- --------
Rental revenue $ 45,697 $ 42,802 6.8%
Property operating
expenses (2) 12,905 12,215 5.6%
--------- ---------
Net operating income $ 32,792 $ 30,587 7.2%
========= =========
Avg. annual rent
per sq. ft. (3) $ 10.78 $ 10.29 4.8%
Avg. sq. ft. occupancy 88% 86%
Total net rentable
sq. ft. 18,015,000 18,015,000
Number of properties 277 277
---------------
1 Table includes the total operating results of each store
regardless of our ownership interest in that store. Revenue
gains were primarily a function of changes in rental rates and
were partially offset by a decline in late fees.
2 Includes all direct property expenses. Does not include any
allocation of joint expenses incurred by the Company such as
off-site management personnel.
3 Average annual rent per square foot is calculated by dividing
actual rent collected by the average number of square feet
occupied during the period.
Second Quarter Dividend Declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. The Board of Directors declared a second quarter dividend of $.51 per share, payable on August 25, 2000 to shareholders of record as of August 14, 2000. The increase in the dividend is 2% more than the second quarter dividend for 1999. Financial Results for the Six Months Ended June 30, 2000 For the six months ended June 30, 2000, FFO was $38.6 million, 2.3% more than the same period of 1999. FFO per share increased one cent for the period. NOI for the first half of 2000 was $65.6 million, a 11.5% increase over the first six months of 1999. Same Store NOI growth for the period was 5.6%. Average Same Store rental rates climbed from $10.23 in the first half of 1999 to $10.71 during the first half of 2000. Same Store occupancy also improved from 85% to 87% during the comparison period. Net income was $24.6 million, a 7.3% increase for the first six months of 2000 versus the same period of 1999. Total revenue rose to $92.9 million, an increase of 12.2% for the first half of 2000 over the first half 1999. Shurgard's Chief Financial Officer, Harrell Harrell can refer to: People
Beck Hansen (born Bek David Campbell, July 8, 1970) is a Grammy Award-winning American musician, singer-songwriter, and multi-instrumentalist, known by his simple stage name of , discussed the Company's first half financial performance, "In order to accelerate revenue growth, Shurgard implemented a number of sales and marketing initiatives during the first quarter of 2000. As we indicated in earlier public statements and filings, these initiatives were expected to result in significantly higher expenses early in the year with revenue gains growing over the last half of 2000. Total initiative related expenses for the second quarter are on target, and we are beginning to see the anticipated acceleration acceleration, change in the velocity of a body with respect to time. Since velocity is a vector quantity, involving both magnitude and direction, acceleration is also a vector. In order to produce an acceleration, a force must be applied to the body. of revenue growth. We are pleased with the revenue trend, but we are not satisfied with the pace of revenue growth. Our focus will be on improving the rate of growth."
YTD Domestic `Same Store' Operating Results:
(dollars in thousands except average rent)
Six months ended June 30, (1)
--------------------------------
2000 1999 % Change
---- ---- --------
Rental revenue $ 88,722 $ 83,768 5.9%
Property operating
expenses (2) 25,689 24,056 6.8%
--------- --------- --------
Net operating
income $ 63,033 $ 59,712 5.6%
========= ========= ========
Avg. annual rent
per sq. ft. (3) $ 10.71 $ 10.23 4.7%
Avg. sq. ft.
occupancy 87% 85%
Total net rentable
sq. ft. 18,015,000 18,015,000
Number of
properties 277 277
---------------
1 Table includes the total operating results of each store
regardless of our ownership interest in that store. Revenue gains
were primarily a function of changes in rental rates and were
partially offset by a decline in late fees.
2 Includes all direct property expenses. Does not include any
allocation of joint expenses incurred by the Company such as
off-site management personnel.
3 Average annual rent per square foot is calculated by dividing
actual rent collected by the average number of square feet
occupied during the period.
Portfolio Growth At the close of the quarter, Shurgard operated a network of 397 properties. In addition, we had 16 storage centers under construction in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and 11 in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). as of June 30, 2000.
Description United States Europe ----------------------------------- ----------------- --------------- Storage center -- owned 326 30 Storage center -- managed 31 -- New developments -- opened 4 2 New Acquisitions 1 -- Business Parks 3 -- Subtotal 365 32 Expansions - completed 1 -- Expansions - under construction 1 -- New Developments - under construction 16 11 Domestic Portfolio Growth The Company opened 4 newly constructed stores: two in Texas, one in Tennessee Tennessee, state, United States Tennessee (tĕn`əsē', tĕn'əsē`), state in the south-central United States. , and another in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). . The 4 stores will contain approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 192,000 net rentable square feet and are expected to cost $13.6 million when all phases of construction are completed. Development of all four projects was financed using Shurgard's credit line. Shurgard acquired an existing self storage facility in Irvine, California Irvine is an incorporated city in Orange County, California, United States. It is a planned city, mainly developed by the Irvine Company since the 1960s. Formally incorporated on December 28 1971, the 69.7 square mile (180.5 km²) city has a population of 202,079 (as of 2007). during the second quarter. Shurgard paid $11.0 million for this recently constructed 110,000 net rentable square feet storage center. The acquired property was constructed and initially operated by Shurgard's development partner in California. Additional acquisitions are part of Shurgard's growth strategy. The Company actively encourages interested owners to present store acquisition opportunities to Shurgard that satisfy the Company's selection criteria criteria (krītēr´ē  ),n. . European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. Portfolio Growth SSC SSC Secondary School Certificate SSC Standard Systems Center (USAF) SSC State Services Commission (New Zealand) SSC Swedish Space Corporation SSC Salem State College (Massachusetts) Benelux Be·ne·lux An economic union of Belgium, the Netherlands, and Luxembourg, originally established as a customs union in 1948. Noun 1. & Co., SCA (Single Connector Attachment) An 80-pin plug and socket used to connect peripherals. With a SCSI drive, it rolls three cables (power, data channel and ID configuration) into one connector for fast installation and removal. , the entity that develops, operates, and owns Shurgard's storage centers in Europe, opened 2 new stores in the second quarter 2000. One store is located in Rotterdam Rotterdam, city, Netherlands Rotterdam (rŏt`ərdăm', Dutch rôtərdäm`), city (1994 pop. 598,521), South Holland prov., W Netherlands, on the Nieuwe Maas (New Meuse) River near its mouth on the North Sea. and the other is located in Paris. These stores will contain 103,000 net rentable square feet and are expected to cost $12.0 million when all phases are complete. SSC Benelux & Co., SCA continues to aggressively pursue strategic development opportunities in Europe. As of June 30, 2000, 11 new stores were in various phases of construction. Seven of the stores will be located in France, two in the Netherlands Netherlands (nĕth`ərləndz), Du. Nederland or Koninkrijk der Nederlanden, officially Kingdom of the Netherlands, constitutional monarchy (2005 est. pop. 16,407,000), 15,963 sq mi (41,344 sq km), NW Europe. , and two in Belgium Belgium (bĕl`jəm), Du. België, Fr. La Belgique, officially Kingdom of Belgium, constitutional kingdom (2005 est. pop. 10,364,000), 11,781 sq mi (30,513 sq km), NW Europe. . The estimated cost of completing the stores is $47.9 million. European Operations Dave Grant, Shurgard Executive Vice President and President of European operations stated, "Our operating results continue to prove the viability of self storage in Europe. Self storage in Europe is on the verge On the Verge (or The Geography of Yearning) is a play written by Eric Overmyer. It makes extensive use of esoteric language and pop culture references from the late nineteenth century to 1955. of the kind of dynamic growth cycle that has not been seen in the self storage industry in the United States in many years. Shurgard's investment in development and operations in key markets throughout the continent continent, largest unit of landmasses on the earth. The continents include Eurasia (conventionally regarded as two continents, Europe and Asia), Africa, North America, South America, Australia, and Antarctica. distinguish us as a leading company in self storage. Our strategy of concentrated development in these markets will ultimately yield the greatest returns. The results we have been producing in Europe -- as well as the results we plan to produce -- will position us as the dominant self storage provider on the continent." Second quarter 2000 recorded another period of excellent Same Store growth in Europe. Same Store NOI for the quarter outpaced the same period the previous year by 22%. Quarterly Same Store revenue for the 9 properties that satisfy the Same Store definition was up 9% over the previous year. Same Store occupancy during the quarter increased from 81% to 89%.
Q2 European `Same Store' Operating Results (1) : (dollars in
thousands except average rent)
Three months ended June 30,
---------------------------
2000 1999 % Change
---- ---- --------
Rental revenue $ 1,443 $ 1,324 9%
Property operating
expenses (2) 568 605 -6%
---------- ---------
Net operating income $ 875 $ 719 22%
========== =========
Avg. annual rent
per sq.ft. (3) $ 13.10 $ 13.30 -2%
Avg. sq.ft.
occupancy 89% 81%
Total net rentable
sq.ft. 491,000 491,000
No. of properties 9 9
---------------
1 Data for Europe reflects total operations, not Shurgard's pro rata
portion.
2 Includes all direct property expenses. Does not include any
allocation of joint expenses incurred, such as off-site
management personnel.
3 Average annual rent per square foot is calculated by dividing
actual rent collected by the average number of square feet
occupied during the period. Rates are stated in $US. Rate changes
are impacted by currency translation, please refer to Shurgard
Storage Centers, Inc.'s form 10-Q filing for further discussion
regarding average rents.
Summary of European Properties:
Number of Total Net Estimated
Open Rentable Total
Properties Sq. Ft. (1) Cost (1)
Country
Belgium 11 669,000 $36.3 million
France 5 246,000 $14.9 million
Netherlands 2 112,000 $9.5 million
Sweden 9 538,000 $38.3 million
United Kingdom 5 273,000 $36 million
--- ----------- ------------------
32 1,838,000 $135.0 million
June 30, 2000 June 2000
Occupancy (2) Rates (2)(3) Average % Rate
Country
Belgium 75% $11.16 3.9%
France 95% $21.22 15.1%
Netherlands
Sweden 67% $16.25 8.2%
United Kingdom
---------------
1 Total net rentable square feet and estimated total cost when all
phases are complete.
2 Includes stores that have been operating more than 12 months.
3 Average annual rent per square foot is calculated by dividing
actual rent collected by the average number of square feet
occupied during the period.
4 In the respective local currencies
Shurgard currently owns a 7.57% equity interest in SSC Benelux & Co., SCA and the European operations are not consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: in Shurgard's financial statements. Shurgard To Go Shurgard Storage To Go -- the Company's solution for customers who prefer the convenience of containerized con·tain·er·ize v.tr. con·tain·er·ized, con·tain·er·iz·ing, con·tain·er·iz·es 1. To package (cargo) in large standardized containers for efficient shipping and handling. 2. storage delivered to their door -- increased revenues by 15.6% during the second quarter 2000 compared with the same period a year earlier. Tony Stallings, President of Shurgard Storage To Go, stated, "The Company's strategy to drive revenue production and create qualified demand is very important to the success of Storage To Go. Containerized storage is still largely unknown to customers with storage needs. Once people try it, they love it, and then they tell their friends about it. The key is getting people to try the Shurgard Storage To Go in the first place ... that is why Shurgard's marketing and sales focus is so important. It helps us reach the customers who will benefit most from using Storage To Go and it allows us to show them how convenient and cost effective the service is to use." In order to allocate To reserve a resource such as memory or disk. See memory allocation. resources to the markets the Company believes have the greatest potential for containerized storage, the company is currently evaluating exit strategies for Shurgard Storage To Go from the Chicago Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. and Portland Portland, town, England Portland, town (1991 pop. 12,945), Dorset, S England. It is on the Isle of Portland, a small rocky peninsula. Portland stone has been used in St. Paul's Cathedral and other important London buildings. Lobsters and crabs are harvested. markets. New Transfer Agent Selected Effective as of the start of the third quarter 2000, Shurgard's shareholder accounts are serviced by a new transfer agent, American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Stock Transfer & Trust Company. Shurgard selected AST&T after an extensive search process. American Stock Transfer & Trust Company was rated the number one transfer agent overall, and number one its class, respectively, in two well-regarded independent industry surveys in 1999. For more information about your shareholder account or our new transfer agent contact them at 800/937-5449 or via the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.amstock.com. Shurgard Storage Centers, Inc., is a fully integrated, self-administered, self-managed real estate investment trust (REIT) headquartered in Seattle, Washington  This page is protected from moves until disputes have been resolved on the .The reason for its protection is listed on the protection policy page. . The Company specializes in all aspects of the self storage industry and operates a network of over 397 storage centers located throughout the United States and in Europe. Shurgard is followed by securities analysts at leading institutions. Statements in this release concerning the beliefs, expectations, intentions, future events, future performance, business prospects and business strategy, including statements regarding the expected impact of the Company's new sales initiatives on the Company's revenues and expenses for the year 2000, constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and and are based on several assumptions. If any of these assumptions are not satisfied or prove to be incorrect Incorrect means to not be correct and may also refer to:
pct, per centum, percent, percentage - a proportion in relation to a whole (which is usually the amount per hundred) to drop, or may cause delays in rent up of newly developed properties, and the risk that the Company may experience increases in the cost of labor, taxes, marketing and other operating and construction expenses. For a discussion of additional risks and other factors that could affect these forward-looking statements and Shurgard's financial performance, see Shurgard's Annual Report on From 10-K for the year ended December December: see month. 31, 1999, and the Company's quarterly report on Form 10-Q Form 10-Q See 10-Q. filed with the SEC. ( TABLES TO FOLLOW)
Shurgard Storage Centers, Inc.
QUARTERLY AND YEAR-TO-DATE OPERATING RESULTS
Consolidated Statements of Net Income (unaudited)
(Amounts in thousands except share data)
For the Three Months Ended
June 30, 2000 June 30, 1999
Revenue
Rental revenue $ 49,058 $ 43,184
Revenue from other real estate
investments (748) (696)
Property management revenue 372 355
------------- -------------
Total revenue 48,682 42,843
------------- -------------
Expenses
Operating 14,242 11,341
Depreciation and amortization 9,792 8,974
Real estate taxes 4,302 3,855
General and administrative 1,356 1,189
------------- -------------
Total expenses 29,692 25,359
------------- -------------
Income from operations 18,990 17,484
------------- -------------
Other Income (Expense)
Interest and other income 841 290
Interest expense (7,900) (5,262)
------------- -------------
Total other income (expense) (7,059) (4,972)
------------- -------------
Minority interest 1,382 630
------------- -------------
Income before cumulative effect
of a change in accounting
principle 13,313 13,142
Cumulative effect of a change in
accounting principle
============= ============
Net Income $ 13,313 $ 13,142
BASIC EARNINGS PER SHARE:
Income before cumulative effect
of a change in accounting
principle $ 0.38 $ 0.38
------------- -------------
Cumulative effect of a change
in accounting principle - $ -
------------- -------------
Net Income $ 0.38 $ 0.38
============= =============
DILUTED EARNINGS PER SHARE:
Income before cumulative effect
of a change in accounting
principle $ 0.38 $ 0.38
------------- -------------
Cumulative effect of a change
in accounting principle - $ -
------------- -------------
Net Income $ 0.38 $ 0.38
============= =============
FFO RECONCILIATION:
Net income $ 13,313 $ 13,142
Non-recurring items - -
Preferred dividend (2,188) (2,188)
Depreciation/amortization 9,792 8,974
Adjustment for
depreciation/amortization from
joint ventures and subsidiaries (481) 48
Deferred financing costs (256) (290)
------------- -------------
Funds from operations (FFO)(1) $ 20,180 $ 19,686
============= =============
SELECTED ADDITIONAL INFORMATION:
Basic FFO per share $ 0.69 $ 0.68
============= =============
Diluted FFO per share $ 0.69 $ 0.68
============= =============
Net operating income (NOI)(2) $ 34,664 $ 30,380
============= =============
Cash dividends $ 0.51 $ 0.50
============= =============
Basic avg. shares outstanding 29,368,583 29,068,594
Diluted avg. shares outstanding 29,440,612 29,125,943
(1) FFO is presented in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the NAREIT NAREIT National Association of Real Estate Investment Trusts definition as revised in their October October: see month. 1999 White Paper. (2) NOI is defined as rental revenue less direct property operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. and real estate taxes.
SHURGUARD STORAGE CENTERS, INC.
QUARTERLY AND YEAR-TO-DATE OPERATING RESULTS
Consolidated Statements of Net Income (unaudited)
(Amounts in thousands except share data)
For the Six Months Ended
June 30, 2000 June 30, 1999
------------- -------------
Revenue
Rental Revenue $ 93,825 $ 83,993
Revenue from other real estate
investments (1,643) (1,844)
Property management revenue 759 710
------------- -------------
Total revenue 92,941 82,859
------------- -------------
Expenses
Operating 27,113 22,712
Depreciation and amortization 19,695 18,022
Real estate taxes 8,570 7,495
General and administrative 2,488 2,180
------------- -------------
Total expenses 57,866 50,409
------------- -------------
Income from operations 35,075 32,450
------------- -------------
Other Income (Expense)
Interest and other income 1,614 579
Interest expense (14,867) (10,149)
------------- -------------
Total other income (expense) (13,253) (9,570)
------------- -------------
Minority interest 2,790 1,158
------------- -------------
Income before cumulative effect of
a change in accounting principle 24,612 24,038
Cumulative effect of a change in
accounting principle (1,098)
------------- -------------
Net Income $ 24,612 $ 22,940
============= =============
BASIC EARNINGS PER SHARE:
Income before cumulative effect of
a change in accounting principle $ 0.69 $ 0.69
------------- -------------
Cumulative effect of a change in
accounting principle -- $ (0.05)
------------- -------------
Net Income $ 0.69 $ 0.64
============= =============
DILUTED EARNINGS PER SHARE:
Income before cumulative effect of
a change in accounting principle $ 0.69 $ 0.69
------------- -------------
Cumulative effect of a change in
accounting principle -- $ (0.05)
------------- -------------
Net Income $ 0.69 $ 0.64
============= =============
FFO RECONCILIATION:
Net income $ 24,612 $ 22,940
Non-recurring items -- 1,545
Preferred dividend (4,375) (4,375)
Depreciation/amortization 19,695 18,022
Adjustment for depreciation/
amortization from joint ventures and
subsidiaries (827) 163
Deferred financing costs (513) (570)
------------- -------------
Funds from operations (FFO)(1) $ 38,592 $ 37,725
============= =============
SELECTED ADDITIONAL INFORMATION:
Basic FFO per share $ 1.31 $ 1.30
============= =============
Diluted FFO per share $ 1.31 $ 1.30
============= =============
Net operating income (NOI)(2) $ 65,622 $ 58,860
============= =============
Cash dividends $ 1.01 $ 0.99
============= =============
Basic avg. shares outstanding 29,363,484 29,032,756
Diluted avg. shares outstanding 29,435,192 29,071,238
(1) FFO is presented in accourdance with the NAREIT definition as
revised in their October 1999 White Paper.
(2) NOI is defined as rental revenue less direct property operating
expenses and real estate taxes.
SHURGARD STORAGE CENTERS, INC.
QUARTERLY AND YEAR-TO-DATE OPERATING RESULTS
Consolidated Balance Sheet (unaudited)
(Amounts in thousands except share data)
June 30, 2000 December 31, 1999
------------- -------------
ASSETS:
Storage Centers:
Land $ 229,796 $ 228,601
Buildings and equipment, net 795,057 761,921
Construction in progress 71,878 49,939
------------- -------------
1,096,731 1,040,461
Other real estate investments 35,819 33,929
Cash and cash equivalents 9,735 11,645
Restricted cash 8,109 7,166
Other assets 59,147 60,025
------------- -------------
Total assets $ 1,209,541 $ 1,153,226
============= =============
LIABILITIES AND SHAREHOLDERS'
EQUITY:
Accounts payable and other
liabilities $ 34,610 $ 34,312
Lines of credit 141,480 102,002
Notes payable 344,996 332,347
------------- -------------
Total liabilities 521,086 468,661
------------- -------------
Minority interest in other
real estate investments 42,355 40,763
Shareholders' equity:
Series B Cumulative Redeemable
Preferred Stock; $0.001 par
value: 2,300,000 shares
authorized; 2,000,000 shares
issued and outstanding;
liquidation preference 48,056 48,056
Series C Cumulative Redeemable
Preferred Stock; $0.001 par
value: 2,000,000 shares
authorized; 2,000,000 shares
issued and outstanding;
liquidation preference 48,115 48,115
Class A Common Stock, $0.001
par value; 120,000,000
authorized; 29,183,429 and
29,585,301 shares issued and
outstanding 623,461 611,973
Class B Common Stock, $0.001
par value; 500,000 shares
authorized; 154,604 issued and
outstanding, net of loans to
shareholders of $3,840 (924) (1,086)
Accumulated net income less
distributions (72,608) (63,256)
------------- -------------
Accumulated other comprehensive
income
------------- -------------
Total shareholders' equity 646,100 643,802
------------- -------------
------------- -------------
Total liabilities and
shareholders' equity $ 1,209,541 $ 1,153,226
============= =============
Pro Rata Statement of Assets and Liabilities at Historical Cost
Supplemental Financial Data
June 30, 2000
(Unaudited)
Consolidated Unconsolidated
(in thousands) Domestic Domestic
Operations Operations
Operating storage centers $ 979,214 $ 70,029
Construction in progress 74,461 6,399
Containerized storage assets 4,038
Corporate office 14,238 1,803
Accumulated depreciation (138,275) (6,479)
-------------- -------------
Storage assets, net 929,638 75,790
Participating mortgages 2,712
Cash and other assets 81,998 2,831
Amortizable assets 28,613 1,573
------------- -------------
Total assets $ 1,042,961 $ 80,194
============= =============
Accounts payable and other $ 30,014 $ 3,404
Lines of credit 136,483 42,253
Notes payable 235,788 30,822
------------- -------------
Total liabilities $ 402,285 $ 76,479
============= =============
Total European
(in thousands) Domestic Self
Operations Storage Total
Operating
storage centers $ 1,049,243 $ 10,503 $1,059,746
Construction
in progress 80,860 2,326 83,186
Containerized
storage assets 4,038 4,038
Corporate office 16,041 16,041
Accumulated
depreciation (144,754) (572) (145,326)
------------ ---------- ------------
Storage assets, net 1,005,428 12,257 1,017,685
Participating mortgages 2,712 $ 2,712
Cash and other assets 84,829 1,861 86,690
Amortizable assets 30,186 508 30,694
------------ ---------- ------------
Total assets $ 1,123,155 $ 14,626 $ 1,137,781
============ ========== ============
Accounts payable and
other $ 33,418 $ 1,092 $ 34,510
Lines of credit 178,736 4,997 183,733
Notes payable 266,610 6,833 273,443
------------ ---------- ------------
Total liabilities $ 478,764 $ 12,922 $ 491,686
============ ========== ============
(1) The information is presented on a combined basis and represents both consolidated and unconsolidated entities at pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. ownership percentages
Other Selected Pro Rata Self Storage Operating Data
For the six months ended June 30, 2000
Historical
NOI Cost
Domestic:
Same Store $ 59,510 $ 891,378
New Store 6,113 157,865
--------------- ---------------
$ 65,623 $ 1,049,243
=============== ===============
European:
Same Store $ 137 $ 2,079
New Store (72) 8,424
---------------- ---------------
$ 65 $ 10,503
=============== ===============
(1) This information is presented on a combined basis and represents both consolidated and unconsolidated entities at pro rata ownership percentages.
SHURGARD STORAGE CENTERS, INC.
QUARTERLY AND YEAR-TO-DATE OPERATING RESULTS
Supplemental Financial Data (unaudited)
(Amounts in thousands)
Summary of Operating Self Storage Properties
Domestic European
Number of Net Rentable Number of Net Rentable
Properties Square Feet Properties Square Feet
100% owned 262 17,281,000
Partially owned,
Consolidated 48 3,121,000
Partially owned,
Unconsolidated 24 1,441,000 32 1,839,000
Fee managed 31 1,805,000
---- ------------ -- -----------
365 23,648,000 32 1,839,000
=== ========== == =========
Total
Number of Net Rentable
Properties Square Feet
100% owned 262 17,281,000
Partially owned,
Consolidated 48 3,121,000
Partially owned,
Unconsolidated 56 3,280,000
Fee managed 33 1,805,000
---- ------------
399 25,487,000
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