Shurgard Announces Redemption of Preferred Stock
11 August 2006 - 8:53PM
Business Wire
As previously announced in its current report on Form 8-K dated
July 23, 2006, Shurgard Storage Centers, Inc. (NYSE:SHU), a leading
self-storage real estate investment trust in the United States and
Europe, in accordance with that certain Agreement and Plan of
Merger, dated as of March 6, 2006, by and among Shurgard, Public
Storage, Inc. and a subsidiary of Public Storage, Shurgard issued
notice on July 23, 2006, that it will redeem all outstanding shares
of its 8.7% Series C Cumulative Redeemable Preferred Stock, par
value $0.001 per share, and all outstanding shares of its 8.75%
Series D Cumulative Redeemable Preferred Stock, par value $0.001
per share, on August 22, 2006, provided that certain conditions in
the merger agreement have been satisfied by that date.
Forward-Looking Statements This press release contains statements
that are not based on historical fact and are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Statements in this release concerning the
beliefs, expectations, intentions, future events, future
performance, business prospects and business strategy in the United
States and Europe, including statements regarding projections for
2006 and beyond, are based on several assumptions. If any of these
assumptions are not satisfied or prove to be incorrect, actual
results could differ materially from those indicated in the
forward-looking statements, depending on a variety of factors,
including, but not limited to, the consummation of the proposed
merger of Shurgard with and into a subsidiary of Public Storage,
Inc., Shurgard's ability to implement its business strategy,
competition in the market, as well as other risk factors. For a
discussion of additional risks and other factors that could affect
these forward-looking statements and Shurgard's financial
performance, see Shurgard's report on Form 10-K for the year ended
December 31, 2005, filed with the SEC on March 20, 2006, and
Shurgard's report on Form 10-Q for the quarter ended March 31,
2006, filed with the SEC on May 10, 2006, and Form 10-Q for the
quarter ended June 30, 2006, filed with the SEC on August 9, 2006.
Forward-looking statements are based on estimates as of the date of
this release. Except as required by law, we disclaim any obligation
to publicly update these forward-looking statements reflecting new
estimates, events or circumstances after the date of this release.
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