GLENDALE, Calif.--(BUSINESS WIRE)--
Public Storage’s (NYSE:PSA) affiliate, Shurgard Self Storage Europe
S.a.r.l. (“Shurgard”), is considering an initial public offering.
Public Storage acquired its interest in Shurgard in August 2006 through
the acquisition of Shurgard Storage Centers, Inc. In March 2008, Public
Storage sold 51% of its interest in Shurgard to an institutional
investor. Public Storage acts as the managing member of the joint
venture.
“Shurgard began developing European self-storage properties in 1995. It
currently owns and operates over 220 self-storage facilities with over
12 million net rentable square feet located in Belgium, Denmark, France,
Germany, Netherlands, Sweden and in the U.K.,” said Ron Havner, Chairman
and Chief Executive Officer of Public Storage. “We believe the European
market presents excellent growth opportunities,” added Havner.
THE SECURITIES THAT WOULD BE THE SUBJECT OF ANY OFFERING WILL NOT BE
REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) AND
MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION
UNDER THE SECURITIES ACT OR PURSUANT TO AN APPLICABLE EXEMPTION FROM, OR
IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
THEREUNDER.
About Public Storage
Public Storage, a member of the S&P 500 and FT Global 500, is a REIT
that primarily acquires, develops, owns and operates self-storage
facilities. The Company’s headquarters are located in Glendale,
California. At March 31, 2018, we had interests in 2,392 self-storage
facilities located in 38 states with approximately 159 million net
rentable square feet in the United States and 223 storage facilities
located in seven Western European nations with approximately 12 million
net rentable square feet operated under the “Shurgard” brand. We also
own a 42% common equity interest in PS Business Parks, Inc. (NYSE:PSB)
which owned and operated approximately 28 million rentable square feet
of commercial space at March 31, 2018.
Additional information about Public Storage is available on our website, PublicStorage.com.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. All
statements in this press release, other than statements of historical
fact, are forward-looking statements which may be identified by the use
of the words “expects,” “believes,” “anticipates,” “should,” “estimates”
and similar expressions. These forward-looking statements involve known
and unknown risks and uncertainties, which may cause our actual results
and performance to be materially different from those expressed or
implied in the forward-looking statements. Factors and risks that may
impact future results and performance include, but are not limited to,
those described in Part 1, Item 1A, “Risk Factors” in our most recent
Annual Report on Form 10-K filed with the Securities and Exchange
Commission (the “SEC”) on March 1, 2018 and in our other filings with
the SEC and the following: general risks associated with the ownership
and operation of real estate, including changes in demand, risk related
to development of self-storage facilities, potential liability for
environmental contamination, natural disasters and adverse changes in
laws and regulations governing property tax, real estate and zoning;
risks associated with downturns in the national and local economies in
the markets in which we operate, including risks related to current
economic conditions and the economic health of our customers; the impact
of competition from new and existing self-storage and commercial
facilities and other storage alternatives; difficulties in our ability
to successfully evaluate, finance, integrate into our existing
operations and manage acquired and developed properties; risks
associated with international operations including, but not limited to,
unfavorable foreign currency rate fluctuations, changes in tax laws, and
local and global economic uncertainty that could adversely affect our
earnings and cash flows; risks related to our participation in joint
ventures; the impact of the regulatory environment as well as national,
state and local laws and regulations including, without limitation,
those governing environmental, taxes, our tenant reinsurance business
and labor, and risks related to the impact of new laws and regulations;
risks of increased tax expense associated either with a possible failure
by us to qualify as a REIT, or with challenges to the determination of
taxable income for our taxable REIT subsidiaries; changes in federal or
state tax laws related to the taxation of REITs and other corporations;
security breaches or a failure of our networks, systems or technology
could adversely impact our business, customer and employee
relationships; risks associated with the self-insurance of certain
business risks, including property and casualty insurance, employee
health insurance and workers compensation liabilities; difficulties in
raising capital at a reasonable cost; delays in the development process;
ongoing litigation and other legal and regulatory actions which may
divert management’s time and attention, require us to pay damages and
expenses or restrict the operation of our business; and economic
uncertainty due to the impact of war or terrorism. These forward-looking
statements speak only as of the date of this press release. All of our
forward-looking statements, including those in this press release, are
qualified in their entirety by this statement. We expressly disclaim any
obligation to update publicly or otherwise revise any forward-looking
statements, whether as a result of new information, new estimates, or
other factors, events or circumstances after the date of this press
release, except where expressly required by law. Given these risks and
uncertainties, you should not rely on any forward-looking statements in
this press release, or which management may make orally or in writing
from time to time, as predictions of future events nor guarantees of
future performance.
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Public Storage
Ryan Burke
(818) 244-8080, Ext. 1141
Source: Public Storage