Shurgard Storage Ctr (NYSE:SHU)
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Public Storage, Inc. (NYSE:PSA) and Shurgard Storage
Centers, Inc. (NYSE:SHU) announced today that each was rescheduling
its shareholder meeting because the Securities and Exchange
Commission's review of the companies' joint proxy statement/prospectus
has not been completed. A new meeting date will be announced when set.
Public Storage and Shurgard continue to expect that the merger between
the two companies will close during the third quarter of 2006.
About Public Storage, Inc.
Public Storage, Inc., a member of the S&P 500 and the Forbes
Global 2000, is a fully integrated, self-administered and self-managed
real estate investment trust that primarily acquires, develops, owns
and operates self-storage facilities. Public Storage's headquarters
are located in Glendale, California. Public Storage's self-storage
properties are located in 37 states. At March 31, 2006, Public Storage
had interests in 1,508 storage facilities with approximately 92
million net rentable square feet.
Additional information about Public Storage, Inc. is available on
its website, www.publicstorage.com.
About Shurgard Storage Centers, Inc.
Shurgard Storage Centers, Inc. is a real estate investment trust
headquartered in Seattle, Washington. Shurgard specializes in all
aspects of the self-storage industry and operates a network of over
656 operating storage centers located throughout the United States and
in Europe.
Additional information about Shurgard Storage Centers, Inc. is
available on its website, www.shurgard.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. All statements other than
statements of historical facts included in this press release are
forward-looking statements. All forward-looking statements speak only
as the date of this press release. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors that
may cause the actual results, to be materially different from any
future results expressed or implied by such forward-looking
statements. Such risks, uncertainties and other factors relate to,
among others, the possibilities of delays in the SEC delaying the
effectiveness of the joint proxy statement/prospectus relating to the
shareholders meetings. Additional information or factors which could
impact the companies and the forward-looking statements contained
herein are included in each company's filings with the Securities and
Exchange Commission, including in Part II, Item 1A, "Risk Factors," in
Public Storage's Quarterly Report on Form 10-Q and 8-K and in Part I,
Item 1A, "Risk Factors," in Shurgard's Annual Report on Form 10-K. The
companies assume no obligation to update or supplement forward-looking
statements that become untrue because of subsequent events.
Additional Information and Where to Find It
This press release does not constitute an offer of any securities
for sale. In connection with the proposed transaction, Public Storage
and Shurgard have filed a preliminary joint proxy statement/prospectus
as part of a registration statement regarding the proposed merger with
the Securities and Exchange Commission. INVESTORS AND SECURITY HOLDERS
ARE URGED TO READ THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS AND
OTHER RELEVANT MATERIAL WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION ABOUT PUBLIC STORAGE AND SHURGARD AND
THE PROPOSED MERGER. Investors and security holders may obtain a free
copy of the definitive proxy statement/prospectus when they become
available and other documents filed by Public Storage and Shurgard
with the SEC at the SEC's website at www.sec.gov. The definitive joint
proxy statement/prospectus and other relevant documents when they
become available may also be obtained free of charge from Public
Storage or Shurgard by directing such request to: Public Storage, Inc.
701 Western Avenue, Glendale, CA 91201-2349, Attention: Investor
Relations or Shurgard Storage Centers, Inc., 1155 Valley Street, Suite
400, Seattle, WA 98109-4426, Attention: Investor Relations.
Public Storage and Shurgard and their respective directors and
executive officers may be deemed to be participants in the
solicitation of proxies from the shareholders of Public Storage and
Shurgard in connection with the merger. Information about Public
Storage and its directors and executive officers, and their ownership
of Public Storage and information about Shurgard and its directors and
executive officers, and their ownership of Shurgard securities, is set
forth in the preliminary joint proxy statement/prospectus included in
the registration statement on Form S-4 filed with the SEC on April 20,
2006 and amended May 24, 2006, June 12, 2006 and June 19, 2006.
Additional information regarding the interests of those persons may be
obtained by reading the definitive proxy statement/prospectus when
they become available.
This communication shall not constitute an offer to sell or the
solicitation of an offer to sell or the solicitation of an offer to
buy any securities, nor shall there be any sale of securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities
laws of any such jurisdiction. No offering of securities shall be made
except by means of a prospectus meeting the requirements of Section 10
of the Securities Act of 1933, as amended.