Public Storage’s Affiliate, Shurgard Self Storage Europe S.a.r.l., is Considering an Initial Public Offering
May 30 2018 - 5:10PM
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 StorageRyan Burke(818) 244-8080, Ext. 1141
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