Shurgard Announces First Quarter Dividend and Retirement of CEO in December 2005
07 Mai 2005 - 1:51AM
Business Wire
Shurgard Storage Centers, Inc. (NYSE:SHU), a leading self-storage
real estate investment trust (REIT) in the United States and
Europe, today announced its first quarter 2005 dividend. The Board
of Directors declared a dividend of $0.56 per share of common
stock, an increase of $0.01 per share over the Company's fourth
quarter 2004 dividend. The dividend is payable on June 6, 2005 to
shareholders of record as of May 20, 2005. Charles K. Barbo,
chairman and CEO of Shurgard, announced today at the Company's
Annual Meeting of Shareholders held in Seattle that he will
relinquish his position as CEO at the end of the year and will
remain as non-executive chairman of the Board of Directors. Mr.
Barbo, who founded Shurgard over 30 years ago, plans to continue to
focus on strategic planning issues as well as spending time in the
field in support of the company's mission and values. David K.
Grant, president and chief operating officer, was appointed CEO
Designate by the Board of Directors and will hold the positions of
both president and CEO effective on January 1, 2006. Mr. Barbo
said: "This transition is part of a well planned succession process
that we put in place two years ago prior to Dave's return from
Europe. My career as CEO of Shurgard has been incredibly rewarding
and I am very happy and excited to relinquish the position to Dave.
He will lead our globally integrated company to even greater
success in the future." Mr. Grant joined Shurgard Storage Centers,
Inc. in 1985 as its U.S. director of real estate investment and
development. In 1993 he became the Company's Executive Vice
President. When the Company decided to expand its operations into
the European market, Mr. Grant was appointed as European President
in 1996 and relocated to Brussels, Belgium. Mr. Grant spearheaded
the development of Shurgard's European self storage business into
seven countries. In August 2003 he returned to the United States at
which time he was promoted to President and Chief Operating Officer
of Shurgard Storage Centers, Inc. 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 630 operating storage centers located throughout the United
States and in Europe. Cautionary and 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 2005 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, Shurgard's
ability to implement its business strategy, competition in the
market, as well as other risk factors as described more fully in
Shurgard's Annual Report on Form 10-K for the year ended December
31, 2004, filed with the Securities and Exchange Commission on
March 29, 2005.
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