Exhibit 99.1
News Release
Public Storage, Inc. Shurgard Storage Centers, Inc.
701 Western Avenue 1155 Valley Street, Suite 400
Glendale, CA 91201-2349 Seattle, WA 98109-4426
www.publicstorage.com www.shurgard.com
For Release: Immediately
Date: July 11, 2006
Public Storage and Shurgard Temporarily Postpone Shareholder Meetings
GLENDALE, CALIFORNIA, AND SEATTLE, WASHINGTON -- 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.
Contacts: Public Storage, Inc.: Shurgard Storage Centers, Inc.:
Mr. Clemente Teng Mr. Stuart Blackie
Public Storage, Inc. Shurgard Storage Centers, Inc.
(818) 244-8080 (206) 624-8100
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