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Business Description
Shurgard Storage Centers, Inc. is an equity real estate investment trust that develops, acquires, invests in, operates and manages self storage centers and related operations in the United States and Europe. The Company's self-storage centers offer easily accessible storage space for personal and business uses. At December 31, 2003, Shurgard operated a network of 617 storage centers containing approximately 39 million net rentable square feet located throughout the United States and in Europe. The Company also owns two business parks located near Tacoma, Washington and Burke, Virginia. The business parks were built in 1979 and 1984, respectively, and they contain an aggregate of approximately 158,000 net rentable square feet. Shurgard owns an 85.47% interest in Shurgard Self Storage, SCA, which conducts the Company's European operations.

Financial Information
For the nine months ended 9/30/04, revenues rose 41% to $313.6 million. Net income from continuing operations appl. to Common fell 39% to $14.9 million. Revenues reflect increase in storage center operations. Net income was offset by higher operating costs.