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16:15| NYSBC:(NYSE:SHU)9802 . Harry`s@HanoverSq Shurgard Storage Ctrs . REIT .
                             www.shurgard.com
Been in busn 25 yrs , 1st in Wash State . REIT since `94 .Very predictable .9
occpancy , little more in summer . no one in ( Bank uses IronM
 .7 people move selves , need extra attic . commercial extra space .
 Gross marg  .7 | Month - month lease | considered to be highest quality .
 build own buildings . expanding into Europe . HiRise Manhattan MiniStorage .
 Lighthouse Trademark . Most ugly . sell boxes , etc . lot of security .
 Shurgard to go container drop off & pick up . National call ctr .
 Atlanta , Chicago Portland . www.shurgard.com | Keosks in malls w Ryder
 truck rental . 9 properties in Europ . plan 50 wi few yrs . 30k facilities
 in US . 250 in europe . 200 around London . they have 2 of 19 around Paris .
 have 5 in outer Boros .
   141 161 181 | locations
   72   79  97  110 140 170 M$ revs
 RealEstateInvestmentTrust , about  150 on NYSE . REIT index up more than S&P
 Like C corp but have to pay out all of income .
 have 1B$ assets .  .25 Debt to mkt cap . 1.1B$ mkt cap .
 Previously did Public Limited Partnerships .
 Feel return beter on build from ground up . raised  250-300 M$ last yr
 in cap mkts Perpetual Preferred Stock . also unsecured debt offering
 Investment grade .
 Returns solid over 8-10 yrs . increased margin  .68 to .71 .
 Property expansions . Income up .55 `90 thru `97 .
 Look @ selective acqs .  .09-.1 return on cap .
 Develop in hi traffic :  ~ .13 |17:4|
 pay out abt .8 cashflow in divs . but not taxed as corp . Divs are .9
 taxable . Do they know what goes in , do they have ins ? specify cant use
 illegal , or inflamatory .15 buy ins . have had few problems .
 Did have 3 dead bodys 12 yrs from previous owner .  Require Picture ID &
 non PO Box addr . have 135-40 customers have had few M custs over yrs
 , dozen problems . How stock done since 94 , @ 18.9 up to 23 - now ~ 27
 Eo97 29 . Div now .07 . Capitalize investments .
 Cap Struc ? 28.6 common out , Last yr Prefered 25$Par .088 callable after 5
 yrs . 300M$ lt 4-10 yr debt @ .08 to .0725 .
 Abandoned property ? more foreclosed . 1 for | 3-10 forcloseurs on 500 cells
 bimonthly . | surged 2 yrs ago when merged . 95 5 location .  25 building .
 FfrOps growth into new shops . Fidelety in & out few time .
 Insider shares -  .04 .05 + .01 options . Limited ptnrs got
 Competetors : 6 public cos : Public , StorageUSA ( agressive acqs . higher
 mulitple . facing cap improvement problem ) , Storage Trust StLouis .
 Sovreign NY ( missed # this q . old purchased properties )
 New props grow . non reit : Uhaul - lots of small
 55k s  450 550  units .  cost 3M$ to build .  .2 - , can retain .12 to build
 Increase Div ? could get payout to .7 using depreciation . but modestly
 raise div each yr .
 |17:28|