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BUSINESS
August 19, 2005
Public Storage Inc. of Glendale appears to be digging its heels in deeper in its hostile bid to buy Seattle-based Shurgard Storage Centers Inc. The self-storage real estate investment trust said it had retained Goldman Sachs & Co. as its financial advisor and hired Wachtel Lipton Rosen & Katz as its legal counsel for its unsolicited bid.
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BUSINESS
August 19, 2005
Public Storage Inc. of Glendale appears to be digging its heels in deeper in its hostile bid to buy Seattle-based Shurgard Storage Centers Inc. The self-storage real estate investment trust said it had retained Goldman Sachs & Co. as its financial advisor and hired Wachtel Lipton Rosen & Katz as its legal counsel for its unsolicited bid.
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CALIFORNIA | LOCAL
August 28, 2000 | Dana Bushee, (949) 574-4207
The City Council ruled against Shurgard Storage Centers Inc. last week, limiting its wall signs and closing its outdoor storage area. Shurgard must empty its outdoor lot of recreational vehicles and plant at least 15 trees along its building, at Alicia Parkway and Costeau, before it can install new signs, the council decided. The city's standards allow a maximum of 150 square feet of signs, but Shurgard was proposing 512 square feet.
CALIFORNIA | LOCAL
August 28, 2000 | Dana Bushee, (949) 574-4207
The City Council ruled against Shurgard Storage Centers Inc. last week, limiting its wall signs and closing its outdoor storage area. Shurgard must empty its outdoor lot of recreational vehicles and plant at least 15 trees along its building, at Alicia Parkway and Costeau, before it can install new signs, the council decided. The city's standards allow a maximum of 150 square feet of signs, but Shurgard was proposing 512 square feet.
BUSINESS
August 18, 1992 | JAMES F. PELTZ, TIMES STAFF WRITER
The self-storage business, by most accounts, is doing nicely these days. Demand for mini-warehouse space is gradually rising, and the average facility is 80% to 90% full. Rental prices also are edging higher. The market is strengthening because few new self-storage sites are being built. Banks and other lenders, burned lately by commercial loans that went sour, are particularly reluctant to finance self-storage facilities, of which there are already more than 20,000 nationwide.
CALIFORNIA | LOCAL
May 27, 1998 | SUSAN DEEMER
The City Council has said that it will reconsider a proposal for a self-storage business on San Juan Creek Road, reversing a decision in February rejecting the project. Resco, an affiliate of the Seattle-based Shurgard Storage Centers, wants to build a 90,000-square-foot storage yard on property zoned for recreational developments. City Council members Collene Campbell and David M. Swerdlin voted against the reconsideration.
BUSINESS
May 3, 2000 | From Bloomberg News
Public Storage Inc., the largest owner of self-storage properties in the United States, said rival Shurgard Storage Centers Inc. rejected its takeover offer. Glendale-based Public Storage said in a Securities and Exchange Commission filing that in mid-April it offered to buy Shurgard "at a premium" to Shurgard's net asset value, but the company said it had "no interest in selling."
BUSINESS
August 2, 2005 | Roger Vincent, Times Staff Writer
Consumer spending drives our economy, but it also creates the headache of where to put all that stuff. That need helped create the nation's largest owner of mini warehouse facilities, Glendale-based Public Storage Inc. On Monday the company unveiled plans to get even bigger by revealing that it had made an unsolicited $2.5-billion offer to buy smaller rival Shurgard Storage Centers Inc. On July 8, Public Storage offered to pay 0.8 share of Public Storage stock for each share of Shurgard.
BUSINESS
September 27, 2005 | From Reuters
Public Storage Inc. expressed willingness Monday to raise its takeover offer for Shurgard Storage Centers Inc. and said the owners of more than 50% of Shurgard's outstanding stock strongly endorsed a deal. Public Storage, a Glendale-based real estate investment trust that owns self-storage facilities, made an unsolicited $2.5-billion bid for its smaller rival Aug. 1 even though Shurgard said it was not for sale. Seattle-based Shurgard has refused to discuss a transaction.
BUSINESS
March 8, 2006 | Roger Vincent, Times Staff Writer
Public Storage Inc. agreed to buy Shurgard Storage Centers Inc. for $3.1 billion in stock, concluding a long-sought deal that would expand the nation's largest self-storage business, the companies said Tuesday. Glendale-based Public Storage, known for its empire of orange-colored mini-warehouses for the masses, was rebuffed by Shurgard in 2000 and again last summer but kept up the pursuit of its smaller rival.
BUSINESS
August 18, 1992 | JAMES F. PELTZ, TIMES STAFF WRITER
The self-storage business, by most accounts, is doing nicely these days. Demand for mini-warehouse space is gradually rising, and the average facility is 80% to 90% full. Rental prices also are edging higher. The market is strengthening because few new self-storage sites are being built. Banks and other lenders, burned lately by commercial loans that went sour, are particularly reluctant to finance self-storage facilities, of which there are already more than 20,000 nationwide.
BUSINESS
December 24, 1996 | JAMES F. PELTZ
Stocks of self-storage warehouse operators have been among Wall Street's steadiest climbers in recent weeks, and analysts maintain that there're more gains in store. The operators are structured as real estate investment trusts, which pass along most of their earnings to stockholders in the form of dividends. As a result, most mini-warehouse REITs are carrying dividend yields of 6% or higher.
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