Shurgard Announces It Will File Form 12b-25 to Extend Filing of Form 1

    Business Editors

    SEATTLE--(BUSINESS WIRE)--March 15, 2005--Shurgard Storage Centers, Inc. (NYSE:SHU), a leading self-storage real estate investment trust (REIT) in the United States and Europe, announced today that it is still finalizing its year-end financial statements and its annual report on Form 10-K for the fiscal year ended December 31, 2004 and, accordingly, intends to file a notification with the Securities and Exchange Commission on Form 12b-25 by March 17, 2005, as required, regarding its inability to file the Company's Form 10-K by March 16, 2005. The Company anticipates that it will file its Form 10-K on or before March 31, 2005 and will hold a conference call to discuss its financial results at the time it files the Form 10-K. Details for this call will be announced at a later date. The Company previously filed a Form 8-K on February 18, 2005 with regards to the status of its compliance with Section 404 of the Sarbanes-Oxley Act.

    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 the earnings guidance, projected development activity, including our projected revenues, expenses, FFO projections, and net income projections for 2004 and beyond, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act and 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. The risks and uncertainties that may cause these forward-looking statements to prove to be incorrect include the risks that implementation of the business plan, including marketing and sales initiatives, will not be successful and that the Company's earnings, expenses or revenues may be affected by other factors, such as: the risk that changes in economic conditions in the markets in which we operate; the risk that competition from new self storage facilities or other storage alternatives may cause rent to decline and may cause occupancy rates to drop, or may cause delays in lease up of newly developed properties; the risk that new developments could be delayed or reduced; the risk that the Company may experience increases in the cost of labor, taxes, marketing and other operating and construction expenses; the risk that tax law changes may change the taxability of future income; the risk that increases in interest rates may increase the cost of refinancing long term debt; and the risk that the Company's alternatives for funding its business plan may be impaired by the economic uncertainty due to the impact of war or terrorism; and the risk that the Company's interest in Shurgard Europe may be adversely impacted if that entity is unable to complete formation and funding of its contemplated development joint ventures. We may also be affected by pending legislation and/or our inability to meet impending deadlines imposed by the Sarbanes-Oxley Act of 2002. Changes in generally accepted accounting principles, including required changes in the accounting for stock options may affect the Company's reported results of operations and financial position. The information presented in this release reflects Shurgard's expectations as of the date of this release. Except as required by law, Shurgard undertakes no obligation to update or revise the information provided herein.
    For a discussion of additional risks and other factors that could affect these forward-looking statements and Shurgard's financial performance, see Shurgard's Annual Report on Form 10-K for the year ended December 31, 2003, filed with the SEC on May 17, 2004, and Form 10-Q/A for the quarter ending March 31, 2004, filed with the SEC on August 13, 2004, Form 10-Q for the quarter ending June 30, 2004, filed with the SEC on August 13, 2004, and Form 10-Q for the quarter ending September 30, 2004, filed with the SEC on November 9, 2004.

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CONTACT: Shurgard Storage Centers, Inc. Investor and Analyst Contact Dev Ghose or Stuart Blackie, 206-624-8100 or Broadgate Consultants, Inc. Media Contact Alan Oshiki, 212-232-2222

KEYWORD: WASHINGTON INDUSTRY KEYWORD: REAL ESTATE BUILDING/CONSTRUCTION SOURCE: Shurgard Storage Centers, Inc.

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