Shurgard Storage Centers, Inc., a self-storage real estate investment trust (REIT), engages in developing, acquiring, investing, operating, and managing self-storage centers and related operations in the United States and Europe. Its self-storage centers offer storage space for personal and business uses. The company’s stores offer a range of storage products and ancillary services, including supplies, such as packing materials, locks, and boxes, as well as services, such as storage center tenant insurance referrals, moving company referrals, and truck rentals. As of December 31, 2005, the company operated a network of 646 storage centers containing approximately 40.5 million net rentable square feet, including 484 owned, partially owned, or leased storage centers in operation in the United States; 13 storage centers in the United States managed for third parties; and 149 owned or partially owned storage centers in Europe. The company has elected to be taxed as a REIT under the Internal Revenue Code of 1986. As a REIT, it would not be subject to federal income tax provided that it distributes at least 90% of its REIT taxable income to its shareholders. The company was founded in 1972 and is based in Seattle, Washington. As of August 22, 2006, Shurgard Storage Centers, Inc. is a subsidiary of Public Storage Inc.