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SEATTLE-Shurgard Storage Centers (NYSE:SHU) has issued 2.5 million shares of Class A common stock at $29.79 per share.

In addition, the company, headquartered here in Seattle, has granted the underwriter an option to purchase up to an additional 375,000 shares at the public offering price to cover any over-allotments. Salomon Smith Barney Inc. is the sole underwriter for the offering.

A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission.

Earlier this summer, Salomon Smith Barney upgraded Shurgard from neutral to outperform based on sector-leading same-store sales growth, solid industry fundaments and the prospects for accelerating funds from operations growth during the second half of the year.

Shurgard’s stock went on to hit a 52-week high of $32.19 on Aug. 21. In afternoon trading Thursday, the stock was at $29.80, up 1 cent on more than five times average volume.

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