Contact Information: Company Contact: Tim Martin Chief Financial Officer (610) 293-5700
U-Store-It Trust Announces Commencement of Public Offering of Common Shares
| Source: U-Store-It Trust
WAYNE, PA--(Marketwire - August 12, 2009) - U-Store-It Trust (the "Company") (NYSE : YSI )
announced today that it has commenced a public offering of 22,000,000
common shares. BofA Merrill Lynch and Wells Fargo Securities will serve as
the joint book-running managers for the offering. The underwriters will be
granted a 30-day option to purchase up to 3,300,000 additional common
shares to cover overallotments, if any.
The Company plans to use the net proceeds from the offering to repay
existing indebtedness, including a portion of the outstanding balance under
the Company's unsecured credit facility, and for general corporate
purposes. This offering will be made pursuant to a prospectus supplement
to the Company's prospectus dated January 13, 2009, filed as part of the
Company's effective shelf registration statement relating to these
securities.
This press release shall not constitute an offer to sell or a solicitation
of an offer to buy the securities described herein, nor shall there be any
sale of these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or other
jurisdiction. The offering may be made only by means of a prospectus
supplement and the related prospectus.
Copies of the preliminary prospectus supplement and accompanying prospectus
relating to these securities may be obtained by contacting BofA Merrill
Lynch, Attention: Prospectus Department, 4 World Financial Center, New
York, New York 10080 or Wells Fargo Securities, Attn: Equity Syndicate
Department, 375 Park Avenue, New York, New York 10152, telephone:
(800) 326-5897 or email a request to equity.syndicate@wachovia.com.
About the Company
U-Store-It Trust is a self-administered and self-managed real estate
investment trust. The Company provides self-storage solutions across the
country through its 383 Company-owned facilities and the U-Store-It
Network, which consists of approximately 310 additional self-storage
facilities. The Company's self-storage facilities, storage space and
storage solutions are designed to offer affordable, easily-accessible,
secure, and in most locations, climate-controlled storage space for
residential and commercial customers, as well as boat storage and mini
storage. According to the 2009 Self Storage Almanac, U-Store-It Trust is
one of the top four owners and operators of self-storage facilities in the
U.S.
Forward-Looking Statements
Although the Company believes the expectations reflected in any
forward-looking statements in this press release are based on reasonable
assumptions, there can be no assurance that such expectations will be
achieved. You should not rely on our forward-looking statements because the
matters they describe are subject to known and unknown risks and
uncertainties that could cause the Company's future results, performance,
or achievements to differ significantly from the results, performance, or
achievements expressed or implied by such statements. Such risks are set
forth under the captions "Item 1A. Risk Factors" and "Forward-Looking
Statements" in our annual report on Form 10-K and under the caption "Item
2. Management's Discussion and Analysis of Financial Condition and Results
of Operations" (or similar captions) in our quarterly reports on Form 10-Q,
and described from time to time in the Company's filings with the SEC. For
forward-looking statements herein, the Company claims the protection of the
safe harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995. The Company assumes no obligation
to update or supplement forward-looking statements that become untrue
because of subsequent events.