SOURCE: U-Store-It

September 14, 2006 16:05 ET

U-Store-It Appoints Vice Presidents of Operations

CLEVELAND, OH -- (MARKET WIRE) -- September 14, 2006 -- U-Store-It Trust (the "Company") (NYSE: YSI) today announced the hiring of John George, Carey Parsons, and Chris Potash as Vice Presidents, Operations joining Joe Fitzgerald in reporting directly to Senior Vice President of Operations Stephen Nichols.

Joe Fitzgerald has been a Vice President in operations with the Company since 2001. Joe has spent 23 years in the real-estate industry with 16 years of experience in various senior management positions in the self-storage business. Joe will assume responsibility for the North/Central Division currently consisting of facilities located primarily in New England, Ohio, Indiana, and Illinois.

John George was previously a senior operating executive with Extra Space Storage responsible for overall management in multiple west coast markets. John joined Storage USA in 1994 as a District Manager in the San Francisco area and has 12 years of experience in the self-storage industry. John has over 20 years experience in the Hotel and Self Storage industry. John will assume responsibility for the Western Division currently consisting of facilities located primarily in Arizona, California, Nevada, New Mexico and Utah.

Carey Parsons joins us from a private real-estate firm where he was Vice President of Property Management. Previously he was Regional Manager for Storage USA responsible for facilities located in the south-central United States. Carey has 29 years of experience in managing retail, multi-family and self-storage assets. Carey will assume responsibility for the South/Central Division currently consisting of facilities located primarily in Texas, Tennessee, Colorado, Louisiana, and Alabama.

Chris Potash joins us from United Stor All where he was Vice President of Operations. Previously he was Vice President at East Coast Storage and prior to that a Regional Manager for Storage USA responsible for the New York and Boston markets. Chris has 23 years of management experience including 9 years in senior positions in the self-storage industry. Chris will assume responsibility for the South East Division currently consisting of facilities located along the east coast from New Jersey to Florida.

In connection with the formation of these Divisions the Company eliminated the Regional Manager position in order to more effectively service the customer at the facility.

"I am very pleased to have assembled this high quality and experienced operating team and to have accomplished this within my first 60 days at U-Store-It," Stephen Nichols said. Mr. Nichols went on to say, "I am confident that Joe, John, Carey and Chris will have their respective Divisions operating at the highest levels as we close out 2006 and look forward to the 2007 peak rental season."

The Company also is announcing that it has successfully implemented Centershift ® Store, its internet delivered rental management and point of sale software solution at each of our 406 facilities. The implementation was completed on schedule and on budget.

U-Store-It President and Chief Executive Officer Dean Jernigan stated, "I am extremely pleased in our progress focusing on people and systems. Recruiting our Divisional leadership team and completing our software implementation at the facilities represent significant accomplishments during the third quarter. We remain on track to accomplish our goal of having our re-organization efforts complete by year-end."

About U-Store-It Trust

U-Store-It Trust is a self-administered and self-managed real estate investment trust. The Company's self-storage facilities are designed to offer affordable, easily accessible and secure storage space for residential and commercial customers. According to the Self-Storage Almanac, U-Store-It Trust is one of the top five owners and operators of self-storage facilities in the United States.

Forward-Looking Statements

Certain statements in this release that are not historical fact may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results of the Company to differ materially from historical results or from any results expressed or implied by such forward-looking statements, including without limitation: national and local economic, business, real estate and other market conditions; the competitive environment in which the Company operates; the execution of the Company's business plan; financing risks; increases in interest rates and operating costs; the Company's ability to maintain its status as a REIT for federal income tax purposes; acquisition and development risks; changes in real estate and zoning laws or regulations; risks related to natural disasters; potential environmental and other liabilities; and other factors affecting the real estate industry generally or the self-storage industry in particular. The Company refers you to the documents filed by the Company from time to time with the Securities and Exchange Commission, specifically the section titled "Business -- Risk Factors" in the Company's Annual Report on Form 10-K, which discuss these and other risks and factors that could cause the Company's actual results to differ materially from any forward-looking statements.

Contact Information

  • Contact:
    U-Store-It Trust
    Christopher Marr
    Chief Financial Officer
    (440) 234-0700