Contact Information: Company Contact: Tim Martin Chief Financial Officer (610) 293-5700
U-Store-It Declares Fourth Quarter 2009 Dividend
| Source: U-Store-It Trust
WAYNE, PA--(Marketwire - December 10, 2009) - U-Store-It Trust (NYSE : YSI ), a self-administered
and self-managed real estate investment trust focused on self-storage
facilities, announced today that its Board of Trustees declared a quarterly
dividend of $0.025 per common share for the period ending December 31,
2009. The dividend is payable on January 22, 2010 to common shareholders of
record on January 7, 2010.
Dean Jernigan, Chief Executive Officer, said, "We are focused on
maintaining liquidity in order to be in the best position to take advantage
of the external growth opportunities that may become available to the
Company. We view internally generated capital as an important funding
source for growth on a leverage neutral basis. We declare our dividend on a
quarterly basis and we will review our dividend payment rate in light of
the economic and investment conditions at the date of each declaration in
2010."
"After considering the successful capital raising activities during this
year, especially our August 2009 common equity raise, we anticipate being
able to maintain our current $0.025 quarterly distribution throughout 2010
and maintain our REIT status," commented Tim Martin, Chief Financial
Officer. "While we anticipate that our 2010 asset disposition activity
will be significantly reduced from the volumes of 2009 and 2008,
significant gains on asset sales would cause us to re-evaluate the
distributions required in order for us to maintain our REIT tax status."
About U-Store-It Trust
U-Store-It Trust is a self-administered and self-managed real estate
investment trust. The Company provides self-storage solutions across the
country. The Company owns and manages 367 facilities -- 345 wholly owned,
22 Joint Venture, and eight 3rd party managed facilities, and operates the
U-Store-It Network, which consists of approximately 547 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.
Visitors may go online to http://www.ustoreit.com to learn more about the
company and to find a nearby storage facility. Visitors to ustoreit.com can
also view the sizes and features of individual self-storage units, reserve
storage space, and pay their storage bills online using a safe, secure
online payment function.
For more information about business or personal storage call U-Store-It
toll free at 1-888-U-STORE-IT.
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.