-- Funds from operations (FFO) were $0.21 per share compared with $0.24
per share in the second quarter of 2008, primarily reflecting $0.02 per
share of incremental media advertising expenditures in the second quarter
of 2009. As planned, the Company shifted its advertising strategy from
yellow pages to television and radio advertising and the timing of the ad
spend to the beginning of the prime rental season.
-- Same-store revenue (376 same-store facilities) decreased 2.8 percent
to $55.9 million from $57.5 million in the prior-year quarter.
-- Same-store property operating expenses increased 6.4 percent to $23.4
million from $22.0 million in the prior-year quarter. Excluding advertising
expenditures and a non-recurring $0.5 million expense recognized this
quarter for a lost appeal on real estate taxes from prior years, same-store
operating expenses decreased 1.7 percent.
-- Same-store net operating income (NOI) decreased 8.5 percent to $32.5
million from $35.5 million in the prior-year quarter. Excluding advertising
costs and non-recurring real estate tax expense, same-store NOI decreased
3.3 percent.
-- Same-store realized annual rent and realized annual revenue per
occupied square foot grew 2.4 percent and 3.3 percent, respectively, from
the second quarter of 2008.
-- Same-store average physical occupancy was 75.7 percent compared with
80.6 percent in the prior-year quarter.
Capital Raising Initiatives
"We are quite pleased to report significant progress with our capital
raising initiatives," said U-Store-It President and Chief Investment
Officer Christopher Marr. "Subsequent to the end of the second quarter, we
began the syndication process for a new, three-year senior secured credit
facility and thus far have received $420 million of lending commitments.
The syndication process will conclude by mid-August at which time we will
determine the appropriate size of a new facility and proceed to an expected
fourth quarter closing. At this time we anticipate a facility size of $450
million comprised of a $200 million term-loan and a $250 million revolver.
In addition, we entered into definitive agreements to raise $51 million
from a joint venture, and completed an asset sale and a secured loan
totaling $6 million. Further, we currently have a pipeline of secured loan
opportunities and asset dispositions of approximately $43 million and $72
million, respectively. These anticipated proceeds totaling approximately
$616 million -- combined with the $79 million we raised thus far in 2009
from secured loans, the issuance of 2.5 million common shares under our
'at-the-market' equity program, and asset dispositions -- and our expected
retained cash flow will allow us to replace and repay our existing credit
facility, repay our $46 million secured term loan and address our debt
maturities through late 2012."
New Credit Facility
U-Store-It has received a term sheet from its lead arrangers, Wells Fargo
Securities, LLC and Bank of America Merrill Lynch, with respect to a new
credit facility. U-Store-It launched the syndication process in early July
and has through the date of this release received $420 million of lender
commitments for a new, senior secured credit facility. The syndication
efforts will continue through mid-August at which time the Company will
determine the appropriate size and composition of the new facility. At this
time the term sheet contemplates, and the Company expects, the facility to
be comprised of a $200 million secured term loan and a $250 million secured
revolving credit facility. The new credit facility will have a three-year
term and will be secured by the real and personal property interests in the
Company's borrowing base properties. U-Store-It will use the proceeds from
the new credit facility to repay outstanding balances under and to replace
its existing $450 million credit facility, which is scheduled to mature on
November 20, 2009, and to repay a $46 million secured term loan.
The term sheet provides for customary covenants including a maximum
leverage ratio of 65 percent (67.5 percent during the initial year of the
agreement), a minimum fixed charge coverage ratio of 1.45x, a minimum
tangible net worth covenant, and limitations on certain permitted
investments, dividends and distributions, and the amount of floating rate
interest exposure. Pricing on the new facility will range, depending on
leverage levels, from 3.25 to 4.00 percent over LIBOR, with a LIBOR floor
of 1.5 percent.
The new credit facility is subject to lender due diligence, formal
documentation and closing requirements, and is expected to close in the
fourth quarter of 2009.
Joint Venture
U-Store-It, through a wholly-owned affiliate, has signed a definitive
agreement to form a joint venture with an affiliate of Heitman, LLC. As a
result, U-Store-It will receive approximately $51 million in cash and a 50
percent interest in the un-leveraged joint venture. The Company will
contribute 22 of its wholly-owned properties, which are located in eight
states and have an agreed upon value of approximately $102 million.
U-Store-It will continue day-to-day operations of the properties and
receive a market rate management fee. The joint venture transaction is
subject to customary due diligence and closing requirements, and is
anticipated to close this month.
U-Store-It and Heitman, LLC continue to evaluate the potential to expand
the joint venture beyond the aforementioned agreement. The companies have
identified a pool of up to 20 additional U-Store-It properties, which may
be contributed to an expanded joint venture at a future date.
Secured Loans and Property Dispositions
Subsequent to the end of the second quarter, U-Store-It raised $3.6 million
from the sale of a property in New Mexico and $2.3 million through a
secured loan.
To date in 2009, the Company has raised a total of $53.7 million through
six secured loans and $15.3 million via four property dispositions. The
loans have a weighted-average interest rate of 7.1 percent and maturities
ranging from five to ten years. The four assets sold are located in
Florida, New Mexico and California.
The Company remains active in raising additional capital through
dispositions and secured loans. Currently, U-Store-It has a pipeline
totaling approximately $115.2 million, consisting of:
-- $46.4 million from asset sales. The Company has entered into contracts
for the sale of six properties, which are located in Colorado, Florida, and
New Jersey. Due diligence for the pending transactions is complete and
conditions to closing have been met. The transactions are expected to close
during the next 45 days.
-- $25.4 million from asset sales under contract. The Company has entered
into contracts for the sale of certain assets and due diligence for the
pending transactions is in process. Assuming satisfactory completion of the
buyer's due diligence, closings will occur in the fourth quarter of 2009.
-- $43.4 million in secured loans. The Company has $43.4 million of
secured loans currently in due diligence. These eight loans secured by 20
assets are expected to close in the third quarter, assuming satisfactory
completion of the lender's due diligence. The loans have maturities ranging
from five to ten years and a weighted-average interest rate of
approximately 7.0 percent.
Second Quarter Financial Results
Second Quarter Funds from Operations
FFO for the second quarter of 2009 was $13.2 million, compared with $15.0
million for the second quarter of 2008. FFO per share was $0.21 in the
quarter compared with $0.24 in the prior-year quarter.
Second Quarter Operating Results
The Company reported a net loss of $2.8 million, or $0.05 per share, in the
second quarter of 2009, compared with net income of $0.3 million, or $0.01
per share, in the prior-year quarter. Total revenues decreased 2.4 percent
to $57.0 million from $58.4 million, primarily due to lower average
scheduled rent per square foot. Total property operating expenses increased
to $26.0 million from $24.8 million, primarily reflecting higher
advertising spending this year as a result of the Company's aforementioned
change in advertising strategy. General and administrative expenses
decreased to $5.6 million from $6.5 million.
Interest expense decreased approximately $1.5 million in the second quarter
of 2009, primarily as a result of reduced levels of debt outstanding and
lower interest rates during the second quarter of 2009, compared with the
same period in 2008.
The Company's 384 owned facilities, containing 24.7 million rentable square
feet, had a physical occupancy at June 30, 2009 of 76.9 percent and an
average physical occupancy of 75.6 percent for the second quarter.
Second Quarter Same-Store Results
The Company's same-store pool at June 30, 2009 represented 376 facilities
containing approximately 24.2 million rentable square feet and included
approximately 98.0 percent of the aggregate rentable square feet of the
Company's 384 owned facilities. The same-store facilities represented
approximately 98.6 percent of property net operating income for the quarter
ended June 30, 2009.
Same-store total revenues decreased 2.8 percent and same-store operating
expenses increased 6.4 percent, compared with the second quarter of 2008.
Same-store net operating income decreased 8.5 percent in the second quarter
of 2009, compared with the prior-year quarter.
As the Company previously communicated in its outlook for the second
quarter of 2009, same-store comparisons to the prior-year quarter were
impacted by a shift in the timing of advertising expenditures. Excluding
advertising expense and non-recurring real estate taxes of $0.5 million,
same-store operating expenses decreased $0.3 million, or 1.7 percent, and
same-store NOI decreased 3.3 percent in the second quarter, compared with
the second quarter of 2008.
Same-store average physical occupancy for the second quarter of 2009 was
75.7 percent, compared with 80.6 percent in the second quarter of 2008.
Realized annual rent per occupied square foot increased 2.4 percent over
the prior year quarter.
Quarterly Dividend
On May 26, 2009, the Company's Board of Trustees declared a dividend of
$0.025 per share. The dividend was paid on July 22, 2009 to shareholders of
record on July 7, 2009.
Full-Year 2009 and Third Quarter Financial Outlook
"We are pleased with our second quarter operating results and even more
pleased with the substantial progress we've made in our capital raising
efforts," said U-Store-It Chief Financial Officer Timothy Martin. "We are
revising our full-year 2009 guidance to reflect approximately $150 to $200
million of joint venture, disposition and secured financing capital we
expect to raise during the second half of 2009, as well as the impact of a
new, three-year secured credit facility which we expect to close in the
fourth quarter of this year. This new capital, when combined with the $73
million of capital raised through June 30, 2009, will result in full-year
capital raising well in excess of our previous guidance. Our earnings
outlook also reflects the expectation for pressure on revenues, which we
anticipate will be partially offset by lower same-store expense growth than
included in our previous guidance."
For 2009, U-Store-It currently expects fully-diluted FFO per share will be
between $0.84 and $0.89 and fully diluted net loss per share will be
between $(0.35) and $(0.27). The Company's outlook is based on the
following key assumptions:
-- General and administrative expenses of approximately $22.0 million to
$22.8 million
-- Same-store revenue growth of -4.0 to -2.0 percent, compared with 2008
-- Same-store expense growth of 0.5 to 1.5 percent, compared with 2008
-- Same-store net operating income growth of -6.0 to -4.0 percent,
compared with 2008
-- Secured loans closed to date of $53.7 million with a 7.1 percent
weighted-average interest rate
-- Additional secured loans of $30 million to $50 million closing in the
third quarter
-- Dispositions closed to date of $15.3 million
-- Additional dispositions totaling $46 million to $71 million closing
during the third and fourth quarters
-- Joint venture closing during the third quarter generating $51 million
in proceeds to the Company
-- New secured credit facility closing in the fourth quarter
-- Equity issuances completed in the second quarter totaling $10 million
through "at-the-market" equity program.
2009 Full Year Guidance Range or Value
--------------------
Earnings (loss) per diluted share allocated to common
shareholders $ (0.28) to $ (0.23)
Less: gains on sales of real estate (0.04) (0.04)
Plus: real estate depreciation and amortization 1.16 1.16
------- -------
FFO per diluted share $ 0.84 to $ 0.89
======= =======
For the quarter ending September 30, 2009, the Company estimates
fully-diluted FFO per share will be between $0.20 and $0.21 and
fully-diluted net loss per share will be between $(0.11) and $(0.10).
Third Quarter 2009 Guidance Range or Value
--------------------
Earnings (loss) per diluted share allocated to common
shareholders $ (0.09) to $ (0.08)
Plus: real estate depreciation and amortization 0.29 0.29
------- -------
FFO per diluted share $ 0.20 to $ 0.21
======= =======
Conference Call
Management will host a conference call at 11:00 a.m. ET on Friday, August
7, 2009, to discuss financial results for the three months ended June 30,
2009. A live webcast of the conference call will be available online from
the investor relations page of the Company's corporate website at
www.ustoreit.com. The dial-in numbers are 1-800-860-2442 for domestic
callers and +1-412-858-4600 for international callers.
A slide presentation that will accompany management's comments on the call
will be posted to the Investor Relations section of the Company's web site
shortly before the start of the conference call.
After the live webcast, the call will remain available on U-Store-It's
website for 30 days. In addition, a telephonic replay of the call will be
available until August 17, 2009. The replay dial-in number is
1-877-344-7529 for domestic callers and +1-412-317-0088 for international
callers. The reservation number for both is 431540.
Supplemental operating and financial data as of June 30, 2009 is available
on the Company's corporate website under the heading "Investor Relations
and Financial Information."
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 through its 383 company-owned facilities and the U-Store-It
Network, which consists of approximately 310 additional third-party
locations. The company's self-storage facilities and storage solutions are
designed to offer affordable, easily accessible, secure, and in certain
locations, climate-controlled storage space for residential and commercial
customers. According to the 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.
Non-GAAP Performance Measurements
FFO is a widely used performance measure for real estate companies and is
provided here as a supplemental measure of operating performance. The
Company calculates FFO in accordance with the best practices described in
the April 2002 National Policy Bulletin of the National Association of Real
Estate Investment Trusts (the "White Paper"). The White Paper defines FFO
as net income (computed in accordance with GAAP), excluding gains (or
losses) from sales of property, plus depreciation and amortization, and
after adjustments for unconsolidated partnerships and joint ventures.
Management uses FFO as a key performance indicator in evaluating the
operations of the Company's facilities. Given the nature of its business as
a real estate owner and operator, the Company considers FFO a key measure
of its operating performance that is not specifically defined by accounting
principles generally accepted in the United States. The Company believes
that FFO is useful to management and investors as a starting point in
measuring its operational performance because it excludes various items
included in net income that do not relate to or are not indicative of its
operating performance such as gains (or losses) from sales of property and
depreciation, which can make periodic and peer analyses of operating
performance more difficult. FFO should not be considered as an alternative
to net income (determined in accordance with GAAP) as an indicator of the
Company's financial performance, is not an alternative to cash flow from
operating activities (determined in accordance with GAAP) as a measure of
the Company's liquidity, and is not indicative of funds available to fund
the Company's cash needs, including its ability to make distributions.
We define net operating income, which we refer to as NOI, as total
continuing revenues less continuing property operating expenses. NOI also
can be calculated by adding back to net income: interest expense, loan
procurement amortization expense, non-controlling interests, depreciation
and general and administrative, and deducting from net income: gains on
sale of self-storage facilities, interest income and other. NOI is not a
measure of performance calculated in accordance with GAAP.
Management uses NOI as a measure of operating performance at each of our
facilities, and for all of our facilities in the aggregate. NOI should not
be considered as a substitute for operating income, net income, cash flows
provided by operating, investing and financing activities, or other income
statement or cash flow statement data prepared in accordance with GAAP.
Forward-Looking Statements
This presentation, together with other statements and information publicly
disseminated by U-Store-It Trust ("we," "us," "our" or the "Company"),
contains certain forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking statements
include statements concerning our plans, objectives, goals, strategies,
future events, future revenues or performance, capital expenditures,
financing needs, plans or intentions relating to acquisitions and other
information that is not historical information. In some cases,
forward-looking statements can be identified by terminology such as
"believes," "expects," "estimates," "may," "will," "should," "anticipates,"
or "intends" or the negative of such terms or other comparable terminology,
or by discussions of strategy. Such statements are based on assumptions and
expectations that may not be realized and are inherently subject to risks,
uncertainties and other factors, many of which cannot be predicted with
accuracy and some of which might not even be anticipated. Although we
believe the expectations reflected in these forward-looking statements are
based on reasonable assumptions, future events and actual results,
performance, transactions or achievements, financial and otherwise, may
differ materially from the results, performance, transactions or
achievements expressed or implied by the forward-looking statements. As a
result, you should not rely on any forward-looking statements in this
Report, or which management may make orally or in writing from time to
time, as predictions of future events nor guarantees of future performance.
We caution you not to place undue reliance on forward-looking statements,
which speak only as the date of this Report or as of the dates indicated in
the statements. All of our forward-looking statements, including those in
this Report, are qualified in their entirely by this statement.
There are a number of risks and uncertainties that could cause our actual
results to differ materially from the forward-looking statements contained
in or contemplated by this Report. Any forward-looking statements should be
considered in light of the risks referenced in Item 1A. "Risk Factors" in
the U-Store-It Trust Annual Report on Form 10-K for the year ended December
31, 2008, in Part II. Item 1A. "Risk Factors" set forth below and in our
other filings with the Securities and Exchange Commission ("SEC"). These
risks include, but are not limited to, the following:
-- national and local economic, business, real estate and other market
conditions;
-- the effect of competition from new and existing self-storage
facilities or other storage alternatives, which would cause rents and
occupancy rates to decline;
-- the execution of our business plan;
-- financing risks including the risk of over-leverage and the
corresponding risk of default on our mortgage and other debt and potential
inability to refinance existing indebtedness;
-- recent disruptions in the credit and financial markets and resulting
difficulties in raising capital or obtaining credit at reasonable rates, or
at all;
-- increases in insurance premiums, property tax assessments and other
operating and maintenance expenses;
-- risks related to our participation in joint ventures;
-- counterparty non-performance related to the use of derivative
financial instruments;
-- our ability to maintain our status as a real estate investment trust
("REIT") for federal income tax purposes;
-- difficulties in our ability to evaluate, finance and integrate
acquired and developed properties into our existing operations and to lease
up those properties, which could adversely affect our profitability;
-- delays in the development and construction process, which could
adversely affect our profitability;
-- the impact of the regulatory environment as well as national, state,
and local laws and regulations including, without limitation, those
governing REITs, which could increase our expenses and reduce our cash
available for distribution;
-- potential liability for uninsured losses and environmental
contamination;
-- risks associated with international operations including, but not
limited to, unfavorable foreign currency rate fluctuations that could
adversely affect our earnings and cash flows;
-- disruptions or shutdowns of our automated processes and systems; and
-- general risks associated with the ownership and operation of real
estate including changes in demand, adverse changes in tax, real estate
and zoning laws and regulations, the impact of natural disasters and
potential terrorist attacks and acts of war.
We undertake no obligation to publicly update or revise these
forward-looking statements, whether as a result of new information, future
events or otherwise except as may be required in securities laws.
U-STORE-IT TRUST AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
June 30, December 31,
2009 2008
------------ ------------
ASSETS
Storage facilities $ 1,869,114 $ 1,888,123
Less: Accumulated depreciation (344,029) (328,165)
------------ ------------
Storage facilities, net 1,525,085 1,559,958
Cash and cash equivalents 1,657 3,744
Restricted cash 18,798 16,217
Loan procurement costs, net of amortization 5,392 4,453
Assets held for sale - 2,378
Other assets, net 11,780 10,909
------------ ------------
Total assets $ 1,562,712 $ 1,597,659
============ ============
LIABILITIES AND EQUITY
Revolving credit facility $ 104,000 $ 172,000
Unsecured term loan 200,000 200,000
Secured term loan 46,447 57,419
Mortgage loans and notes payable 593,182 548,085
Accounts payable, accrued expenses and other
liabilities 32,212 39,410
Distributions payable 1,630 1,572
Deferred revenue 9,484 9,725
Security deposits 472 472
Other liabilities held for sale - 22
------------ ------------
Total liabilities 987,427 1,028,705
Noncontrolling interests of the Company 45,649 46,026
Commitments and contingencies
Shareholders' equity:
Common shares $.01 par value, 200,000,000
shares authorized, 60,137,647 and 57,623,491
shares issued and outstanding at
June 30, 2009 and December 31, 2008,
respectively 601 576
Additional paid-in capital 812,247 801,029
Accumulated other comprehensive loss (4,165) (7,553)
Accumulated deficit (279,047) (271,124)
------------ ------------
Total shareholders' equity 529,636 522,928
------------ ------------
Total liabilities and equity $ 1,562,712 $ 1,597,659
============ ============
CONSOLIDATED STATEMENTS OF OPERATIONS
U-STORE-IT TRUST AND SUBSIDIARIES
(in thousands, except share data)
Three Months Ended
June 30,
------------------------
2009 2008
----------- -----------
REVENUES
Rental income $ 52,336 $ 54,274
Other property related income 4,676 4,096
----------- -----------
Total revenues 57,012 58,370
----------- -----------
OPERATING EXPENSES
Property operating expenses 26,002 24,777
Depreciation and amortization 18,700 19,817
General and administrative 5,626 6,469
----------- -----------
Total operating expenses 50,328 51,063
----------- -----------
OPERATING INCOME 6,684 7,307
----------- -----------
OTHER INCOME (EXPENSE)
Interest:
Interest expense on loans (11,473) (12,965)
Loan procurement amortization expense (545) (486)
Interest income 55 32
Other (1) 71
----------- -----------
Total other expense (11,964) (13,348)
----------- -----------
LOSS FROM CONTINUING OPERATIONS (5,280) (6,041)
DISCONTINUED OPERATIONS
Income from discontinued operations 72 1,031
Net gain on disposition of discontinued
operations 2,122 5,308
----------- -----------
Total discontinued operations 2,194 6,339
----------- -----------
NET INCOME (LOSS) (3,086) 298
NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING
INTERESTS 242 (35)
----------- -----------
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY $ (2,844) $ 263
=========== ===========
Basic and diluted loss per share from continuing
operations attributable to common shareholders $ (0.08) $ (0.10)
Basic and diluted earnings per share from
discontinued operations attributable to common
shareholders 0.03 0.11
Basic and diluted earnings (loss) per share ----------- -----------
attributable to common shareholders $ (0.05) $ 0.01
=========== ===========
Weighted-average basic and diluted shares
outstanding 58,165 57,620
AMOUNTS ATTRIBUTABLE TO THE COMPANY'S
COMMON SHAREHOLDERS:
Loss from continuing operations $ (4,860) $ (5,634)
Total discontinued operations 2,016 5,897
----------- -----------
Net income (loss) $ (2,844) $ 263
=========== ===========
Same-store facility results (376 facilities)
(in thousands, except percentage and per square foot data)
Three months ended
June 30,
--------------------
Percent
2009 2008 Change
--------- --------- ---------
REVENUES
Rental income $ 51,379 $ 53,448 -3.9%
Other property related income 4,502 4,016 12.1%
--------- --------- ---------
Total revenues 55,881 57,464 -2.8%
--------- --------- ---------
OPERATING EXPENSES
Property taxes 7,619 7,223 5.5%
Personnel expense 6,030 5,957 1.2%
Advertising 2,927 1,689 73.3%
Repair and maintenance 793 880 -9.9%
Utilities 2,351 2,319 1.4%
Property insurance 675 791 -14.7%
Other expenses 3,033 3,154 -3.8%
--------- --------- ---------
Total operating expenses 23,428 22,013 6.4%
--------- --------- ---------
Net operating income (1) $ 32,453 $ 35,451 -8.5%
========= ========= =========
Gross margin 58.1% 61.7%
Period average occupancy (2) 75.7% 80.6%
Period end occupancy (3) 77.0% 81.8%
Total rentable square feet 24,218 24,218
Realized annual rent per occupied
square foot (4) $ 11.21 $ 10.95 2.4%
Scheduled annual rent per square foot
(5) $ 11.72 $ 12.40 -5.5%
Reconciliation of Same-Store Net Operating
Income to Operating Income
Same-store net operating income (1) $ 32,453 $ 35,451
Non same-store net operating income (1) 542 97
Indirect property overhead (1,985) (1,955)
Depreciation (18,700) (19,817)
General and administrative expense (5,626) (6,469)
--------- ---------
Operating Income $ 6,684 $ 7,307
========= =========
(1) Net operating income (NOI) is a non-GAAP (generally accepted
accounting principles) financial measure that excludes the impact of
depreciation and general & administrative expense.
(2) Square feet occupancy represents the weighted average occupancy for
the period.
(3) Represents occupancy at June 30 of the respective year.
(4) Realized annual rent per occupied square foot is computed by dividing
rental income by the weighted average occupied square feet for the
period.
(5) Scheduled annual rent per square foot represents annualized scheduled
rents per available square foot for the period.
Non-GAAP Measure - Computation of Funds From Operations
(in thousands, except per share data)
Three months ended
June 30,
--------------------
2009 2008
--------- ---------
Net income (loss) $ (3,086) $ 298
Add (deduct):
Real estate depreciation 18,399 20,025
Gains on sales of real estate (2,122) (5,308)
--------- ---------
FFO $ 13,191 $ 15,015
========= =========
Loss per share - fully diluted $ (0.05) $ 0.01
FFO per share and unit - fully diluted $ 0.21 $ 0.24
Weighted-average diluted shares outstanding 58,165 57,620
Weighted-average diluted shares and units outstanding 63,260 63,241
Dividend per common share and unit $ 0.025 $ 0.180
Payout ratio of FFO 12% 76%
Contact Information: Company Contact: U-Store-It Trust Timothy M. Martin Chief Financial Officer (610) 293-5700