U-Store-It Sells 18 Assets in Cleveland and Canton, OH and Indianapolis, IN for $43.5 Million
August 11 2011 - 8:33AM
Marketwired
U-Store-It Trust (NYSE: YSI), a self-administered and self-managed
real estate investment trust focused on self-storage facilities and
storage solutions, announced today that it has closed on the sale
of an 18 property portfolio for total proceeds of $43.5 million.
These unencumbered assets are located in Indiana and Ohio, contain
an aggregate 976,000 net rentable square feet, and had a physical
occupancy of 78.0% as of June 30, 2011.
This transaction represents the Company's exit from the Canton,
Ohio market, a 30% square footage reduction in its Cleveland, Ohio
portfolio and a significant reduction in its asset base in
Indianapolis, Indiana.
Christopher Marr, President & Chief Investment Officer,
said, "This transaction represents our continued capital recycling
efforts within the portfolio. We continue to implement our strategy
of reducing exposure in slower growth, lower barrier-to-entry
markets and redeploying that capital into our core markets. The
proceeds generated from this disposition will be used to acquire
properties in those core markets on a leverage neutral or better
basis, strengthening both our balance sheet metrics and the quality
of our portfolio."
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. U-Store-It owns or manages 437
facilities across the United States, and operates the U-Store-It
Network, which consists of approximately 810 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 2011 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 visit us
online or call U-Store-It toll free at 1-888-U-STORE-IT.
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