-- Funds from Operations ("FFO")
-- 4th Quarter - FFO of $0.24 per share for the three
months ended December 31, 2008, a 14.3% increase over
the $0.21 per share reported in the same period of
the previous year.
-- Full year - FFO of $0.97 per share for the year ended
December 31, 2008, a 15.5% increase over the $0.84 per
share reported in 2007.
-- Same-store Revenue (364 same-store facilities)
-- 4th quarter - Same-store total revenue increased 1.8%
from the fourth quarter of 2007.
-- Full year - Same-store total revenue increased 4.0% in
2008 over 2007.
-- Same-store Property Operating Expenses
-- 4th quarter - Same-store property operating expenses
decreased 7.2% when compared to the fourth quarter of 2007.
-- Full year - Same-store property operating expenses increased
2.0% from 2007 to 2008.
-- Same-store Net Operating Income ("NOI")
-- 4th quarter - Same-store NOI increased 7.9% from the fourth
quarter of 2007.
-- Full year - Same-store NOI increased 5.3% in 2008 over 2007.
-- Realized Annual Rent
-- 4th quarter - Same-store realized annual rent per square foot
grew to $11.10 or 1.7% over the fourth quarter of 2007.
-- Full year - Same-store realized annual rent per square foot
increased 3.9% over 2007 to $10.96.
-- Same-store Physical Occupancy
-- 4th quarter - Average physical occupancy was 80.0% for the
fourth quarter of 2008 on the same-store facilities compared
to 80.6% for the fourth quarter of 2007.
-- Full year - Average physical occupancy increased to 80.5%
during 2008 from 80.2% during 2007 on the same-store
facilities.
President and Chief Investment Officer Christopher Marr commented, "The
fourth quarter capped off a very successful 2008 for our Company. We
achieved our strategic operational objectives of producing double-digit FFO
per share growth through our focus on delivering strong revenue increases
on our same-store properties while controlling our operating expenses. In
addition, we delivered on our objectives of reducing leverage and
increasing liquidity through our asset disposition program. For the year,
including one sale that closed in January 2009, we sold 24 properties
resulting in proceeds of approximately $65 million that were fully used to
repay outstanding indebtedness."
Funds from Operations
FFO for the fourth quarter of 2008 was $15.0 million, compared to $12.9
million for the fourth quarter of 2007. FFO per share grew 14.3% to $0.24
per share for the fourth quarter of 2008, compared to $0.21 for the same
quarter of last year.
FFO for the year ended December 31, 2008 was $61.2 million or $0.97 per
share compared to $52.6 million or $0.84 per share for the year ended
December 31, 2007. FFO per share grew 15.5% in 2008 compared to 2007.
Operating Results
The Company reported net income of $2.5 million or $0.04 per share in the
fourth quarter of 2008, compared to a net loss of $5.9 million or $0.11 per
share in the fourth quarter of 2007. For the year ended December 31, 2008,
the Company reported net income of $2.8 million or $0.05 per share as
compared to a net loss of $13.1 million or $0.22 per share for the year
ended December 31, 2007. The increase in net income is primarily
attributable to increased gains on sales of real estate of $17.2 million
and an increase in rental income of $16.9 million offset by an increase in
operating expenses of $6.4 million and depreciation expense of $9.2 during
the year ended December 31, 2008 as compared to the year ended December 31,
2007, respectively.
Total revenues increased $1.8 million and total property operating expenses
decreased $1.4 million in the fourth quarter of 2008, compared to the same
period in 2007. Increases in total revenues are attributable to the
increases in realized annual rent per occupied square foot in the
same-store portfolio. Decreases in property operating expenses are
attributable to a reduction in property taxes, offset by severance and
other costs related to our reduction in headcount at the divisional and
district manager level. General and administrative expenses increased by
$1.9 million in the fourth quarter of 2008 as compared to the same period
in 2007. The increase is attributable to severance costs associated with
the Company's decision not to renew the employment agreements of certain
former officers, as well as costs associated with relocating the legal,
human resources and operations functions to Wayne, PA, which now serves as
the Company's corporate headquarters.
Interest expense decreased approximately $2.4 million in the fourth quarter
of 2008, compared to the fourth quarter of 2007, primarily as a result of
lower interest rates and lower outstanding principal balances during the
fourth quarter of 2008 as compared to the same period in 2007.
The Company's 387 owned facilities, containing 25.0 million rentable square
feet, had a physical occupancy at December 31, 2008 of 78.9% and an average
physical occupancy for the quarter ended December 31, 2008 of 79.8%.
Same-Store Results
The Company's same-store pool at December 31, 2008 represented 364
facilities containing approximately 23.3 million rentable square feet and
included approximately 93.4% of the aggregate rentable square feet of the
Company's 387 owned facilities. These same-store facilities represent
approximately 94.1% of property net operating income for the quarter ended
December 31, 2008.
The same-store average physical occupancy for the fourth quarter of 2008
was 80.0% compared to 80.6% for the same quarter of last year. In-place
annual rent per square foot grew to $12.44 in the fourth quarter of 2008,
representing a 1.6% increase over the same quarter of last year. Same-store
rental income for the fourth quarter of 2008 grew 0.9% over the same period
in 2007. Same-store total revenues grew 1.8% and same-store operating
expenses decreased 7.2% as compared to the fourth quarter of 2007.
Same-store net operating income grew 7.9% in the fourth quarter of 2008
compared to the same quarter of 2007.
For the year ended December 31, 2008, the same-store revenue, operating
expenses and net operating income grew 4.0%, 2.0%, and 5.3%, respectively,
as compared to the results for the year ended December 31, 2007. Average
physical occupancy of the same-store pool for 2008 increased 30 basis
points to 80.5% as compared to 80.2% during 2007.
Cost Reduction Measures
In late 2008, the Company undertook several measures to reduce costs going
into 2009. Specifically, we closed our offices in Cleveland, Ohio and
Bowie, Maryland and consolidated all of our corporate functions into our
headquarters in Wayne, Pennsylvania. In addition, we consolidated our
operating divisions, eliminating one division and six district managers.
These efforts were a component of a comprehensive review of all property
level and overhead expenses. We believe these steps will result in an
overall reduction in property level overhead of approximately $1.0 million
in 2009 as compared to 2008; an overall reduction of approximately $2.5
million in general and administrative expense in 2009 as compared to 2008;
and will also limit our growth in direct property expenses during 2009.
Acquisition and Disposition Activity
During the fourth quarter, the Company disposed of seven assets in Florida
and Ohio for $16.8 million. The Company recognized gains of approximately
$6.3 million on the sales. The proceeds were used to reduce balances
outstanding under our revolving credit facility. For the year, the Company
disposed of 23 assets for an aggregate sale price of approximately $62.0
million and recognized gains of approximately $19.7 million.
Quarterly Dividend
On December 11, 2008, the Company declared a dividend of $0.025 per share.
The dividend was paid on January 22, 2009, to shareholders of record on
January 7, 2009.
"Our current quarterly dividend of $0.025 per share allows us to retain
capital that we will use to reduce outstanding indebtedness. As of the
date of this release, we have cash on hand and availability under our
revolving credit facility sufficient to repay all of our 2009 debt
maturities," commented Mr. Jernigan. "We are focused on utilizing retained
capital and additional capital raised from external sources to address our
maturities in 2010 and beyond."
2009 Financial Outlook
The Company estimates that its fully-diluted FFO per share for 2009 will be
between $0.87 and $0.97, and that its fully-diluted net loss per share for
the period will be between $(0.32) and $(0.22). The Company's estimate is
based on the following key assumptions:
-- General and administrative expenses of approximately $22.0 million to
$22.8 million
-- For 2009, the same-store pool will consist of 379 assets totaling 24.4
million square feet
-- Same-store revenue growth of -2.0% to 0% over 2008
-- Same-store expense growth of 1.5% to 2.5% over 2008
-- Same-store net operating income growth of -4.0% to -1.0% over 2008
-- Dispositions and new financings totaling $100 million to $150 million,
weighted to midyear
-- Average LIBOR assumption for the year, including the impact of
existing hedges, of approximately 2.9%
2009 Full Year Guidance Range or Value
-------------------------
Earnings (loss) per diluted share allocated to
common shareholders $ (0.32) to $ (0.22)
Less: gains on sales of real estate (0.01) (0.01)
Plus: real estate depreciation and amortization 1.20 1.20
------- -------
FFO per diluted share $ 0.87 to $ 0.97
======= =======
The Company estimates that its
fully-diluted FFO per share for the quarter ending March 31, 2009 will be
between $0.22 and $0.23, and that its fully-diluted net loss per share for
the period will be between $(0.07) and $(0.06).
1st Quarter 2009 Guidance Range or Value
-------------------------
Earnings (loss) per diluted share allocated to
common shareholders $ (0.07) to $ (0.06)
Less: gains on sales of real estate (0.01) (0.01)
Plus: real estate depreciation and amortization 0.30 0.30
------- -------
FFO per diluted share $ 0.22 to $ 0.23
======= =======
"We expect to raise a significant amount of capital in 2009. Our guidance
assumes $100 to $150 million of capital is raised during the year. That
capital will take the form of a combination of asset dispositions, secured
debt, ventures and possibly other funding options. For guidance purposes,
we have assumed the capital is raised at midyear and we have considered the
dilution from these capital raises in our FFO guidance of $0.87 to $0.97
per share," said Timothy Martin, Chief Financial Officer. "Additionally,
our guidance assumes the payment of a 15 basis point fee to exercise our
right to extend our unsecured credit facility and secured term loan to
November 2010."
Conference Call
Management will host a conference call at 11:00 a.m. ET on Friday, February
27, 2009, to discuss financial results for the year and three months ended
December 31, 2008.
A live webcast of the conference call will be available online from the
investor relations page of the Company's corporate website at
www.u-store-it.com. The dial-in numbers are 1-800-860-2442 for domestic
callers and +1 412-858-4600 for international callers. After the live
webcast, the call will remain available on U-Store-It's website for thirty
days. In addition, a telephonic replay of the call will be available until
March 27, 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 427075.
Supplemental operating and financial data as of December 31, 2008 is
available on our 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'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 four owners and operators of
self-storage facilities in the United States.
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, minority interest, 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 and Section 21E of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"). 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. Risks, uncertainties and other factors that
might cause such differences, some of which could be material, include, but
are not limited to:
-- national and local economic, business, real estate and other market
conditions;
-- the competitive environment in which we operate;
-- 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;
-- increases in interest rates and operating costs;
-- 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;
-- acquisition and development risks;
-- changes in real estate and zoning laws or regulations;
-- risks related to natural disasters;
-- potential environmental and other liabilities;
-- other factors affecting the real estate industry generally or the self-
storage industry in particular; and
-- other risks identified in Item 1A of this Annual Report on Form 10-K
and, from time to time, in other reports we file with the Securities and
Exchange Commission (the "SEC") or in other documents that we publicly
disseminate.
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)
December 31, December 31,
2008 2007
------------ ------------
ASSETS
Storage facilities $ 1,888,123 $ 1,916,396
Less: Accumulated depreciation (328,165) (269,278)
------------ ------------
Storage facilities, net 1,559,958 1,647,118
Cash and cash equivalents 3,744 4,517
Restricted cash 16,217 15,818
Loan procurement costs - net of amortization 4,453 6,108
Assets held for sale 2,378
Other assets - net 10,909 14,270
------------ ------------
Total assets $ 1,597,659 $ 1,687,831
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Revolving credit facility $ 172,000 $ 219,000
Unsecured term loan 200,000 200,000
Secured term loan 57,419 47,444
Mortgage loans and notes payable 548,085 561,057
Accounts payable and accrued expenses 39,410 33,623
Due to related parties - 110
Distributions payable 1,572 11,300
Deferred revenue 9,725 10,148
Security deposits 472 548
Other liabilities held for sale 22 -
------------ ------------
Total liabilities 1,028,705 1,083,230
------------ ------------
Minority interests, including unitholders in
the Operating Partnership 46,026 48,982
------------ ------------
Commitments and contingencies
Shareholders' Equity
Common shares $.01 par value,
200,000,000 shares authorized,
57,637,920 and 57,577,232 shares
issued and outstanding at December
31, 2008 and December 31, 2007,
respectively 576 576
Additional paid in capital 801,029 797,940
Accumulated other comprehensive loss (7,553) (1,664)
Accumulated deficit (271,124) (241,233)
------------ ------------
Total shareholders' equity 522,928 555,619
------------ ------------
Total liabilities and shareholders' equity $ 1,597,659 $ 1,687,831
============ ============
U-STORE-IT TRUST AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Three months Three months Year Year
ended ended ended ended
December 31, December 31, December 31, December 31,
2008 2007 2008 2007
------------ ------------ ------------ ------------
(Dollars and shares in thousands, except per share data)
REVENUES
Rental income $ 55,291 $ 53,906 $ 219,917 $ 203,036
Other property
related income 4,214 3,730 16,483 16,081
Other - related
party - 25 - 365
------------ ------------ ------------ ------------
Total revenues 59,505 57,661 236,400 219,482
------------ ------------ ------------ ------------
OPERATING EXPENSES
Property
operating
expenses 24,222 25,623 99,182 92,771
Property
operating
expenses -
related party - 7 - 59
Depreciation and
amortization 18,796 19,483 77,580 68,424
Lease abandonment - - - 1,316
General and
administrative 7,151 5,221 24,964 21,966
General and
administrative -
related party - - - 337
------------ ------------ ------------ ------------
Total
operating
expenses 50,169 50,334 201,726 184,873
------------ ------------ ------------ ------------
OPERATING INCOME 9,336 7,327 34,674 34,609
------------ ------------ ------------ ------------
OTHER INCOME (EXPENSE)
Interest:
Interest
expense on
loans (12,436) (14,813) (52,014) (54,108)
Loan
procurement
amortization
expense (486) (440) (1,929) (1,772)
Interest income 28 97 153 401
Other (94) 124 94 118
------------ ------------ ------------ ------------
Total other
expense (12,988) (15,032) (53,696) (55,361)
------------ ------------ ------------ ------------
LOSS BEFORE
MINORITY INTERESTS (3,652) (7,705) (19,022) (20,752)
MINORITY INTERESTS 267 735 1,482 1,704
------------ ------------ ------------ ------------
LOSS FROM
CONTINUING
OPERATIONS (3,385) (6,970) (17,540) (19,048)
------------ ------------ ------------ ------------
DISCONTINUED
OPERATIONS
Income from
operations 121 884 2,404 3,988
Gain on
disposition of
discontinued
operations 6,296 395 19,720 2,517
Minority interest
attributable to
discontinued
operations (539) (193) (1,792) (534)
------------ ------------ ------------ ------------
Income from
discontinued
operations 5,878 1,086 20,332 5,971
------------ ------------ ------------ ------------
NET INCOME (LOSS) $ 2,493 $ (5,884) $ 2,792 $ (13,077)
============ ============ ============ ============
Basic and diluted
loss per share
from continuing
operations $ (0.06) $ (0.12) $ (0.30) $ (0.33)
Basic and diluted
earnings per share
from discontinued
operations $ 0.10 $ 0.02 $ 0.35 $ 0.11
------------ ------------ ------------ ------------
Basic and diluted
loss per share $ 0.04 $ (0.10) $ 0.05 $ (0.22)
============ ============ ============ ============
Weighted-average
basic shares
outstanding 57,636 57,589 57,621 57,497
Weighted-average
diluted shares
outstanding 57,636 57,589 57,621 57,497
============ ============ ============ ============
Distributions
declared per common
share and unit $ 0.025 $ 0.18 $ 0.565 $ 1.05
============ ============ ============ ============
Same-store facility results (364 facilities)
(in thousands, except percentage and per square foot data)
Three months ended
December 31,
------------------
Percent
2008 2007 Change
-------- -------- --------
REVENUES
Rental income $ 51,748 $ 51,273 0.9%
Other property related income 3,635 3,138 15.8%
-------- -------- --------
Total revenues $ 55,383 $ 54,411 1.8%
OPERATING EXPENSES
Property taxes 5,265 6,282 -16.2%
Personnel expense 5,702 6,169 -7.6%
Advertising 1,786 1,530 16.7%
Repair and maintenance 978 878 11.4%
Utilities 2,392 2,421 -1.2%
Property insurance 781 722 8.2%
Other expenses 3,552 4,045 -12.2%
-------- -------- --------
Total operating expenses $ 20,456 $ 22,047 -7.2%
Net operating income (1) $ 34,927 $ 32,364 7.9%
Gross margin 63.1% 59.5%
Period average occupancy (2) 80.0% 80.6%
Period end occupancy (3) 79.0% 79.8%
Total rentable square feet 23,320 23,320
Realized annual rent
per occupied square foot (4) $ 11.10 $ 10.92
In place annual rent per square foot (5) $ 12.44 $ 12.24
Reconciliation of Same-Store Net Operating
Income to Operating Income
Same-store net operating income (1) $ 34,927 $ 32,364
Non same-store net operating income (1) 2,201 1,408
Indirect property overhead (1,845) (1,741)
Depreciation (18,796) (19,483)
General and administrative expense (7,151) (5,221)
-------- --------
Operating Income $ 9,336 $ 7,327
(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 December 31 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) In place annual rent per square foot represents annualized contractual
rents per available square foot for the period.
Same-store facility results (364 facilities)
(in thousands, except percentage and per square foot data)
Year ended
December 31,
------------------
Percent
2008 2007 Change
-------- -------- --------
REVENUES
Rental income $205,605 $197,262 4.2%
Other property related income 15,362 15,186 1.2%
-------- -------- --------
Total revenues $220,967 $212,448 4.0%
OPERATING EXPENSES
Property taxes 25,907 26,028 -0.5%
Personnel expense 22,861 22,755 0.5%
Advertising 5,844 5,261 11.1%
Repair and maintenance 3,429 3,204 7.0%
Utilities 9,751 9,208 5.9%
Property insurance 2,924 3,276 -10.7%
Other expenses 13,607 12,949 5.1%
-------- -------- --------
Total operating expenses $ 84,323 $ 82,681 2.0%
Net operating income (1) $136,644 $129,767 5.3%
Gross margin 61.8% 61.1%
Period average occupancy (2) 80.5% 80.2%
Period end occupancy (3) 79.0% 79.8%
Total rentable square feet 23,320 23,320
Realized annual rent
per occupied square foot (4) $ 10.96 $ 10.55
In place annual rent per square foot (5) $ 12.37 $ 12.19
Reconciliation of Same-Store Net Operating
Income to Operating Income
Same-store net operating income (1) $136,644 $129,767
Non same-store net operating income (1) 8,081 4,142
Indirect property overhead (7,507) (7,257)
Depreciation (77,580) (68,424)
Lease abandonment charge - (1,316)
General and administrative expense (24,964) (22,303)
-------- --------
Operating Income $ 34,674 $ 34,609
(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 December 31 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) In place annual rent per square foot represents annualized contractual
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 Year ended
December 31, December 31,
-------------------- --------------------
2008 2007 2008 2007
--------- --------- --------- ---------
Net income (loss) $ 2,493 $ (5,884) $ 2,792 $ (13,077)
Add (deduct):
Real estate depreciation 18,566 19,740 77,768 69,402
Gains on sales of real estate (6,296) (395) (19,720) (2,517)
Minority interests from
continuing operations (267) (735) (1,482) (1,704)
Minority interests from
discontinued operations 539 193 1,792 534
--------- --------- --------- ---------
FFO $ 15,035 $ 12,919 $ 61,150 $ 52,638
--------- --------- --------- ---------
Non-recurring lease
abandonment charge - - - 1,316
FFO, excluding non-recurring --------- --------- --------- ---------
charge $ 15,035 $ 12,919 $ 61,150 $ 53,954
--------- --------- --------- ---------
Loss per share - fully diluted $ 0.04 $ (0.10) $ 0.05 $ (0.22)
FFO per share and unit - fully
diluted $ 0.24 $ 0.21 $ 0.97 $ 0.84
FFO per share, excluding
non-recurring charge (1) $ 0.24 $ 0.21 $ 0.97 $ 0.86
Weighted-average diluted shares
outstanding 57,636 57,589 57,621 57,497
Weighted-average diluted shares
and units outstanding 62,730 62,679 62,814 62,660
Dividend per common share and
unit $ 0.025 $ 0.18 $ 0.565 $ 1.05
Payout ratio of FFO 10% 87% 58% 125%
(1) Amount presented for the twelve months ended December 31, 2007
excludes a non-cash lease abandonment charge of $1.3 million.
Contact Information: Contact: U-Store-It Trust Timothy M. Martin Chief Financial Officer (610) 293-5700