Contact Information: Company Contact: Tim Martin Chief Financial Officer (610) 293-5700
U-Store-It Comments on Involuntary Sale of CEO's Common Stock
| Source: U-Store-It Trust
WAYNE, PA--(Marketwire - July 15, 2009) - U-Store-It Trust (NYSE : YSI ), a national
self-storage company offering storage facilities, service and solutions,
announced today that a financial institution sold and took possession of
234,500 shares of U-Store-It common stock pledged by its Chief Executive
Officer, Dean Jernigan. The stock had been pledged under an operating
guaranty Mr. Jernigan had provided to a not-for-profit organization he has
been involved with for the past 11 years.
Mr. Jernigan commented, "I am very disappointed to have had U-Store-It
shares involuntarily sold. I have been committed to a not-for-profit
organization for many years and have devoted substantial personal financial
resources in support of its mission. I consider the circumstances that led
to the involuntary sale of shares to be very unfortunate. The sales in no
way reflect my view of the Company's financial position and the execution
of the Company's business plan. I believe in the future performance and
potential of U-Store-It. My confidence in the Company remains strong, and I
look forward to increasing my ownership position in U-Store-It in the
months and years ahead."
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 in all 50
states through its 384 company-owned facilities and the U-Store-It Network,
which consists of approximately 264 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.
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.