In a recent SEC filing, the company says it will use $64.2 million of the proceeds to repay the outstanding balance under its revolving credit facility; $130.8 million as cash consideration for pending acquisitions; $40.2 million to repay outstanding mortgage loans secured by 37 of its facilities; and, the remainder for acquisition and development of additional self-storage facilities, capital improvements and general corporate purposes.

All of the shares were acquired by the underwriters of the offering. Lehman Brothers Inc. acted as sole book-running manager. Co-managers included Citigroup Global Markets Inc., Wachovia Capital Markets LLC, A.G. Edwards & Sons Inc., Raymond James & Associates Inc., Banc of America Securities LLC, KeyBanc Capital Markets and Harris Nesbitt Corp. Prior to the offering, about 90% of the company's outstanding shares were held by either institutions or insiders.

Lehman and its affiliates are lenders under six of the company's existing fixed rate multi-facility mortgage loans. Three underwriters also are currently lenders under the company's $150-million secured revolving credit facility, which means they will receive a portion of the net proceeds from the offering through the anticipated repayment of indebtedness under the credit facility.