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U-Store-It Completes $400M Offering

CLEVELAND-One year after it goes public, the self-storage REIT completes the sale of an additional 17.1-million shares, the proceeds from which will be used to acquire, develop and improve additional assets.

By Brian K. Miller | Updated on October 09, 2005

CLEVELAND-U-Store-It Trust completed its second public offering late Friday, generating $400.2 million from the sale of 19.66 million common shares at $20.35 apiece. The self-storage REIT’s first public offering came last October, when it went public. The predecessor company was known as Acquiport/Amsdell.

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.

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