Timothy Martin, CFO of U-Store-It, in a statement says, "2009 has beena transformative year for U-Store-It's balance sheet. Through the combined capital raising efforts throughout the year, U-Store-It is positioned to meet all of its debt maturities throught the end of 2012, while significantly reducing the company's overall leverage ratio." The senior management team, according to the company, raised over $875 million in new capital and equity through secured financings, a common stock issuance, strategic asset dispositions and a joint venture.
The proceeds will repay outstanding balances and replace the existing $450-million credit facility. Officially, the $200-million term loan is outstanding and there are no outstanding draws on the revolver.
The company recently moved its headquarters here from Cleveland, where it had moved most of its executive staff. The current HQ in Cleveland, measuring out at 8,500-square-feet, will reportedly be vacated by Dec. 31.
U-Store-It is a "self-administered and self-managed real estate investment trust," according to its release. The hyphenated company provides self-storage solutions throughout the US with 375 facilities it manages and 547 U-Store-It branded facilities.
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