A financial institution took possession of and sold 234,500 of U-Store-It Trust common stock that had been pledged to a not-for-profit organization by U-Store-It CEO Dean Jernigan. Jernigan has been involved with the organization for 11 years.
"I am very disappointed to have had U-Store-It shares involuntarily sold,” Jernigan said. “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."
U-Store-It Trust is a self-administered and self-managed real estate investment trust. The company provides self-storage in all 50 states through its 384 company-owned facilities and the U-Store-It Network, which consists of approximately 263 third-party locations.