U-Store-It Trust Announces 4Q 2009 Operating Results

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U-Store-It Trust announced its operating results for the three months and year ended Dec. 31, 2009.

"We are very pleased with our capital raising efforts during 2009," said CEO Dean Jernigan. "Our primary focus in 2010 will be to maximize the internal growth opportunities we have within our existing portfolio.”

Key metrics for the fourth quarter include:

  • Funds from operations (FFO) were $0.13 per share for the three months ended Dec. 31, 2009, compared to $0.24 per share reported in the same period of the previous year. FFO of $0.73 per share for the year ended Dec. 31, 2009, compared to $0.97 per share reported in 2008.
  • Weighted average shares and units outstanding were 98.5 million and 62.7 million for the fourth quarter of 2009 and 2008, respectively. Weighted average shares and units outstanding were 
    76.6 million and 62.8 million in 2009 and 2008, respectively.
  • Same-store revenue (360 same-store facilities) in the fourth quarter decreased 5.9 percent from the fourth quarter of 2008.
  • Same-store property operating expenses decreased 5.1 percent when compared to the fourth quarter of 2008.

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