Self-storage operator U-Store-It Trust today closed its public offering of 32.2 million common shares, making approximately $161.2 million. The company intends to use the proceeds to repay existing debt and for general corporate purposes.
BofA Merrill Lynch, Wells Fargo Securities and Morgan Keegan & Co. Inc. served as the joint book-running managers for the offering. SunTrust Robinson Humphrey, PNC Capital Markets LLC and ABN AMRO Inc. served as co-managers for the offering.
"We are very pleased with the closing of this successful common equity offering," said Christopher Marr, president and chief investment. "The strong investor interest in U-Store-It resulted in a significantly over-subscribed offering and the ability to attract and strengthen our base of investors."
U-Store-It, Wayne, Pa.-based real estate investment trust, owns 383 self-storage facilities nationwide and supports 306 third-party locations as part of its network.