Rochester, NY 8/20/2009 5:22:15 PM
U-Store-It Trust YSI - U-Store-It Release Issuance Shares of 28 million
U-Store-It Trust YSI
U-Store-It Trust YSI recently release its issuance of 28 million common shares priced at $5.25 each with an overallotment option of an additional 4.2 million shares.
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We are raising our fair value estimate to account for the accretive nature of the issuance. The issuance was priced well above our previous fair value estimate of $3.50 per share and added roughly 50% to the company's share count--including the overallotment.
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