Slide 1: Second Quarter 2009 Earnings Call
Second Quarter 2009 Earnings Call August 7, 2009
Slide 2: Forward Looking Statements
Forward Looking Statements The forward-looking statements contained in this presentation are subject to various risks and uncertainties. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, there can be no assurance that its
Slide 3: Capital-Raising Initiatives: Year-to-Date Activity
Capital-Raising Initiatives: Year-to-Date Activity Summary of year-to-date activity through June 30, 2009 $51.4 million raised through closing 5 secured term loans $11.7 million raised through closing 3 asset dispositions $10.0 million raised through “at the market” equity sales Total of $73.1 milli
Slide 4: Current Activity
Capital-Raising Initiatives: Current Activity Syndication status on new, 3-year secured credit facility Definitive agreement entered into on a $102 million joint venture Proceeds to the Company of $51 million The Company and joint venture partner continue to evaluate the potential to expand the join
Slide 5: New Credit Facility
Capital-Raising Initiatives: New Credit Facility Senior secured credit facility $200 million secured term loan $TBD million secured revolving credit facility (currently anticipated to be $250 million) Three-year term Secured by the Company’s real and personal property interests in the borrowing base
Slide 6: Joint Venture
Capital-Raising Initiatives: Joint Venture Signed agreement with an affiliate of Heitman, LLC Subject to due diligence and customary closing requirements U-Store-It Contributes 22 wholly-owned properties, consisting of nearly 1.6 million square feet Assets valued on 2008 actual net operating income
Slide 7: Secured Loans and Asset Dispositions
Capital-Raising Initiatives: Secured Loans and Asset Dispositions Current transaction pipeline1 $46.4 million from asset sales currently under contract that are expected to close in next 45 days Sale of 6 assets located in Colorado, New Jersey and Florida $25.4 million from asset sales currently und
Slide 8: Pro forma debt maturity schedule
The unsecured term loan, line of credit, and secured term loan due 11/20/09 are subject to a one-year extension to 11/20/10. Schedule reflects pro forma impact of a new senior secured credit facility maturing in 2012 including a $200mm term loan and $250mm revolver; the repayment of debt utilizing:
Slide 9: Capital Sources / Debt Maturities
Capital Sources / Debt Maturities ($ in thousands) Funding Analysis (June 2009 - June 2012) Existing Capital Sources Maturities through June 2012 Cash balance as of 6/30/09 $1,657 Secured maturity - YSI III (maturing Nov 2009) $84,128 Asset sales (closed 7/1/09 to 8/6/09) 3,600 Secured maturity - YS
Slide 10: Capital raising alternatives: joint venture, asset sales, equity, loans
Joint venture Announced joint venture is anticipated to generate $51mm of proceeds that will be used to reduce outstanding indebtedness The Company has developed multiple relationships domestically and internationally Asset sales Large unencumbered pool of assets to consider as disposition candidate