Slide 1: REITWeek 2011 - U-Store-It
U-STORE-IT REITWeek 2011 New York U-STORE-IT Storage + Service + Solutions 1
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: Company Debt Initiatives
Company Debt Initiatives
Slide 4: Goal of achieving an investment grade credit rating
We continue to focus on our goal of achieving an investment grade credit rating as we successfully execute our business plan Long Term Capital Objectives Have less than 20% of debt mature in any given year Maintain leverage level below 45% (leverage defined as debt divided by market value of assets)
Slide 5: Debt Maturity Schedule
Debt Maturity Schedule (as of 3/31/2011) Debt Maturity Schedule (Pro Forma 3/31/2011) 2011 Focus on Improving Maturity Profile Opportunity to use bank term loan market and/or private placement market to push 2013/2014 maturities out 5-7 years 41 200 155.8 30.2 72.3 67.9 - - 46.1 7.5 2.7 0 100 200 30
Slide 6: Portfolio Management Initiatives
Portfolio Management Initiatives
Slide 7: Real estate transactions totaling $335MM since March 2008
Since March 2008, executed real estate transactions totaling $335MM $146MM in acquisitions (beginning July, 2010) $189MM in dispositions Continued Portfolio Evolution Highlights: Increased percentage of portfolio square footage in Core markets by 47% More than doubled (114%) presence in Boston to No
Slide 8: Acquisition Detail
Acquisition Detail Acquisition momentum from 2010 continued into 2011. Year-to-date, invested $58.9MM through acquisition of four assets in New York, Miami, Houston, and Washington, DC. An additional $38MM is either under contract or in various stages of contract negotiations. Market Property Count
Slide 9: Acquisition Detail (continued) Herndon, VA
Acquisition Detail (continued) Herndon, VA
Slide 10: Acquisition Detail (continued) Orlando, FL
Acquisition Detail (continued) Orlando, FL
Slide 11: Acquisition Detail (continued) Ridgewood, NY
Acquisition Detail (continued) Ridgewood, NY
Slide 12: Acquisition Detail (continued) Bronx, NY
Acquisition Detail (continued) Bronx, NY
Slide 13: Acquisition Detail (continued) Brooklyn, NY
Acquisition Detail (continued) Brooklyn, NY
Slide 14: Acquisition Detail (continued) Miami, FL
Acquisition Detail (continued) Miami, FL
Slide 15: Acquisition Detail (continued) Fairfax Station, VA
Acquisition Detail (continued) Fairfax Station, VA
Slide 16: Acquisition Detail (continued) Houston, TX
Acquisition Detail (continued) Houston, TX
Slide 17: Portfolio Quality Enhancement
Portfolio Quality Enhancement Recent acquisitions have continued to contribute to the enhancement of overall portfolio quality Same-store data shown represents the trailing twelve month period ended March 31, 2011. Data shown for those properties acquired on in-place performance metrics. Data as col
Slide 18: Portfolio Quality Enhancement (continued)
Demographic characteristics of 2010 and 2011 acquisitions reflect the continuing quality enhancement of YSI’s portfolio 1) Weighted average (weighted by property square footage) of estimated 2010 Census block group demographic data. Portfolio Quality Enhancement (continued)
Slide 19: Evolution in Portfolio Composition
Evolution in Portfolio Composition 1) Includes wholly-owned, joint venture, and managed properties. 2) Includes previously wholly-owned stores for which management contracts were assumed upon disposition. 1 1 2 2 Transaction volume continues to measurably enhance portfolio composition, as evidenced
Slide 20: Continued Momentum
Continued Momentum Acquisitions To date in 2011, closed on $58.9MM in acquisitions Continue to target investment of $75-125MM in acquisitions in 2011. Goal is to strike a balance between acquiring properties based on in-place NOI and acquiring properties with upside, with a particular focus in the a
Slide 21: Operational Initiatives
Operational Initiatives
Slide 22: Gain Market Share, Particularly of High-Value, Commercial Customers
Gain Market Share, Particularly of High-Value, Commercial Customers Operational Focus Expand the Pie by Attracting Non-Traditional Customers Create Incremental Demand More Space Per Customer Longer Lengths of Stay Additional Referrals More Repeat Business Maximize the Value of Each Customer
Slide 23: Offering a More Comprehensive Solution
Offering A More Comprehensive Solution Delivering An Exceptional Customer Experience Strategic Execution A Differentiated Service Offering Gain Market Share, Particularly of High-Value, Commercial Customers Expand the Pie by Attracting Non-Traditional Customers Create Incremental Demand More Space P
Slide 24: A More Comprehensive Solution
A More Comprehensive Solution Traditional Self-Storage Service Model Enhanced Storage Service Model Passive Storage Space Basic Amenities Commoditized Offering Active Storage, Organization, & Logistics Solutions Customizable Storage and Service Options Differentiated Offering Redefining service in t
Slide 25: A More Comprehensive Solution (continued)
A More Comprehensive Solution (continued) Organization – Offering resources that help customers track & organize their things Logistics – Helping customers get their items into and out of their space Amenities – Providing a more comfortable and accommodative environment Customization – A la carte op
Slide 26: Superstore Program and Broader Service Rollout
Equipping certain existing, high-quality locations with additional services and amenities Up to 100 stores 1 Philadelphia location in early July An additional 24 stores in 3Q11 Up to 75 more by the end of 2012 Geographically diverse A More Comprehensive Solution (continued) Execution “Superstore” Pr
Slide 27: Superstore Service Overview
Logistics Amenities Free Moving Truck and/or Penske Rentals for DIY Movers Full-Service Local & National Moving Referrals via Partners Commercial Customer Work Station Free Coffee/Beverage Free Wi-Fi Organization Demonstration Unit Walk-Through Referrals to Certified Professional Organizers Free Per
Slide 28: Attracting and retaining high-value customers through differentiated service
Emphasis on attracting and retaining high-value customers through a differentiated, active service offering Capital cost of roughly $50,000 per facility Use of existing personnel and partnerships with third-party service providers limit incurrence of incremental expenses Return on investment generat
Slide 29: Delivering An Exceptional Experience
Delivering An Exceptional Experience Traditional Self-Storage Philosophy Customer-Centric Philosophy Customers Will Come Because They Need You Customer Can Serve Themselves Storage Isn’t Glamorous, But Customers Know That Customers Are Discerning and Have Alternatives Everything Revolves Around Serv
Slide 30: Delivering An Exceptional Experience (continued)
Dedicated internal focus on the customer Researching best practices via participation in programs sponsored by the best service companies: Ritz Carlton Leadership Center Disney Institute Establishing an internal “customer advocate” that touches every part of the organization to implement best practi
Slide 31: Operational Initiatives Summary
Offering A More Comprehensive Solution Delivering An Exceptional Customer Experience Operational Initiatives Summary A Differentiated Service Offering Gain Market Share, Particularly of High-Value, Commercial Customers Expand the Pie by Attracting Non-Traditional Customers Create Incremental Demand