U-Store-It Trust's board chairman resigns as company conducts inquiry

By Lisa Kerner

Charlotte, N.C., Feb. 21 - U-Store-It Trust said the chairman of its board of trustees, Robert J. Amsdell, retired from his position on Feb. 13 as the company conducts an inquiry into actions by Amsdell and Todd C. Amsdell, president of the company's subsidiary U-Store-It Development LLC.

Specifically, U-Store-It questions actions by the Amsdells that could violate their employee non-solicitation obligations and their duty to act in the best interests of the company and its shareholders, according to a company news release.

Robert Amsdell stated in a memo to independent board members that he left the board to avoid any potential conflict of interest while he pursued, as the company's largest shareholder, strategic alternatives.

Todd C. Amsdell was terminated effective Feb. 19. Board member Barry L. Amsdell resigned his position on Feb. 20.

U-Store-It appointed William M. Diefenderfer III as chairman of the board of trustees.

"We, as a board, continually evaluate our business plan and alternatives that could enhance shareholder value," Diefenderfer said in the release.

"The board believes that the changes in management we have made over the last 10 months, combined with efforts to lower our cost of capital, have left us poised to generate growth and additional value and that our best course of action is to continue to execute our existing strategic plan."

U-Store-It Trust is a self-administered and self-managed real estate investment trust located in Cleveland.

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