U-Store-It Posts 3Q

U-Store-It Trust's YSI third-quarter results were roughly in line with our expectations, so we're sticking with our fair value estimate. This self-storage owner continues to be pressured by heightened unemployment, which leads to lowered job churn and diminished demand for U-Store-It's facilities. Total revenue on a year-over-year basis fell 4.3%. Same-store revenue was, dropping 4.9% from the third quarter of 2008, but pronounced cost-cutting kept its net operating income decline at 3.9%. With broader economic head winds expected to persist, U-Store-It Trust's operating metrics will remain pressured in the near term.