Business Context and Reporting Period
Company: U-Store-It Trust (Cubesmart)
Filing Type: Form 8-K (Current Report)
Date of Report: August 7, 2009
Reporting Period: Year ended December 31, 2008 (Retrospective update)
This filing serves to re-issue historical consolidated financial statements and the Management's Discussion and Analysis (MD&A) from the 2008 Form 10-K. The update is necessitated by the adoption of Statement of Financial Accounting Standards No. 160 (SFAS 160) regarding "Noncontrolling Interests in Consolidated Financial Statements," effective January 1, 2009.
Key Financial Metrics
Revenue, Profit, Cash Flow, Margins, Debt, Liquidity: The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. These metrics are contained within the updated financial statements attached as Exhibit 99.1, which supersede the previously filed 2008 Form 10-K data.
Material Changes Versus Prior Period
The material change disclosed is the retrospective application of SFAS 160 to the 2008 financial data. The Company explicitly states that this filing is not being filed to correct any error or omission in the previously filed financial information. The changes reflect accounting standard compliance rather than operational performance adjustments.
Guidance, Outlook, and Risks
Management Commentary: The updated financial information is incorporated by reference into currently effective registration statements. The report notes that information has not been updated to reflect developments occurring after December 31, 2008; investors are directed to subsequent SEC filings for post-2008 events.
Risks and Contingencies: No new risks or contingencies are disclosed in this specific text. The primary focus is the technical accounting adjustment for noncontrolling interests.
Investor Verification Checklist
- Review Exhibit 99.1 to obtain the specific updated figures for the year ended December 31, 2008.
- Verify the impact of SFAS 160 on the presentation of noncontrolling interests in the equity section of the balance sheet.
- Confirm that no restatements were made due to errors or omissions, as explicitly stated by management.
- Check subsequent filings (post-December 31, 2008) for operational updates not covered in this retrospective accounting adjustment.