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CLEVELAND, Ohio (AP) -- U-Store-It Trust, a self-storage real estate investment trust, said Friday it completed the purchase of 14 self-storage facilities for $121 million and resolved a related dispute. The deal was first announced in August. The 14 self-storage facilities are located in California, Florida, Georgia, Ohio and Massachusetts. The acquisition was funded under U-Store-It's new $50 million secured credit facility and borrowings under its $250 million unsecured revolving credit facility. The facilities were owned by Rising Tide Development LLC. In June, U-Store-It Trust filed a complaint against former Chairman and Chief Executive Robert Amsdell, two of his sons and Rising Tide, which is owned and operated by the Amsdell family, alleging Robert and his son Todd Amsdell breached their fiduciary duties to the company and violated non-competition agreements. In connection with the acquisition, U-Store-It said it resolved the dispute with the Amsdell Family, including voluntary dismissal, with prejudice, of all litigation with Rising Tide Development. U-Store-It Trust shares fell 14 cents to $13.10 in aftermarket electronic trading, after closing up 21 cents at $13.25.
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