Storage USA Inc. and its top shareholder, Security Capital Group Inc., announced negotiations a month ago, and the Street has pushed Storage’s stock price into takeout range. But Storage shareholders expecting much of a premium, would a deal materialize, will likely be disappointed. Both Green Street Advisors and First Union Securities each have the Memphis, Tenn.-based REIT’s net asset value pegged at between $38 and $39 per share. At press time, Storage closed at $41, up from $36.83, where it closed on Sept. 9, when it announced Security wanted to alter its investment. Since self-storage is regarded as a recession-proof industry, Storage and its peers have risen since the events of Sept. 11.
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