"After careful review of Etude's previous unsolicited, non-binding, and conditional acquisition proposals, it was clear to our entire Board that Etude is seeking to opportunistically exploit the challenging macro-economic operating environment currently impacting the valuation of publicly traded self-storage companies and thereby deprive our stockholders of the value currently inherent in the Company as well as the opportunity to benefit from the Company's significant upside potential as we continue to execute on our strategic business plan," said Mark C. Winmill, Chairman of the Board, Chief Executive Officer, and President.