CubeSmart — Director's Dealing 2011

Jan 25, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: U-Store-It Trust (YSI)
CIK: 0001298675
Period of Report: 2011-01-21

Reporting Person: MARTIN TIMOTHY M (CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-23	Common	F	5729.0000	$9.3500	Disposed	74011.0000	Direct
2011-01-24	Common	A	18104.0000	$0.0000	Acquired	92115.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-21	Phantom Shares	$	A	98.0000	Acquired		Common (98.0000)	Direct
2011-01-24	Stock Option (right to buy)	$9.3900	A	49819.0000	Acquired	2021-01-24	Common (49819.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common	3376.0000	Indirect

Footnotes

F1: These common shares represent restricted shares issued under the Company's 2004 Equity Incentive Plan and are subject to risk of forfeiture. The common shares vest ratably over a three-year period, one-third per year on each of the first three anniversaries of the grant date, provided the reporting person remains employed by the Company.

F2: These phantom shares were acquired through reinvestment of dividend equivalents under the U-Store-It Trust Executive Deferred Compensation Plan, amended and restated January 1, 2007, and are payable in cash on a one-for-one basis after the reporting person ceases employment with the Company. The reporting person may elect to transfer these phantom shares at any time by reallocating his or her deemed investment option to another investment alternative, and such transfer will be effected on the first business day of the calendar quarter following the election.

F3: The stock options vest ratably over a three-year period, one-third per year on each of the first three anniversaries of the grant date, provided the reporting person remains employed by the Company.