CubeSmart (CUBE) 8-K U-Store-It Trust Announces Fourth Quarter and Full Year 2005 Financial Results

Exhibit 99.2

Supplemental Operating and Financial Data

December 31, 2005

6745 Engle Road, Suite 300
Middleburg Heights, Ohio 44130
Tel: (440) 234-0700
Fax: (440) 234-8776

Forward-Looking Statements

This presentation contains certain statements that may be considered to be “forward-looking statements” within the meaning of the federal securities laws. All statements, other than statements of historical facts, that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. The Company believes that its expectations stated in this presentation are based on reasonable assumptions; however, these statements are subject to certain risks and uncertainties such as national, local economic, business, real estate and other market conditions; the competitive environment in which the Company operates; the execution of the Company’s business plan; financing risks, increasing interest rates and operating costs; the Company’s ability to maintain its status as a real estate investment trust (“REIT”) for federal income tax purposes; acquisition and development risks; changes in real estate and zoning laws or regulations; risks related to natural disasters; potential environmental and other liabilities; and other factors affecting the real estate industry generally or the self-storage industry in particular. The Company refers you to the documents filed by the Company from time to time with the Securities and Exchange Commission, specifically the section titled “Business-Risk Factors” in the Company’s Annual Report on Form 10-K and its reports on Forms 10-Q and 8-K, which discuss these and other risks and factors that could cause the Company’s actual results to differ materially from any forward-looking statements. These factors could cause results, developments and business decisions to differ materially from historical results or from any results expressed or implied by such forward-looking statements.

2

Table of Contents

	Page
Company Background
About the Company		4
Executive Officers and Board of Trustees		4
Research Coverage		5
Financial Highlights
Common Stock Data		6
Condensed Consolidated and Combined Balance Sheets		7
Condensed Consolidated and Combined Statements of Operations		8
Condensed Consolidated and Combined Statements of Cash Flows		9
Funds From Operations		11
Selected Same-Store Operating Data		12
General & Administrative Expense Breakdown		13
Capitalization		14
Property Information
Properties by State		15
Properties by Region		16
Acquisitions Since IPO		17
Rising Tide Development		18

3

About the Company

U-Store-It Trust is a self-administered and self-managed real estate investment trust focused on the ownership, operation, acquisition and development of self-storage facilities in the United States. The Company’s self-storage facilities are designed to offer affordable, easily accessible and secure storage space for residential and commercial customers. As of December 31, 2005, U-Store-It owned 339 properties in 26 states, aggregating approximately 20.8 million rentable square feet.

Executive Officers and Board of Trustees

Name	Position
Robert J. Amsdell	Chairman of the Board of Trustees and Chief Executive Officer
Steven G. Osgood	President and Chief Financial Officer
Todd C. Amsdell	Chief Operating Officer
Kathleen A. Weigand	Executive Vice President, General Counsel and Secretary
Tedd D. Towsley	Vice President and Treasurer
Barry L. Amsdell	Trustee
Thomas A. Commes	Trustee
John C. Dannemiller	Trustee
William M. Diefenderfer III	Trustee
Harold S. Haller	Trustee
David J. LaRue	Trustee

4

Research Coverage

Analyst Contact Information (1):

Michael Knott
Green Street Advisors
(949) 640-8780

David Harris / David Toti
Lehman Brothers
(212) 526-1790 / (212) 526-2002

Jonathan Litt / Jordan Sadler
Citigroup
(212) 816-0231 / (212) 816-0438

Jeffrey J. Donnelly/ Eric Rothman
Wachovia Securities
(617) 603-4262 / (617) 603-4263

John L. Sheehan / Mark Hoffmeister
A.G. Edwards & Sons
(314) 955-5834

Rick T. Murray / Paul D. Puryear
Raymond James & Associates
(727) 567-2561 / (727) 567-2253

Ross T. Nussbaum
Banc of America Securities LLC
(212) 847-5668

Rod Petrik / Tamara J. Fique
Stifel, Nicolaus & Company
(410) 454-4131 / (410) 454-5873

Paul Adornato
Harris Nesbitt
(212) 885-4170

(1) The above information is provided as a service to interested parties and not as an endorsement of any report, nor representation as to the accuracy of any information contained therein. Opinions, forecasts and other forward-looking statements expressed in analysts’ reports are subject to change without notice.

5

Common Stock Data

U-Store-It Trust common stock is traded on the New York Stock Exchange under the ticker symbol: YSI. Below is a summary of YSI common stock performance and dividends over the last four quarters (based on New York Stock Exchange closing price):

	Q4 2005			Q3 2005			Q2 2005			Q1 2005
High Price	$	21.93		$	22.13		$	19.99		$	17.58
Low Price	$	19.04		$	18.82		$	16.64		$	15.90
Quarter-End Closing Price	$	21.05		$	20.27		$	19.05		$	17.40
Regular Dividends per share — annualized	$	1.16		$	1.12		$	1.12		$	1.12
Annualized Regular Dividend Yield — on
Quarter-End Closing Price		5.5	%		5.5	%		5.9	%		6.4	%
(in thousands)						��
Total Common Shares at Quarter-End		57,010			37,345			37,345			37,345
Total OP Units at Quarter-End		5,199			5,199			1,524			1,524
Total Combined Units at Quarter-End		62,209			42,544			38,869			38,869
Market Value of Common Equity at Quarter-End	$	1,309,499		$	862,367		$	740,454		$	676,321

6

Condensed Consolidated and Combined Balance Sheets

(unaudited)

	December 31,			December 31,
	2005			2004
(Dollars in thousands, except par value amounts)
ASSETS
Storage facilities—net	$	1,246,295		$	729,155
Cash and cash equivalents		201,098			28,485
Restricted cash		14,672			7,211
Loan procurement costs—net of amortization		10,437			7,624
Other assets		8,986			3,399
TOTAL ASSETS	$	1,481,488		$	775,874
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
Loans payable	$	669,282		$	380,496
Capital lease obligations		56			156
Accounts payable and accrued expenses		18,872			10,958
Distributions payable		16,624			7,532
Rents received in advance		8,857			5,835
Security deposits		685			455
Total Liabilities		714,376			405,432
MINORITY INTEREST		64,108			11,062
SHAREHOLDERS’ EQUITY
Common shares, $.01 par value, 200,000,000 shares authorized, 57,010,162 in 2005 and 37,345,162 in 2004 issued and outstanding		570			373
Additional paid in capital		795,244			396,662
Accumulated deficit		(91,253	)		(37,430	)
Unearned share grant compensation		(1,557	)		(225	)
Total shareholders’ equity		703,004			359,380
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,481,488		$	775,874

7

Condensed Consolidated and Combined Statements of Operations

(unaudited)

				The Company/						The Company/
				The Predecessor						The Predecessor
	The Company			Combined			The Company			Combined
	Three Months Ended						Year Ended
	December 31,						December 31,
(Dollars in thousands except per share amounts)	2005			2004			2005			2004
REVENUES:
Rental income	$	40,482		$	25,916		$	138,120		$	86,945
Other property related income		2,837			1,680			10,001			4,663
Total revenues		43,319			27,596			148,121			91,608
OPERATING EXPENSES:
Property operating expenses		17,523			12,102			54,995			35,666
Depreciation		12,316			7,019			39,949			22,328
General and administrative		8,582			4,254			18,522			4,254
Management fees—related party		—			264			—			3,689
Total operating expenses		38,421			23,639			113,466			65,937
OPERATING INCOME		4,898			3,957			34,655			25,671
OTHER EXPENSE:
Interest expense		(9,715	)		(6,775	)		(32,370	)		(23,813	)
Loan procurement amortization expense		(457	)		(814	)		(1,785	)		(5,967	)
Early extinguishment of debt		(93	)		(7,012	)		(93	)		(7,012	)
Cost incurred to acquire management company—related party		—			(22,152	)		—			(22,152	)
Other		2,295			(39	)		2,358			28
Total other expense		(7,970	)		(36,792	)		31,890			(58,916	)
INCOME (LOSS) BEFORE DISCONTINUED OPERATIONS		(3,072	)		(32,835	)		2,765			(33,245	)
DISCONTINUED OPERATIONS		211			—			211			—
NET INCOME BEFORE MINORITY INTEREST		(2,861	)		(32,835	)		2,976			(33,245	)
MINORITY INTEREST		152			898			(199	)		898
NET INCOME (LOSS)	$	(2,709	)	$	(31,937	)	$	2,777		$	(32,347	)
Basic income per share	$	(0.05	)				$	0.07
Diluted income per share	$	(0.05	)				$	0.07
Weighted-average basic common shares outstanding		55,882						42,120
Weighted-average diluted shares outstanding		55,882						42,203
Distributions declared per share of common stock	$	0.29					$	1.13

8

Condensed Consolidated and Combined Statements of Cash Flows

(unaudited)

				The Company/
				The Predecessor
	The Company			Combined
	Year Ended			Year Ended
(Dollars in thousands)	December 31, 2005			December 31, 2004
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	2,777		$	(32,347	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		41,902			28,295
Early extinguishment of debt		93			7,012
Equity compensation expense		2,244			2,546
Accretion of fair market value of debt		(378	)		—
Minority interest in net income of subsidiaries		199			(898	)
Costs incurred to acquire management company —related party		—			22,152
Gain on sale of storage facilities		(179	)		—
Changes in other operating accounts:
Other assets		(3,187	)		3,139
Accounts payable and accrued expenses		5,421			3,686
Other liabilities		(42	)		1,353
Net cash provided by operating activities		48,850			34,938
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions, additions and improvements to storage facilities		(394,649	)		(227,841	)
Net proceeds from sale of storage facilities		6,203			—
Acquisition of management company, net		—			(3,492	)
Insurance settlements		500			583
Increase in restricted cash		(4,748	)		(3,439	)
Net cash used in investing activities		(392,694	)		(234,189	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of common shares		378,747			424,989
Proceeds from:
Loans payable		232,457			694,500
Notes payable—related parties		—			3,961
Principal payments on:
Loans payable		(43,075	)		(585,574	)
Notes payable—related parties		—			(3,961	)
Capital lease obligations		(100	)		(218	)
Shareholder distributions		(44,532	)		—
Minority interest distributions		(2,349	)		—
Cash distributions to owners		—			(18,297	)
Loan procurement costs		(4,691	)		(17,236	)
Pre-payment penalty on debt extinguishment		—			(887	)

9

Condensed Consolidated and Combined Statements of Cash Flows (Continued)

(unaudited)

				The Company/
				The Predecessor
	The Company			Combined
	Year Ended			Year Ended
(Dollars in thousands)	December 31, 2005			December 31, 2004
Cash contributions from owners		—			108
Loan made to owners		—			(277,152	)
Net cash provided by financing activities		516,457			220,233
NET INCREASE IN CASH		172,613			20,982
CASH—Beginning of period		28,485			7,503
CASH—End of period	$	201,098		$	28,485
Supplemental disclosure of non-cash investing and financing activities:
Contribution of facilities from prior owners for operating partnership units:
Investment in real estate	$	—		$	10,762
Mortgage loans		—			(10,365	)
Other, net		—			139
Net assets acquired		—			536
Acquisition of management company from prior owners:
Assets acquired (excluding cash of $730)		—			659
Liabilities assumed		—			(536	)
Net assets acquired		—			123
Acquisition of facilities:
Issuance of OP units		(68,594	)		—
Mortgage loans		(99,782	)		—
Other, net		(1,660	)		(4,526	)
Acquisition of partnership interests:
Investment in real estate		—			128,672
Contribution related to step-up in basis		—			(128,672	)
Net assets acquired		—			—
Reclassification of owners’ deficit to additional paid in capital		—			37,961
Record minority interest for limited partnership units in the operating partnership by reclassifying from additional paid in capital		—			11,960
Items capitalized for funds yet to be disbursed		—			(427	)
Accrual for distributions		16,624			7,532
Grant of restricted share units and restricted shares to management executives and trustees		3,148			2,675

10

Funds From Operations (1)

				The Company /						The Company /
				The Predecessor						The Predecessor
	The Company			Combined			The Company			Combined
	Three Months Ended						Year Ended
	December 31,						December 31,
(Dollars in thousands, except per share data)	2005			2004			2005			2004
Net income (loss)	$	(2,709	)	$	(31,937	)	$	2,777		$	(32,347	)
Plus:
Depreciation		12,316			7,019			39,949			22,328
Minority interest		(152	)		(898	)		199			(898	)
Depreciation included in discontinued operations		168			—			168			—
Loss on sale of storage facilities		—			—			—			—
Less:
Gain on sale of storage facilities		(179	)		—			(179	)		—
FFO — Operating Partnership	$	9,444		$	(25,816	)	$	42,914		$	(10,917	)
FFO — Allocable to minority interest	$	853		$	(733	)	$	2,864
FFO — Attributable to common shareholders	$	8,591					$	40,050
Weighted-average diluted shares outstanding		56,033						42,203
Funds from operations per share	$	0.15					$	0.95
Reconciliation of Dilutive Income per Share to Funds from Operations per share:
Dilutive income per share	$	(0.05	)				$	0.07
Adjustments:
Depreciation		0.22						0.95
Funds attributable to minority shareholders		(0.02	)					(0.07	)
Funds from operations per share	$	0.15					$	0.95

(1)

Funds from operations, which we refer to as “FFO,” is a widely used performance measure for real estate companies and is provided here as a supplemental measure of operating performance. We calculate FFO in accordance with the best practices described in the April 2002 National Policy Bulletin of National Association of Real Estate Investment Trusts (“NAREIT”), which we refer to as the “White Paper.” The White Paper defines FFO as net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures, if any, are calculated to reflect FFO on the same basis.

Management uses FFO as a key performance indicator evaluating the operations of our facilities. Given the nature of our business as a real estate owner and operator, we believe that FFO is helpful to management and investors as a starting point in measuring our operational performance because it excludes various items included in net income that do not relate to or are not indicative of our operating performance such as gains (or losses) from sales of property and depreciation and amortization, which can make periodic and peer analyses of operating performance more difficult. FFO should not be considered as an alternative to net income (determined in accordance with GAAP) as an indicator of its financial performance, is not an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of its liquidity, and is not indicative of funds available to fund its cash needs, including its ability to make distributions. Our computation of FFO may not be comparable to FFO reported by other REITs that do not define the term in accordance with the White Paper definition or that interpret the White Paper definition differently than the Company does.

11

Selected Same-Store Operating Data

(unaudited)

	Three Months Ended							Year Ended
	December 31,							December 31,
					Percent							Percent
(Dollars in thousands)	2005		2004		Change			2005		2004		Change
Same-store revenues	$	22,678	$	21,977		3.2	%	$	89,403	$	85,627		4.4	%
Same-store property operating expenses	$	7,917	$	9,319		(15.0	)%	$	30,710	$	32,754		(6.2	)%
Non same-store revenues	$	20,641	$	5,619				$	58,718	$	5,981
Non same-store property operating expenses	$	9,606	$	2,783				$	24,285	$	2,912
Total revenues	$	43,319	$	27,596				$	148,121	$	91,608
Total property operating expenses	$	17,523	$	12,102				$	54,995	$	35,666
Number of facilities included in same-store analysis		153							153

12

General & Administrative Expense Breakdown
(unaudited)

($ in thousands)	Quarter Ended										Year Ended		2005		Actual 2005		2006		2006 Budget vs
	3/31/2005			6/30/2005			9/30/2005		12/31/2005		12/31/2005		Guidance		vs Guidance		Budget		Actual 2005
Payroll and Outside Service	$	1,581.8		$	1,139.6		$	1,744.8	$	1,596.3	$	6,062.5	$	5,771.0	$	291.5	$	7,500.0	$	1,437.5
Bonus		(303.9	)		108.8			87.4		2,582.7		2,475.0		500.0		1,975.0		1,675.0		(800.0	)
Restricted Share Expense		215.0			197.5			197.5		1,635.5		2,245.5		650.0		1,595.5		1,000.0		(1,245.5	)
Sarbanes Oxley Compliance Fees		65.3			366.9			298.4		395.2		1,125.8		1,000.0		125.8		900.0		(225.8	)
Audit Fees		485.3			(0.8	)		33.6		371.9		890.0		400.0		490.0		700.0		(190.0	)
Legal Fees		208.5			239.6			84.5		340.1		872.7		500.0		372.7		500.0		(372.7	)
Professional Fees		84.7			190.2			98.8		177.6		551.3		100.0		451.3		300.0		(251.3	)
Other		689.2			986.6			1,140.3		1,483.1		4,299.2		4,079.0		220.2		4,400.0		100.8
Total General & Administrative	$	3,025.9		$	3,228.4		$	3,685.3	$	8,582.4	$	18,522.0	$	13,000.0	$	5,522.0	$	16,975.0	$	1,547.0

13

Capitalization

(Dollars, shares and units in thousands)	December 31, 2005
Notes and Mortgages Payable:
8.16% loans due November 2006	$	65,090
7.13% loans due December 2006		39,132
5.085% loans due November 2009		89,870
5.19% loans due May 2010		89,872
5.325% loans due January 2011		89,875
5.13% loans due August 2012		80,000
4.96% loans due September 2012		80,000
5.97% loans due November 2015		72,352
Other fixed rate mortgage loans payable with maturity dates ranging from November 2007 through January 2014 at effective interest rates ranging from 5.00% to 5.97%		59,588
Other Notes		162
		665,941
Fair market value adjustment on loans, net		3,341
Lines of Credit		—
Total Debt	$	669,282

	Shares & Units
	Outstanding		Market Value (1)
Common Stock		57,010	$	1,200,061
OP Units		5,199		109,438
Total Common Equity		62,209	$	1,309,499
Total Market Capitalization			$	1,978,781

(1) Value based on the U-Store-It’s closing price of $21.05 on December 31, 2005.

14

Properties by State (1)

					Total		% of Total
	Number of		Number of		Rentable		Rentable
State	Facilities		Units		Square Feet		Square Feet			Occupancy (2)
Florida		52		34,506		3,759,740		18.0	%		87.9	%
California		43		22,430		2,567,399		12.2	%		77.5	%
Ohio		30		13,232		1,709,650		8.2	%		80.0	%
Texas		28		12,610		1,593,438		7.7	%		76.2	%
Illinois		27		14,157		1,616,430		7.8	%		76.4	%
Arizona		21		10,086		1,079,820		5.2	%		87.1	%
Tennessee		18		8,665		1,096,615		5.3	%		82.3	%
Connecticut		17		7,373		873,860		4.2	%		75.7	%
New Jersey		14		9,697		940,657		4.5	%		79.7	%
Colorado		12		5,753		646,415		3.1	%		78.8	%
New Mexico		10		3,788		407,459		2.0	%		90.4	%
Indiana		9		5,419		606,599		2.9	%		72.4	%
North Carolina		8		4,743		555,779		2.7	%		87.1	%
Louisiana		6		2,329		334,324		1.6	%		97.1	%
Mississippi		6		2,478		318,130		1.5	%		83.9	%
New York		6		3,195		335,300		1.6	%		80.7	%
Georgia		5		3,635		431,387		2.1	%		76.4	%
Maryland		5		4,097		505,808		2.4	%		79.3	%
Utah		5		2,376		244,948		1.2	%		84.5	%
Michigan		4		1,787		272,911		1.3	%		80.1	%
Alabama		3		1,655		234,631		1.1	%		82.7	%
South Carolina		3		1,281		214,113		1.0	%		74.2	%
Massachusetts		2		1,134		115,541		0.6	%		71.2	%
Pennsylvania		2		1,585		177,411		0.9	%		83.8	%
Virginia		2		1,091		131,368		0.6	%		71.6	%
Wisconsin		1		489		58,713		0.3	%		70.9	%
Total		339		179,591		20,828,446		100.0	%		81.2	%

(1)	Includes properties owned as of December 31, 2005.
(2)	Represents total occupied square feet divided by total rentable square feet, as of December 31, 2005.

15

Properties by Region

Same-Store

											Q4 2005								Q4 2004
						Total		% of Total					Average			Average			Average
		Number of		Number		Rentable		Rentable			Net Rent per		Physical			Economic			Physical
Region	States Included	Facilities		of Units		Square Feet		Square Feet			Square Foot		Occupancy			Occupancy			Occupancy
	MA, CT, NY, NJ, PA,
Eastern	MD, NC, SC, GA		44		27,642		3,189,024		32.6	%	$	12.33		79.6	%		68.9	%		82.3	%
Midwest	OH, TN		22		10,231		1,260,938		12.9	%		9.19		85.0	%		71.4	%		85.8	%
Central	MI, IL		5		2,511		359,611		3.7	%		8.29		82.7	%		69.4	%		80.7	%
Southern	FL, AL, MS, LA		53		29,515		3,371,113		34.5	%		10.64		90.9	%		83.8	%		86.6	%
Western	CA, AZ		29		13,657		1,595,257		16.3	%		11.11		81.9	%		74.0	%		84.5	%
Total			153		83,556		9,775,943		100.0	%	$	10.96		84.7	%		73.4	%		84.5	%

Total Portfolio

											Q4 2005
						Total		% of Total					Average			Average
		Number of		Number of		Rentable		Rentable			Net Rent per		Physical			Economic
Region	States Included	Facilities		Units		Square Feet		Square Feet			Square Foot		Occupancy			Occupancy
	MA, CT, NY, NJ, PA,
Eastern	MD, NC, SC, GA, VA		64		37,831		4,281,224		20.6	%	$	12.65		80.0	%		66.4	%
Midwest	OH, TN		48		21,897		2,806,265		13.5	%		10.28		79.4	%		69.5	%
Central	MI, IL, IN, WI		41		21,852		2,554,653		12.3	%		10.88		76.6	%		70.8	%
Southern	FL, AL, MS, LA		67		40,968		4,646,825		22.3	%		10.78		87.3	%		80.6	%
	CA, AZ, TX, CO, NM,
Western	UT		119		57,043		6,539,479		31.3	%		9.01		81.5	%		69.7	%
Total			339		179,591		20,828,446		100.0	%	$	10.28		81.6	%		71.3	%

16

Acquisitions Since IPO (Through February 28, 2005)

									Total
		Total				Dec. 31			Number		Number of Facilities
	Acquisition	Rentable		Number		2005			of		Top Targeted Markets																Other		Purchase		Price
Facility/Portfolio	Closing Date	Square Feet		of Units		Occupancy (1)			Facilities		CA		TX		IL		AZ		CO		OH		FL		NY Metro (10)		States		Price ('000s)		PSF
Metro Storage Portfolio	October 2004		2,600,958		22,901		75.8	%		42		—		—		24		—		—		4		4		—		10	$	184,000	$	71
National Self-Storage Portfolio (2)	July 2005		3,742,582		32,939		81.5	%		70		11		15		—		16		5		—		—		—		23		212,000		57
Liberty Self-Stor Portfolio (3)	April 2005		724,836		5,554		78.1	%		14		—		—		—		—		—		11		—		3		—		27,200		38
Sure Save Portfolio	February 2006		1,816,754		16,761		76.1	%		24		15		1		—		5		—		—		—		—		3		164,500		91
Individual Facility and Small Portfolio Acquisitions:
California, MD	November 2004		67,528		722		82.9	%		1		—		—		—		—		—		—		—		—		1		5,700		84
Bradenton II, FL	November 2004		88,103		904		84.6	%		1		—		—		—		—		—		—		1		—		—		7,450		85
West Palm Beach II, FL	November 2004		93,915		913		95.7	%		1		—		—		—		—		—		—		1		—		—		10,750		114
Dania Beach, FL	November 2004		264,375		1,928		84.5	%		1		—		—		—		—		—		—		1		—		—		13,900		53
Gaithersburg, MD	January 2005		87,170		798		67.8	%		1		—		—		—		—		—		—		—		—		1		11,800		135
Ford Storage Portfolio	March 2005		257,656		1,642		81.9	%		5		—		—		—		—		—		—		—		5		—		15,500		60
A-1 Self Storage Portfolio (4)	March/May 2005		231,457		2,256		82.4	%		4		—		—		—		—		—		—		—		5		—		28,100		121
Frisco I, TX	April 2005		51,079		447		78.0	%		1		—		1		—		—		—		—		—		—		—		5,700		112
Frisco II, TX	April 2005		71,539		514		82.4	%		1		—		1		—		—		—		—		—		—		—		4,200		59
Ocoee, FL	April 2005		76,258		665		93.9	%		1		—		—		—		—		—		—		1		—		—		4,950		65
Winthrop, NJ	May 2005		48,864		405		89.1	%		1		—		—		—		—		—		—		—		—		—		6,415		131
Extra Closet Facilities	May 2005		99,178		750		78.6	%		2		—		—		2		—		—		—		—		—		—		6,800		69
Tempe, AZ	July 2005		53,525		408		84.5	%		1		—		—		—		1		—		—		—		—		—		2,900		54
Clifton, NJ	July 2005		105,625		1,014		78.9	%		1		—		—		—		—		—		—		—		1		—		16,800		159
Elizabeth, NJ	August 2005		40,202		686		54.3	%		1		—		—		—		—		—		—		—		1		—		5,300		132
Hoboken, NJ	August 2005		34,681		750		86.7	%		1		—		—		—		—		—		—		—		1		—		2,900		84
Colorado Portfolio	September 2005		321,734		2,931		82.6	%		7		—		—		—		—		7		—		—		—		—		19,600		61
Miami VI, FL (5)	September 2005		152,075		1,504		76.8	%		1		—		—		—		—		—		—		1		—		—		17,700		116
Pensacola, FL	September 2005		79,455		701		97.0	%		1		—		—		—		—		—		—		1		—		—		7,900		99
Texas Portfolio (6)	Sept. 2005/Nov. 2005		302,889		2,566		57.5	%		5		—		5		—		—		—		—		—		—		—		21,000		69
Dallas, TX Portfolio (7)	Oct. 2005/Jan. 2006		455,380		3,589		85.3	%		8		—		8		—		—		—		—		—		—		—		29,400		65
Jacksonville, FL	November 2005		79,366		761		14.9	%		1		—		—		—		—		—		—		1		—		—		7,200		91
California Portfolio	December 2005		447,905		4,101		73.4	%		6		6		—		—		—		—		—		—		—		—		57,000		127
Fredericksburg, VA	December 2005		131,368		1,091		71.6	%		2		—		—		—		—		—		—		—		—		2		13,300		101
Nashville, TN Portfolio (8)	Dec. 2005/Jan. 2006		472,927		3,239		74.5	%		5		—		—		—		—		—		—		—		—		5		27,850		59
U-Stor Self-Storage Portfolio (9)	February 2006		172,900		1,259		78.5	%		3		—		—		—		—		3		—		—		—		—		10,900		63
Option Facilities:
San Bernardino VII, CA	January 2005		83,756		636		73.5	%		1		1		—		—		—		—		—		—		—		—		7,300		87
Orlando II, FL	March 2005		92,944		788		87.2	%		1		—		—		—		—		—		—		1		—		—		6,800		73
Boynton Beach II, FL	March 2005		62,276		609		91.0	%		1		—		—		—		—		—		—		1		—		—		5,000		80
Total Completed Acquisitions			13,411,260		116,732		78.2	%		216		33		31		26		22		15		15		13		17		45	$	967,815	$	72

(1)	Represents occupied square feet divided by total rentable square feet, as of December 31, 2005.
(2)	Two of the initial 71 facilities purchased were consolidated into one facility.
(3)	Information excludes the four facilities that were subsequently sold.
(4)	The acquisition of four of the facilities from A-1 Self Storage was completed in March 2005, and the final facility was acquired in May 2005.Two of initial five purchased facilities have been consolidated into one facility.
(5)	This facility represents a consolidation of two facilities.
(6)	The acquisition of four of the facilities was completed in September 2005, and the acquisition of one facility was completed in November 2005. The acquisition of four additional facilities is expected to close on March 1, 2005 and the acquisition of the final three facilities is expected to close within the first half of 2006.
(7)	The acquisition of six of the facilities was completed in October 2005. The acquisition of the final two facilities was completed in January 2006.
(8)	The acquisition of three of the facilities was completed in December 2005. The acquisition of the final two facilities was completed in January 2006.
(9)	The acquisition of the final facility is expected to be completed within the first half of 2006.
(10)	New York Metro region includes facilities in New York, New Jersey and Connecticut.

17

Rising Tide Development (at December 31, 2005)

								Cost Basis /		Rising Tide
			Rentable					Purchase Price		Acquisition Date /
Option Facility Location	Units		Square Feet		Occupancy (1)			to Rising Tide		Opening Date (2)
Facilities in Service:
Tampa III, FL		812		83,788		74.2	%	$	5,489,759		3/2003
Medford, MA		670		59,155		65.2	%		5,853,653		5/2003
Escondido, CA		609		143,465		66.6	%		10,732,601		10/2003
Jacksonville I, FL		728		65,429		81.4	%		4,849,520		10/2003
Jacksonville II, FL		766		82,196		63.5	%		5,755,024		3/2004
Jacksonville III, FL		719		70,000		81.0	%		5,201,808		10/2004
Royal Palm Beach II, FL		813		81,510		66.3	%		7,964,472		11/2004
Fort Lauderdale II, FL		652		65,510		66.0	%		7,562,276		11/2004
Kendall, FL		722		73,785		68.1	%		7,871,582		11/2004
Strongsville, OH		446		46,194		43.5	%		1,278,137		1/2005
Temecula III, CA		737		84,290		24.8	%		5,443,757		4/2005
Riverside IV, CA		479		74,440		22.0	%		4,120,000		5/2005
Suwanee, GA		634		79,700		24.9	%		4,595,866		8/2005
Subtotal/Weighted Average — Placed into Service		8,787		1,009,462		57.8	%	$	76,718,456
Under Development:
Jacksonville IV, FL		—		82,500					6,837,500		3/2006
Sarasota II, FL		—		80,000					6,100,000		10/2006
Subtotal — Under Development				162,500					12,937,500
Total		8,787		1,171,962		57.8	%	$	89,655,956

(1)	Represents occupied square feet divided by total rentable square feet, as of December 31, 2005.
(2)	Represents either the date of acquisition by Rising Tide Development, if the facility is already placed in service, or the projected opening date, if the facility is under development.

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