CubeSmart (CUBE) 8-K U-Store-It Trust Announces Third Quarter 2006 Financial Results

Exhibit 99.2

Supplemental Operating and Financial Data

September 30,2006

6745 Engle Road, Suite 300
Middleburg Heights, Ohio 44130
Tel: (440) 234-0700
Fax: (440) 234-8776
www.u-store-it.com

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.

1

Table of Contents

	Page
Company Background
About the Company		3
Financial Highlights		3
Research Coverage		4
Common Stock Data		5
Capitalization		6
Property Information
Properties by State – Total REIT		7
Properties by State – Same-Store Portfolio		8
Properties by Region – Same-Store and Total Portfolio		9
Acquisitions Since IPO		10

2

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 September 30, 2006, U-Store-It owned 399 properties in 27 states, aggregating approximately 25.4 million rentable square feet.

Third Quarter 2006

Financial Highlights

	Three Months Ended September 30,
(dollars in thousands, except share data)	2006			2005
Net income (loss)	$	(1,944	)	$	1,665
EPS	$	(0.03	)	$	0.04
AFFO	$	15,329		$	11,555
AFFO per share	$	0.27		$	0.31
FFO	$	12,950		$	11,555
FFO per share	$	0.23		$	0.31
In place annual rent per square foot	$	12.23		$	10.67
Realized annual rent per square foot	$	10.26		$	9.56
Percentage of floating rate debt		19.7	%		14.6	%
Debt to gross assets		49.0	%		57.4	%
Debt to market capitalization		39.2	%		49.5	%
Weighted average interest rate on total debt		5.897	%		5.786	%

3

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
Citigroup

(212) 816-0231

Jeffrey J. Donnelly
Wachovia Securities

(617) 603-4262

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
Stefel, Nicolas and Company

(410) 454-4131 / (410) 454-5873

Paul Adornato
Harris Nesbitt

(212) 885-4170

Christopher Pike
Merrill Lynch

(212) 449-1153

(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.

4

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):

	Q3 2006			Q2 2006			Q1 2006			Q4 2005
High Price	$	21.94		$	19.75		$	22.28		$	21.93
Low Price	$	18.51		$	16.05		$	19.94		$	19.04
Quarter-End Closing Price	$	21.46		$	18.86		$	20.15		$	21.05
Regular Dividends per share — annualized	$	1.16		$	1.16		$	1.16		$	1.16
Annualized Regular Dividend Yield — on Quarter-End Closing Price		5.4	%		6.2	%		5.8	%		5.5	%
(in thousands)
Total Common Shares at Quarter-End		57,295			57,207			57,175			57,010
Total OP Units at Quarter-End		5,199			5,199			5,199			5,199
Total Combined Units at Quarter-End		62,494			62,406			62,374			62,209
Market Value of Common Equity at Quarter-End	$	1,341,121		$	1,176,965		$	1,256,836		$	1,309,499

5

Capitalization

(Dollars, shares and units in thousands)	Interest Rate			September 30, 2006
Fixed Rate Debt:
Notes and Mortgages Payable:
loans due December 2006		8.160	%	$	64,177
loans due November 2006		7.130	%		38,539
loans due November 2009		5.085	%		88,727
loans due May 2010		5.190	%		88,779
loans due January 2011		5.325	%		88,750
loans due August 2012		5.130	%		80,000
loans due September 2012		4.960	%		80,000
loans due November 2015		5.970	%		71,383
other loans payable with maturity dates ranging from November 2007 through November 2015 effective interest rates ranging from 5.00% to 6.50%, reflecting 24 mortgage loans		5.47%—8.96	%		91,614
other notes		5.970	%		138
Fixed rate debt subtotal		5.716	%		692,107
Fair market value adjustment on loans, net					1,587
					693,694
Variable Rate Debt:
Line of Credit		6.632	%		170,500
Total Debt		5.897	%	$	864,194

	Shares & Units
	Outstanding		Market Value (1)(2)
Common Stock		57,295	$	1,229,550
OP Units		5,199		111,571
Total Common Equity		62,494	$	1,341,121
Total Market Capitalization			$	2,205,315

(1)	Loans were paid off in November 2006.
(2)	Value based on U-Store-It’s closing price of $21.46 on September 29, 2006.

6

Properties by State — Total REIT (1)

					Total		% of Total
	Number of		Number		Rentable		Rentable			Occupancy
Facility Location	Facilities		of Units		Square Feet		Square Feet			(2)
California		58		34,033		3,855,389		15.2	%		74.3	%
Florida		55		36,071		3,975,581		15.6	%		84.1	%
Texas		42		20,405		2,603,414		10.2	%		77.0	%
Ohio		34		15,770		2,006,872		7.9	%		78.9	%
Illinois		27		14,157		1,616,430		6.4	%		75.4	%
Arizona		26		12,772		1,384,279		5.4	%		85.4	%
Tennessee		24		12,543		1,689,183		6.6	%		83.4	%
Colorado		20		10,561		1,208,292		4.8	%		82.3	%
Connecticut		17		7,373		873,860		3.4	%		77.4	%
New Jersey		15		10,295		1,011,407		4.0	%		78.5	%
New Mexico		11		4,214		459,808		1.8	%		90.1	%
Indiana		9		5,419		606,599		2.4	%		77.1	%
North Carolina		8		4,743		555,779		2.2	%		86.4	%
Georgia		6		4,276		515,252		2.0	%		72.4	%
Mississippi		6		2,743		350,260		1.4	%		92.3	%
New York		6		3,195		335,300		1.3	%		81.9	%
Louisiana		6		2,329		334,324		1.3	%		93.7	%
Maryland		5		4,097		505,808		2.0	%		82.4	%
Utah		5		2,376		244,948		1.0	%		86.6	%
Michigan		4		1,787		272,911		1.1	%		77.5	%
Alabama		3		1,655		234,631		0.9	%		81.0	%
South Carolina		3		1,281		214,113		0.8	%		77.7	%
Pennsylvania		2		1,585		177,411		0.7	%		84.5	%
Virginia		2		1,091		131,368		0.5	%		58.0	%
Massachusetts		2		1,134		115,541		0.5	%		71.7	%
Nevada		2		815		98,585		0.4	%		70.5	%
Wisconsin		1		489		58,713		0.2	%		78.0	%
Total/Weighted Average		399		217,209		25,436,058		100.0	%		80.0	%

(1)	Includes properties owned as of September 30, 2006.
(2)	Represents total occupied square feet divided by total rentable square feet, as of September 30, 2006.

7

Properties by State — Same-Store Portfolio (1)

					Total		% of Total
	Number of		Number of		Rentable		Rentable			Occupancy
Facility Location	Facilities		Units		Square Feet		Square Feet			(2)
Florida		46		29,478		3,217,366		25.0	%		85.2	%
Illinois		25		13,407		1,517,252		11.8	%		75.5	%
California		25		11,434		1,353,227		10.5	%		74.6	%
Ohio		19		8,908		1,121,327		8.7	%		80.3	%
New Jersey		11		7,247		760,149		5.9	%		79.5	%
Indiana		9		5,419		606,599		4.7	%		77.1	%
North Carolina		8		4,743		555,779		4.3	%		86.4	%
Georgia		5		3,635		431,387		3.3	%		72.0	%
Maryland		4		3,299		418,638		3.2	%		84.4	%
Connecticut		8		3,877		415,090		3.2	%		72.5	%
Tennessee		7		3,070		374,271		2.9	%		91.2	%
Louisiana		6		2,329		334,324		2.6	%		93.7	%
Mississippi		5		2,361		301,619		2.3	%		94.3	%
Michigan		4		1,787		272,911		2.1	%		77.5	%
Arizona		4		2,223		242,030		1.9	%		91.0	%
Alabama		3		1,655		234,631		1.8	%		81.0	%
South Carolina		3		1,281		214,113		1.7	%		77.7	%
Pennsylvania		2		1,585		177,411		1.4	%		84.5	%
New York		2		1,563		168,444		1.3	%		75.2	%
Massachusetts		2		1,134		115,541		0.9	%		71.7	%
Wisconsin		1		489		58,713		0.5	%		78.0	%
Total/Weighted Average		199		110,924		12,890,822		100.0	%		81.0	%

(1)	Includes properties owned as of September 30, 2006.
(2)	Represents total occupied square feet divided by total rentable square feet, as of September 30, 2006.

8

Properties by Region

Same-Store
											Q3 2006								Q3 2005
						Total		% of Total					Average			Average			Average
		Number of		Number		Rentable		Rentable			Net Rent per		Physical			Economic			Physical
Division	States Included	Facilities		of Units		Square Feet		Square Feet			Square Foot		Occupancy			Occupancy			Occupancy
	CT, IL, IN, MA, MD,
	MI, NJ, NY, OH, PA,
North East	TN, WI		94		51,785		6,006,346		46.6	%	$	11.28		79.7	%		66.7	%		80.7	%
South Central	AL, LA, MS		14		6,345		870,574		6.8	%	$	6.94		91.5	%		80.1	%		83.5	%
Southern	FL, GA, NC, SC		62		39,137		4,418,645		34.3	%	$	11.33		84.7	%		72.1	%		87.7	%
Western	AZ, CA		29		13,657		1,595,257		12.4	%	$	11.02		78.3	%		65.9	%		84.5	%
Total			199		110,924		12,890,822		100.0	%	$	10.97		82.0	%		69.3	%		83.8	%

Total Portfolio
											Q3 2006
						Total		% of Total					Average			Average
		Number of		Number		Rentable		Rentable			Net Rent per		Physical			Economic
Division	States Included	Facilities		of Units		Square Feet		Square Feet			Square Foot		Occupancy			Occupancy
	CT, IL, IN, MA, MD,
	MI, NJ, NY, OH, PA,
North East	TN, VA, WI		148		78,935		9,401,403		37.0	%	$	10.56		79.7	%		66.4	%
South Central	AL, LA, MS, TX		50		24,227		3,132,353		12.3	%	$	7.90		82.5	%		72.2	%
Southern	FL, GA, NC, SC		72		46,371		5,260,725		20.7	%	$	11.17		83.9	%		70.7	%
Western	AZ, CA, CO, NM, NV,TX, UT		129		67,676		7,641,577		30.0	%	$	10.13		80.5	%		66.7	%
Total			399		217,209		25,436,058		100.0	%	$	10.26		81.1	%		68.1	%

9

Acquisitions Since IPO (Through September 30, 2006)

											Number of Facilities by State
											Top Targeted Markets
		Total							Total
	Acquisition	Rentable		Number					Number																NY				Purchase
	Closing	Square		of			September 30, 2006		of																Metro		Other		Price		Price
Facility/Portfolio	Date	Feet		Units		Occupancy(1)			Facilities		CA		TX		IL		AZ		CO		OH		FL		(9)		States		(’000s)		PSF
Metro Storage Portfolio	October 2004		2,600,958		22,901		75.81%			42		—		—		24		—		—		4		4		—		10	$	184,000	$	71
National Self Storage Portfolio (2)	July 2005		3,742,582		32,939		83.76%			70		11		15		—		16		5		—		—		—		23		212,000		57
Liberty Self-Stor Portfolio(3)	April 2005		702,553		5,331		81.22%			14		—		—		—		—		—		11		3		—		—		27,200		38
Sure Save Portfolio	February 2006		1,816,754		16,040		71.62%			24		15		1		—		5		—		—		—		—		3		164,500		91
Individual Facility and Small Portfolio Acquisitions:
California, MD	November 2004		67,528		722		87.30%			1		—		—		—		—		—		—		—		—		1		5,700		84
Bradenton II, FL	November 2004		88,103		904		86.60%			1		—		—		—		—		—		—		1		—		—		7,450		85
West Palm Beach II, FL	November 2004		93,915		913		94.40%			1		—		—		—		—		—		—		1		—		—		10,750		114
Dania Beach, FL	November 2004		264,375		1,928		84.00%			1		—		—		—		—		—		—		1		—		—		13,900		53
Gaithersburg, MD	January 2005		87,170		798		72.80%			1		—		—		—		—		—		—		—		—		1		11,800		135
Ford Storage Portfolio	March 2005		257,656		1,642		81.00%			5		—		—		—		—		—		5		—		—		—		15,500		60
A-1 Self Storage Portfolio (4)	March/May 2005		231,457		2,256		83.51%			5		—		—		—		—		—		—		—		5		—		28,100		121
Frisco I, TX	April 2005		51,079		447		95.60%			1		—		1		—		—		—		—		—		—		—		5,700		112
Frisco II, TX	April 2005		71,539		514		74.30%			1		—		1		—		—		—		—		—		—		—		4,200		59
Ocoee, FL	April 2005		76,258		665		83.70%			1		—		—		—		—		—		—		1		—		—		4,950		65
Extra Closet Facilities	May 2005		99,178		750		73.75%			2		—		—		2		—		—		—		—		—		—		6,800		69
Tempe, AZ	July 2005		53,525		408		93.90%			1		—		—		—		1		—		—		—		—		—		2,900		54
Clifton, NJ	July 2005		105,625		1,014		86.70%			1		—		—		—		—		—		—		—		1		—		16,800		159
Elizabeth, NJ	August 2005		40,202		686		58.00%			1		—		—		—		—		—		—		—		1		—		5,300		132
Hoboken, NJ	August 2005		34,681		750		85.00%			1		—		—		—		—		—		—		—		1		—		2,900		84
Colorado Portfolio	September 2005		321,734		2,931		80.97%			7		—		—		—		—		7		—		—		—		—		19,600		61
Miami VI, FL (5)	September 2005		152,075		1,504		72.80%			1		—		—		—		—		—		—		1		—		—		17,700		116
Pensacola, FL	September 2005		79,455		701		95.00%			1		—		—		—		—		—		—		1		—		—		7,900		99
Texas Portfolio (6)	Sept./Nov. 2005		302,889		2,566		67.58%			5		—		5		—		—		—		—		—		—		—		21,000		69
Dallas, TX Portfolio (7)	Oct. 2005/Jan. 2006		455,380		3,575		88.65%			8		—		8		—		—		—		—		—		—		—		29,400		65
Jacksonville, FL	November 2005		79,366		761		42.80%			1		—		—		—		—		—		—		1		—		—		7,200		91
California Portfolio	December 2005		447,905		4,101		74.31%			6		6		—		—		—		—		—		—		—		—		57,000		127
Fredericksburg, VA	December 2005		131,368		1,091		58.02%			2		—		—		—		—		—		—		—		—		2		13,300		101
Nashville, TN Portfolio (8)	Dec. 2005/Jan. 2006		472,927		3,197		77.27%			5		—		—		—		—		—		—		—		—		5		27,850		59
U-Stor Self-Storage Portfolio	February 2006/August 2006		235,500		1,694		83.41%			4		—		—		—		—		4		—		—		—		—		14,300		61
Texas Portfolio (6)	March/June/Sept. 2006		486,399		3,988		62.68%			7		—		7		—		—		—		—		—		—		—		41,200		85
Nickey Mini Storage Portfolio	April 2006		388,168		2,567		83.57%			4		—		—		—		—		—		—		—		—		4		13,600		35
SecurCare Self Storage Portfolio	May 2006		326,377		3,114		86.47%			4		—		—		—		—		4		—		—		—		—		35,700		109
Jernigan Portfolio	July 2006		664,406		5,343		74.82%			9		—		3		—		—		—		4		—		1		1		45,300		68
Bailes Portfolio	August 2006		215,841		1,565		84.40%			3		—		—		—		—		—		—		3		—		—		15,600		72
In & Out Self Storage	August 2006		127,570		932		72.92%			1		—		1		—		—		—		—		—		—		—		7,600		59
Option Facilities:
San Bernardino VII, CA	January 2005		83,756		636		82.10%			1		1		—		—		—		—		—		—		—		—		7,300		87
Orlando II, FL	March 2005		92,944		788		91.40%			1		—		—		—		—		—		—		1		—		—		6,800		73
Boynton Beach II, FL	March 2005		62,276		609		85.00%			1		—		—		—		—		—		—		1		—		—		5,000		80
Total Completed Acquisitions			15,611,474		133,271			79.69%		245		33		42		26		22		20		24		19		9		50	$	1,123,800	$	72

(1)	Represents occupied square feet divided by total rentable square feet, as of September 30, 2006.
(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 the five 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 was closed in March 2006, the acquisition of one facility was completed in June 2006 and the acquisition of an additional facility was completed in September 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)	New York Metro region includes facilities in New York, New Jersey and Connecticut.

10