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

Exhibit 99.2

U-STORE-IT
We’re the Self Storage Professionals

Supplemental Operating and Financial Data
June 30, 2006

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

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U-STORE-IT
We’re the Self Storage Professionals

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.

 
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U-STORE-IT
We’re the Self Storage Professionals

Table of Contents

Company Background	Page
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

 
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U-STORE-IT
We’re the Self Storage Professionals

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 June 30, 2006, U-Store-It owned 383 properties in 27 states, aggregating approximately 24.2 million rentable square feet.

Second Quarter 2006

Financial Highlights

	Three Months Ended June 30,
	2006			2005
(Dollars in thousands, except share data)
Net income (loss)	$	(30	)	$	2,204
EPS	$	0.00		$	0.06
FFO	$	14,110		$	10,554
FFO per share	$	0.25		$	0.28
In place annual rent per square foot	$	12.35		$	11.62
Percentage of floating rate debt		11.4	%		20.0	%
Debt to gross assets		44.9	%		48.0	%
Debt to market capitalization		39.7	%		39.8	%
Weighted average interest rate on total debt		5.806	%		5.786	%

 
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U-STORE-IT
We’re the Self Storage Professionals

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 / 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
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.

 
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U-STORE-IT
We’re the Self Storage Professionals

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):

	Q2 2006			Q1 2006			Q4 2005			Q3 2005
High Price	$	19.75		$	22.28		$	21.93		$	22.13
Low Price	$	16.05		$	19.94		$	19.04		$	18.82
Quarter-End Closing Price	$	18.86		$	20.15		$	21.05		$	20.27
Regular Dividends per share – annualized	$	1.16		$	1.16		$	1.16		$	1.12
Annualized Regular Dividend Yield — on Quarter-End Closing Price		6.2	%		5.8	%		5.5	%		5.5	%
( in thousands )
Total Common Shares at Quarter-End		57,207			57,175			57,010			37,345
Total OP Units at Quarter-End		5,199			5,199			5,199			5,199
Total Combined Units at Quarter-End		62,406			62,374			62,209			42,544
Market Value of Common Equity at Quarter-End	$	1,176,965		$	1,256,836		$	1,309,499		$	862,367

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U-STORE-IT
We’re the Self Storage Professionals

Capitalization

	Interest Rate			June 30, 2006
(Dollars, shares and units in thousands)
Fixed Rate Debt:
Notes and Mortgages Payable:
loans due November 2006		8.160	%	$	64,478
loans due November 2006		7.130	%		38,735
loans due November 2009		5.085	%		89,105
loans due May 2010		5.190	%		89,120
loans due January 2011		5.325	%		89,140
loans due August 2012		5.130	%		80,000
loans due September 2012		4.960	%		80,000
loans due November 2015		5.970	%		71,711
other loans payable with maturity dates ranging from November 2007 through January 2015		5.000%-6.490	%		80,539
other notes		5.970	%		146
Fixed rate debt subtotal		5.707	%		682,974
Fair market value adjustment on loans, net					2,449
					685,423
Variable Rate Debt:
Lines of Credit		6.572	%		88,000
Total Debt		5.806	%		$  773,423
	Shares & Units
	Outstanding			Market Value (1)
Common Stock		57,207		$	1,078,924
OP Units		5,199			98,053
Total Common Equity		62,406		$	1,176,977
Total Market Capitalization				$	1,950,400

(1) Value based on the U-Store-It’s closing price of $18.86 on June 30, 2006.

 
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U-STORE-IT
We’re the Self Storage Professionals

Properties by State – Total REIT (1)

					Total		% of Total
	Number of		Number of		Rentable		Rentable			Occupancy
Facility Location	Facilities		Units		Square Feet		Square Feet			(2)
California		58		34,033		3,855,389		15.9	%		77.1	%
Florida		52		34,506		3,759,740		15.5	%		86.9	%
Texas		36		16,970		2,143,378		8.8	%		80.0	%
Tennessee		24		12,543		1,689,183		7.0	%		83.4	%
Ohio		30		13,009		1,687,367		7.0	%		82.0	%
Illinois		27		14,157		1,616,430		6.7	%		77.0	%
Arizona		26		12,772		1,384,279		5.7	%		87.8	%
Colorado		19		10,126		1,145,692		4.7	%		85.2	%
New Jersey		14		9,697		940,657		3.9	%		82.1	%
Connecticut		17		7,373		873,860		3.6	%		79.4	%
Indiana		9		5,419		606,599		2.5	%		75.6	%
North Carolina		8		4,743		555,779		2.3	%		88.7	%
Maryland		5		4,097		505,808		2.1	%		81.6	%
New Mexico		11		4,214		459,808		1.9	%		92.7	%
Georgia		5		3,635		431,387		1.8	%		73.4	%
Mississippi		6		2,743		347,608		1.4	%		89.9	%
New York		6		3,195		335,300		1.4	%		82.0	%
Louisiana		6		2,329		334,324		1.4	%		96.5	%
Michigan		4		1,787		272,911		1.1	%		80.6	%
Utah		5		2,376		244,948		1.0	%		86.8	%
Alabama		3		1,655		234,631		1.0	%		84.3	%
South Carolina		3		1,281		214,113		0.9	%		75.5	%
Pennsylvania		2		1,585		177,411		0.7	%		87.7	%
Virginia		2		1,091		131,368		0.5	%		62.7	%
Massachusetts		2		1,134		115,541		0.5	%		72.9	%
Nevada		2		815		98,585		0.4	%		78.4	%
Wisconsin		1		489		58,713		0.2	%		72.1	%
Total/Weighted Average		383		207,774		24,220,809		100.0	%		82.2	%

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

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U-STORE-IT
We’re the Self Storage Professionals

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	%		88.4	%
Illinois		25		13,407		1,517,252		11.8	%		77.1	%
California		25		11,434		1,353,227		10.5	%		78.3	%
Ohio		19		8,908		1,121,327		8.7	%		82.9	%
New Jersey		11		7,247		760,149		5.9	%		82.2	%
Indiana		9		5,419		606,599		4.7	%		75.6	%
North Carolina		8		4,743		555,779		4.3	%		88.7	%
Georgia		5		3,635		431,387		3.3	%		73.4	%
Maryland		4		3,299		418,638		3.2	%		83.7	%
Connecticut		8		3,877		415,090		3.2	%		74.5	%
Tennessee		7		3,070		374,271		2.9	%		92.1	%
Louisiana		6		2,329		334,324		2.6	%		96.5	%
Mississippi		5		2,361		301,619		2.3	%		93.2	%
Michigan		4		1,787		272,911		2.1	%		80.6	%
Arizona		4		2,223		242,030		1.9	%		94.1	%
Alabama		3		1,655		234,631		1.8	%		84.3	%
South Carolina		3		1,281		214,113		1.7	%		75.5	%
Pennsylvania		2		1,585		177,411		1.4	%		87.7	%
New York		2		1,563		168,444		1.3	%		73.1	%
Massachusetts		2		1,134		115,541		0.9	%		72.9	%
Wisconsin		1		489		58,713		0.5	%		72.1	%
Total/Weighted Average		199		110,924		12,890,822		100.0	%		83.1	%

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

 
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U-STORE-IT
We’re the Self Storage Professionals

Properties by Region

Same Store

										Q2 2006								Q2 2005
					Total		% of Total
	Number		Number		Rentable		Rentable			Net Rent		Average			Average			Average
	of		of		Square		Square			per Square		Physical			Economic			Physical
Division	Facilities		Units		Feet		Feet			Foot*		Occupancy			Occupancy			Occupancy
North East (1)		94		51,785		6,006,346		46.5	%	$	10.92		78.7	%		66.2	%		79.4	%
South Central (2)		14		6,345		870,574		6.8	%		6.29		91.9	%		79.7	%		78.8	%
Southern (3)		62		39,137		4,418,645		34.3	%		11.00		86.3	%		75.1	%		87.1	%
Western (4)		29		13,657		1,595,257		12.4	%		10.63		80.1	%		70.9	%		84.2	%
Total		199		110,924		12,890,822		100.0	%	$	10.56		82.4	%		70.4	%		82.6	%

States Included:

(1) CT, IL, IN, MA, MD, MI, NJ, NY, OH, PA, TN, WI
(2) AL, LA, MS
(3) FL, GA, NC, SC
(4) AZ, CA

 
Total Portfolio

										Q2 2006
					Total		% of Total
	Number		Number		Rentable		Rentable			Net Rent		Average			Average
	of		of		Square		Square			per Square		Physical			Economic
Division	Facilities		Units		Feet		Feet			Foot*		Occupancy			Occupancy
North East (1)		143		75,576		9,011,148		37.2	%	$	10.27		78.8	%		66.5	%
South Central (2)		44		20,792		2,669,665		11.0	%		7.13		82.8	%		69.3	%
Southern (3)		68		44,165		4,961,019		20.5	%		11.04		85.4	%		74.2	%
Western (4)		128		67,241		7,578,977		31.3	%		9.93		80.9	%		72.1	%
Total		383		207,774		24,220,809		100.0	%	$	9.99		81.2	%		70.1	%

States Included:

(1) CT, IL, IN, MA, MD, MI, NJ, NY, OH, PA, TN, VA, WI
(2) AL, LA, MS, TX
(3) FL, GA, NC, SC
(4) AZ, CA, CO, NM, NV, TX, UT

* Includes the effect of the $750 non-cash adjustment to revenue in the second quarter of 2006.

 
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											Number of Facilities by State
											Top Targeted Markets
		Total				June 30,			Total
		Rentable				2006			Number																NY					Purchase
	Acquisition	Square		Number		Occupancy			of																Metro			Other		Price
Facility/Portfolio	Closing Date	Feet		of Units			(1	)	Facilities		CA		TX		IL		AZ		CO		OH		FL			(10	)	States			(‘000s	)	Price PSF
Metro Storage Portfolio	October 2004		2,600,958		22,901		76.70	%		42		—		—		24		—		—		4		4		—			10	$	184,000		$	71
National Self Storage Portfolio (2)	July 2005		3,742,582		32,939		85.80	%		70		11		15		—		16		5		—		—		—			23		212,000			57
Liberty Self-Stor Portfolio (3)	April 2005		702,553		5,331		82.30	%		14		—		—		—		—		—		11		3		—			—		27,200			38
Sure Save Portfolio	February 2006		1,816,754		16,040		75.00	%		24		15		1		—		5		—		—		—		—			3		164,500			91
Individual Facility and Small Portfolio Acquisitions:
California, MD	November 2004		67,528		722		91.40	%		1		—		—		—		—		—		—		—		—			1		5,700			84
Bradenton II, FL	November 2004		88,103		904		88.80	%		1		—		—		—		—		—		—		1		—			—		7,450			85
West Palm Beach II, FL	November 2004		93,915		913		94.80	%		1		—		—		—		—		—		—		1		—			—		10,750			114
Dania Beach, FL	November 2004		264,375		1,928		86.00	%		1		—		—		—		—		—		—		1		—			—		13,900			53
Gaithersburg, MD	January 2005		87,170		798		71.70	%		1		—		—		—		—		—		—		—		—			1		11,800			135
Ford Storage Portfolio	March 2005		257,656		1,642		84.30	%		5		—		—		—		—		—		5		—		—			—		15,500			60
A-1 Self Storage Portfolio (4)	March/May 2005		231,457		2,256		84.10	%		5		—		—		—		—		—		—		—		5			—		28,100			121
Frisco I, TX	April 2005		51,079		447		88.40	%		1		—		1		—		—		—		—		—		—			—		5,700			112
Frisco II, TX	April 2005		71,539		514		76.50	%		1		—		1		—		—		—		—		—		—			—		4,200			59
Ocoee, FL	April 2005		76,258		665		94.10	%		1		—		—		—		—		—		—		1		—			—		4,950			65
Extra Closet Facilities	May 2005		99,178		750		75.90	%		2		—		—		2		—		—		—		—		—			—		6,800			69
Tempe, AZ	July 2005		53,525		408		94.70	%		1		—		—		—		1		—		—		—		—			—		2,900			54
Clifton, NJ	July 2005		105,625		1,014		87.00	%		1		—		—		—		—		—		—		—		1			—		16,800			159
Elizabeth, NJ	August 2005		40,202		686		60.90	%		1		—		—		—		—		—		—		—		1			—		5,300			132
Hoboken, NJ	August 2005		34,681		750		90.80	%		1		—		—		—		—		—		—		—		1			—		2,900			84
Colorado Portfolio	September 2005		321,734		2,931		85.40	%		7		—		—		—		—		7		—		—		—			—		19,600			61
Miami VI, FL (5)	September 2005		152,075		1,504		70.90	%		1		—		—		—		—		—		—		1		—			—		17,700			116
Pensacola, FL	September 2005		79,455		701		93.30	%		1		—		—		—		—		—		—		1		—			—		7,900			99
Texas Portfolio (6)	Sept./Nov. 2005		302,889		2,566		65.00	%		5		—		5		—		—		—		—		—		—			—		21,000			69
Dallas, TX Portfolio (7)	Oct. 2005/Jan. 2006		455,380		3,575		89.40	%		8		—		8		—		—		—		—		—		—			—		29,400			65
Jacksonville, FL	November 2005		79,366		761		37.40	%		1		—		—		—		—		—		—		1		—			—		7,200			91
California Portfolio	December 2005		447,905		4,101		73.10	%		6		6		—		—		—		—		—		—		—			—		57,000			127
Fredericksburg, VA	December 2005		131,368		1,091		62.70	%		2		—		—		—		—		—		—		—		—			2		13,300			101
Nashville, TN Portfolio (8)	Dec. 2005/Jan. 2006		472,927		3,197		77.10	%		5		—		—		—		—		—		—		—		—			5		27,850			59
U-Stor Self-Storage Portfolio (9)	February 2006		172,900		1,259		80.30	%		3		—		—		—		—		3		—		—		—			—		10,900			63
Texas Portfolio (6)	March 2006/June 2006		344,219		2,828		71.00	%		5		—		5		—		—		—		—		—		—			—		29,100			85
Nickey Mini Storage Portfolio	April 2006		388,168		2,567		84.30	%		4		—		—		—		—		—		—		—		—			4		13,600			35
SecurCare Self Storage Portfolio	May 2006		326,377		3,114		92.10	%		4		—		—		—		—		4		—		—		—			—		35,700			109
Option Facilities:
San Bernardino VII, CA	January 2005		83,756		636		81.70	%		1		1		—		—		—		—		—		—		—			—		7,300			87
Orlando II, FL	March 2005		92,944		788		93.90	%		1		—		—		—		—		—		—		1		—			—		6,800			73
Boynton Beach II, FL	March 2005		62,276		609		86.90	%		1		—		—		—		—		—		—		1		—			—		5,000			80
Total Completed Acquisitions			14,398,877		123,836		80.60	%		229		33		36		26		22		19		20		16		8			49	$	1,039,800		$	72

(1) Represents occupied square feet divided by total rentable square feet, as of June 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 and the acquisition of one facility was completed in June 2006. The remaining facilities are expected to close in the second 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 was completed in August 2006.

(10) New York Metro region includes facilities in New York, New Jersey and Connecticut.

 
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