CLEVELAND, OH–(EMWNews – August 6, 2008) – U-Store-It Trust (NYSE: YSI), a

self-administered and self-managed real estate investment trust focused on

self-storage facilities, announced that its Board of Trustees declared a

quarterly dividend of $0.18 per common share for the period ending

September 30, 2008. The dividend is payable on October 22, 2008 to common

shareholders of record on October 7, 2008.

About U-Store-It Trust

U-Store-It Trust is a self-administered and self-managed real estate

investment trust. The Company’s self-storage facilities are designed to

offer affordable, easily-accessible and secure storage space for

residential and commercial customers. According to the Self-Storage

Almanac, U-Store-It Trust is one of the top five owners and operators of

self-storage facilities in the United States.

Non-GAAP Performance Measurements

FFO is a widely used performance measure for real estate companies and is

provided here as a supplemental measure of operating performance. The

Company calculates FFO in accordance with the best practices described in

the April 2002 National Policy Bulletin of the National Association of Real

Estate Investment Trusts (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.

Management uses FFO as a key performance indicator in evaluating the

operations of the Company’s facilities. Given the nature of its business as

a real estate owner and operator, the Company considers FFO a key measure

of its operating performance that is not specifically defined by accounting

principles generally accepted in the United States. The Company believes

that FFO is useful to management and investors as a starting point in

measuring its operational performance because it excludes various items

included in net income that do not relate to or are not indicative of its

operating performance such as gains (or losses) from sales of property and

depreciation, 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 the

Company’s financial performance, is not an alternative to cash flow from

operating activities (determined in accordance with GAAP) as a measure of

the Company’s liquidity, and is not indicative of funds available to fund

the Company’s cash needs, including its ability to make distributions.

We define net operating income, which we refer to as “NOI,” as total

continuing revenues less continuing property operating expenses. NOI also

can be calculated by adding back to net income: interest expense, loan

procurement amortization expense, early extinguishment of debt, minority

interest, loss on sale of storage facilities, depreciation and general and

administrative, and deducting from net income: income from discontinued

operations, gains on sale of self-storage facilities, and interest income.

NOI is not a measure of performance calculated in accordance with GAAP.

Management uses NOI as a measure of operating performance at each of our

facilities, and for all of our facilities in the aggregate. NOI should not

be considered as a substitute for operating income, net income, cash flows

provided by operating, investing and financing activities, or other income

statement or cash flow statement data prepared in accordance with GAAP.

Forward-Looking Statements

Certain statements in this release that are not historical fact may

constitute forward-looking statements within the meaning of the Section 27A

of the Securities Act of 1933 and Section 21E of the Securities Exchange

Act of 1934. Such statements are based on assumptions and expectations

that may not be realized and are inherently subject to risks, uncertainties

and other factors, many of which cannot be predicted with accuracy and some

of which might not even be anticipated. Although we believe the

expectations reflected in these forward-looking statements are based on

reasonable assumptions, future events and actual results, performance,

transactions or achievements, financial and otherwise, may differ

materially from the results, performance, transactions or achievements

expressed or implied by the forward-looking statements. Risk,

uncertainties and other factors that might cause such differences, some of

which could be material, include but are not limited to: national and 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, including the risk of

over-leverage and the corresponding risk of default on our mortgage and

other debt; increases in interest rates and operating costs; the Company’s

ability to maintain its status as a 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, which

discuss these and other risks and factors that could cause the Company’s

actual results to differ materially from any forward-looking statements.

We undertake no obligation to publicly update or revise these

forward-looking statements, whether as a result of new information, future

events or otherwise except as may be required by securities laws.

Contact: U-Store-It Trust Christopher Marr Chief Financial Officer (610) 293-5700