U-Store-It Trust Announces Tax Allocations of 2006 Dividend Distributions

CLEVELAND, OH -- (MARKET WIRE) -- January 16, 2007 -- U-Store-It Trust (NYSE: YSI), a self-administered and self-managed real estate investment trust focused primarily on self-storage facilities, announced today that the tax allocations of its 2006 dividend distributions for the Company's common shares of beneficial interest represent 35.75% ordinary income, .78% capital gain income and 63.47% return of capital. The 2006 distributions paid with respect to U-Store-It common stock (CUSIP #91274f104 and traded under ticker symbol YSI) are as follows:

                           Total
  Record      Payable   Distribution   Ordinary     Capital    Non-Taxable
   Date        Date      per share     Dividend      Gain     Distribution

  1/9/2006   1/23/2006  $       .29  $   .103675  $   .002255  $  .184070
 4/10/2006   4/24/2006  $       .29  $   .103675  $   .002255  $  .184070
 7/10/2006   7/24/2006  $       .29  $   .103675  $   .002255  $  .184070
10/10/2006  10/24/2006  $       .29  $   .103675  $   .002255  $  .184070
                        -----------  -----------  -----------  ----------
                        $      1.16  $   .414700  $   .009020  $  .736280

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. According to the Self-Storage Almanac, U-Store-It Trust is the sixth largest owner and operator of self-storage facilities in the United States.

Forward-Looking Statements

Certain statements in this release that are not historical fact may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results of the Company to differ materially from historical results or from any results expressed or implied by such forward-looking statements, including without limitation: 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; 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.

Contact Information: Contact: U-Store-It Trust Christopher Marr Chief Financial Officer (440) 234-0700