U-Store-It Trust (YSI)

Item 2.01 Completion of Acquisition or Disposition of Assets.

On July 26, 2005, U-Store-It, L.P. (the “Operating Partnership”), of which U-Store-It Trust (the “Company”) is the sole general partner, completed the acquisition of 66 self-storage facilities, four office parks and a mobile home park from various partnerships and other entities affiliated with National Self Storage and The Schomac Group, Inc. for an aggregate purchase price of approximately $212.0 million (the “National Self Storage Acquisition”). The Operating Partnership acquired five of the properties on July 15, 2005 for approximately $11.3 million, 42 of the properties on July 20, 2005 for approximately $150.3 million and 24 of the properties on July 26, 2005 for approximately $50.4 million. The self-storage facilities, which are located in Arizona, California, Colorado, New Mexico, Tennessee, Texas and Utah, contain an aggregate of approximately 3.4 million rentable square feet. The four office parks acquired by the Operating Partnership contain an aggregate of approximately 0.2 million rentable square feet. The purchase price was comprised of:

The cash amount that the Operating Partnership paid was funded with the proceeds from an $80 million mortgage loan that YSI VI LLC, an indirect subsidiary of the Company, borrowed on July 19, 2005 under a fixed rate mortgage loan agreement with Lehman Brothers Bank, FSB as the lender (the “Loan Agreement”).

The foregoing summary of the National Self Storage Acquisition is qualified in its entirety by the full terms and conditions of the Purchase and Sale Agreement, dated as of March 1, 2005, by and among the Operating Partnership and the sellers listed on Schedule 1 thereto, a copy of which was filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed on March 4, 2005.

For a description of the terms of the Loan Agreement, please see the Company’s Current Report on Form 8-K filed on July 25, 2005.