X0303 4 2011-01-21 0001298675 U-Store-It Trust YSI 0001284549 MARTIN TIMOTHY M 460 EAST SWEDESFORD ROAD SUITE 3000 WAYNE PA 19087 1 CFO Common 2011-01-23 4 F 0 5729.0000 9.3500 D 74011.0000 D Common 2011-01-24 4 A 0 18104.0000 0.0000 A 92115.0000 D Common 3376.0000 I By 401(k) Plan Phantom Shares 2011-01-21 4 A 0 98.0000 9.3500 A Common 98.0000 13125.0000 D Stock Option (right to buy) 9.3900 2011-01-24 4 A 0 49819.0000 0.0000 A 2021-01-24 Common 49819.0000 49819.0000 D These common shares represent restricted shares issued under the Company's 2004 Equity Incentive Plan and are subject to risk of forfeiture. The common shares vest ratably over a three-year period, one-third per year on each of the first three anniversaries of the grant date, provided the reporting person remains employed by the Company. These phantom shares were acquired through reinvestment of dividend equivalents under the U-Store-It Trust Executive Deferred Compensation Plan, amended and restated January 1, 2007, and are payable in cash on a one-for-one basis after the reporting person ceases employment with the Company. The reporting person may elect to transfer these phantom shares at any time by reallocating his or her deemed investment option to another investment alternative, and such transfer will be effected on the first business day of the calendar quarter following the election. The stock options vest ratably over a three-year period, one-third per year on each of the first three anniversaries of the grant date, provided the reporting person remains employed by the Company. Douglas J. Tyrell, Attorney-in-Fact 2011-01-25