U-Store-It Trust operates as a real estate investment trust (REIT). The company, together with its subsidiaries, engages in the ownership, operation, acquisition, and development of self-storage facilities in the United States. Its self-storage facilities offer storage space for the company’s residential and commercial customers, as well as outside storage areas for vehicles and boats. As of December 31, 2008, the company owned 387 self-storage facilities in 26 states with approximately 25 million rentable square feet. It also owned three additional facilities in Lakewood, Ohio; and Lake Worth and Vero Beach I, Florida. The company has elected to be treated as a REIT. As a REIT, it would not be subject to federal income tax to the extent that it distributes at least 90% of its REIT taxable income to its shareholders. U-Store-It Trust was founded in 2004 and is based in Wayne, Pennsylvania.