InStorage Real Estate Investment Trust
TSX : IS.UN

InStorage Real Estate Investment Trust

August 14, 2008 09:38 ET

InStorage REIT Announces New Board Member and New Chief Financial Officer

TORONTO, ONTARIO--(Marketwire - Aug. 14, 2008) - InStorage Real Estate Investment Trust (TSX:IS.UN) announced today that the Board of Trustees had appointed Mr. David Dinniwell, CA, CFA as the REIT's Chief Financial Officer effective August 18, 2008.

Mr. Dinniwell has an extensive career in the real estate business and North American capital markets. From 2004 to December 2007 he held positions of increasing responsibility with IPC US REIT, and was appointed Chief Financial Officer of the REIT in January 2007. Prior to this he spent four years in senior accounting positions with Fairmont Hotels & Resorts Inc., and was with Ernst & Young LLP from 1995 to 1999. Mr. Dinniwell received his Chartered Accountants designation in 1998 and became a Chartered Financial Analyst in 2002. He graduated with distinction with an Honours Bachelor of Commerce degree from the Michael G. DeGroote School of Business at McMaster University in 1995.

"We are very pleased to welcome David to the InStorage team. His extensive real estate and capital markets experience will prove invaluable as we continue to build our consolidated operating platform and grow the enterprise," commented T. James Tadeson, CEO. "We also want to sincerely thank Bob Masaki, who so capably acted as the REIT's interim CFO, and we wish him every success in the future."

InStorage also announced today that Dr. Timothy J. O'Neill had been appointed as a member of the REIT's Board of Trustees. A well-respected economist and strategist, Dr. O'Neill is the Founder and Principal of O'Neill Strategic Economics. He was appointed the first H. Ian MacDonald Visiting Economist in the Ontario Ministry of Finance in June 2005 following an extensive career as Executive Vice President and Chief Economist for the Bank of Montreal and Harris Bank from 1993 to 2005. Dr. O'Neill received his Ph.D. in Economics from Duke University in 1979 and a Master's Degree in Economics from the University of British Columbia in 1969. He has served as a board member for numerous private sector, government, academic and non-profit organizations.

"Dr. O'Neill brings significant depth and experience to both the InStorage Board of Trustees and the REIT's management team, and we are confident his valuable contributions will further our ability to build Unit holder value over the long term," commented Louis J. Maroun, Chairman of the Board of Trustees.

InStorage Real Estate Investment Trust

The REIT is an unincorporated open-ended real estate investment trust that invests primarily in self-storage properties and ancillary businesses throughout Canada. The REIT is the largest owner/operator of self storage facilities in Canada and is the country's leading self-storage industry consolidator, with a current portfolio of 52 self-storage properties located in Alberta, Saskatchewan, Ontario and Quebec. The REIT's Units (Symbol IS.UN) are traded on the Toronto Stock Exchange.

Additional information concerning the REIT may be obtained on the REIT's website, www.instoragereit.ca, and on the SEDAR website at www.sedar.com, under the REIT's profile.

Contact Information

  • InStorage Real Estate Investment Trust
    James Tadeson
    Chief Executive Officer
    (416) 867-9705
    Website: www.instoragereit.ca