InStorage Real Estate Investment Trust
TSX : IS.UN

InStorage Real Estate Investment Trust

June 24, 2008 07:30 ET

InStorage REIT Announces Opening of Two New Self-Storage Facilities

TORONTO, ONTARIO--(Marketwire - June 24, 2008) - InStorage Real Estate Investment Trust (the "REIT") (TSX:IS.UN) announced today that it has opened two new self-storage facilities located in Vancouver, B.C., and Collingwood, Ontario. In total, the two facilities will add approximately 133,000 square feet of gross leasable area (GLA) to the REIT's portfolio once they are acquired. These two facilities are the third and fourth new facilities to be opened by InStorage in 2008.

Both facilities were developed by a joint venture between the REIT's development partner InScotia Developments LP, and Talus Capital Corp., with mezzanine financing provided by the REIT. InStorage receives mezzanine interest payments on the loans provided, as well as fees for the management of the facilities until they are fully stabilized and acquired. The new facilities are branded with the new InStorage colours, logos and interior fittings. The Vancouver facility is fully enclosed and climate-controlled, containing 83,000 square feet of GLA in four storeys. The Collingwood facility comprises 50,000 square feet of GLA, featuring climate controlled enclosed and drive-up units. InStorage expects it will acquire both facilities upon stabilization in 2011.

"We are pleased to be adding two new InStorage branded facilities to our growing network of properties," said T. James Tadeson, Chief Executive Officer. "The Vancouver property is our first location in British Columbia, and we are excited to establish a presence in this dynamic market with a new, multi-storey, state of the art facility. Collingwood is a market that was dramatically under-serviced, and our new location there will provide the market with a first-class product, catering to locals and seasonal users alike. The timing for the opening of these facilities is ideal, as we are now in our strong summer leasing season."

InStorage REIT's portfolio of owned and managed facilities has grown by 7.5% thus far in 2008, to just over 3.7 million square feet.

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 owned and 12 managed self-storage properties located in British Columbia, 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.

Forward-Looking Information

This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the REIT to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Examples of such statements include statements with respect to further growth of the REIT. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. Such forward-looking statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to: the availability of acquisition or development opportunities in the future; the level of activity in the underlying self-storage business of the REIT, the self-storage industry and in the economy generally; consumer interest in the services and products of the REIT's subsidiaries; competition; and anticipated and unanticipated costs. While the REIT anticipates that subsequent events and developments may cause its views to change, it specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing the REIT's views as of any date subsequent to the date of this press release. Although the REIT has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The factors identified above are not intended to represent a complete list of the factors that could affect the REIT. Additional factors are noted under "Risk Factors" in the REIT's short form prospectus dated March 28, 2007, a copy of which may be obtained on the SEDAR website at www.sedar.com.


Contact Information

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