InStorage Real Estate Investment Trust
TSX VENTURE : IS.UN

InStorage Real Estate Investment Trust

August 07, 2007 07:34 ET

InStorage REIT Arranges New Credit Facility

TORONTO, ONTARIO—-(Marketwire – Aug. 7, 2007) -

Attention Business Editors:

InStorage Real Estate Investment Trust (the "REIT")(TSX VENTURE:IS.UN) announced today that it has arranged a new $25.0 million revolving credit facility with the Royal Bank of Canada secured by fixed and floating charges on specific properties in the REIT's portfolio. The new facility will be used to fund the REIT's growth through acquisitions and its mezzanine financing program for the development of new properties, as well as other corporate purposes.

"We are very pleased to have signed this new credit facility as it provides us with the funds to execute on our business plan over the near term," commented T. James Tadeson, Chief Executive Officer.

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 50 self-storage properties located in Alberta, Saskatchewan, Ontario and Quebec.

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 the interest and security terms of the revolving credit facility, further growth of the REIT and the REIT's leverage ratio. 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 availability of additional financing on appropriate terms 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
    or
    InStorage Real Estate Investment Trust Alay Shah Chief Financial Officer (416) 867-9740 Website: www.instoragereit.ca