InStorage Real Estate Investment Trust
TSX VENTURE : IS.UN

InStorage Real Estate Investment Trust

June 28, 2007 16:30 ET

InStorage REIT Completes $21.2 Million Acquisition of Four Self-Storage Properties

TORONTO, ONTARIO—-(Marketwire – June 28, 2007) -

Attention Business Editors:

InStorage Real Estate Investment Trust (the "REIT") (TSX VENTURE:IS.UN) announced today that it has completed its previously announced acquisition of the "Entreposage Domestik" portfolio of four high quality self-storage properties located in Quebec for an aggregate purchase price of $21.2 million.

"We are very pleased to complete this acquisition which significantly increases our presence in Quebec and positions us for further growth in that market" said T. James Tadeson, Chief Executive Officer.

The properties, which collectively add approximately 226,000 square feet of total gross rentable area and 2,350 storage units to the REIT's overall portfolio, are located at 255 Shannon Street, Montreal, 3900 Sir Wilfrid Laurier Boulevard, Longueuil, 2383 Galvani Street, Quebec City and 555 Clemenceau Street, Quebec City. The purchase price for the acquisition was satisfied with approximately $14.8 million in first mortgage financing and the balance in cash.

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 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