InStorage Real Estate Investment Trust
TSX VENTURE : IS.UN

InStorage Real Estate Investment Trust

September 04, 2007 17:18 ET

InStorage REIT Completes Management Internalization

TORONTO, ONTARIO—-(Marketwire – Sept. 4, 2007) –

Attention Business Editors:

InStorage Real Estate Investment Trust ("InStorage" or the "REIT")(TSX VENTURE:IS.UN) announced today that effective September 1, 2007 it completed the previously announced internalization of its asset, business and property management functions provided by Cattera Management Inc. in accordance with a management agreement dated August 4, 2006. The transaction was completed without payment by the REIT of any termination fee other than the reimbursement of expenses occasioned as a result of the termination.

"We are very pleased to have completed this important milestone," stated T. James Tadeson, Chief Executive Officer. "Our considerable growth over the last year has provided us with the asset base and cash flow whereby a fully internalized management function will result in substantial cost savings to the REIT."

InStorage Real Estate Investment Trust

The REIT is an unincorporated open-ended real estate investment trust that invests primarily in self-storage properties 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.

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 the anticipated cost savings to the REIT resulting from the internalization of management. 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 opportunities; the ability of the REIT to successfully integrate newly acquired properties or portfolios into its operations and realise the anticipated benefits of same; 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.co

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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 www.instoragereit.ca