PUBLIC STORAGE CANADIAN PROPERTIES

PUBLIC STORAGE CANADIAN PROPERTIES

March 11, 2005 17:32 ET

Public Storage Canadian Properties Announces Acquisition of Property in Calgary, Alberta


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: PUBLIC STORAGE CANADIAN PROPERTIES

TSX SYMBOL: PUB

MARCH 11, 2005 - 17:32 ET

Public Storage Canadian Properties Announces
Acquisition of Property in Calgary, Alberta

TORONTO, Ontario--(CCNMatthews - Mar 11, 2005) -

David Singelyn, President of Canadian Mini-Warehouse Properties Limited,
the general partner of Public Storage Canadian Properties (the
"Partnership") (TSX:PUB) today announced that the Partnership has
entered into an agreement with a third party to acquire an existing self
storage facility located adjacent to the Harvest Hills community of
Calgary, Alberta for a purchase price of $9,000,000. The facility
consists of one non-climate controlled one-storey building and one
climate controlled two-storey building with approximately 73,000 net
rentable square feet and 778 units. It is a newly constructed facility
which opened for business in April 2004. Closing of the purchase is
expected to occur in late March. The facility will be rebranded as a
"Public Storage" facility shortly after closing and will be managed by
Canadian Mini-Warehouse Properties Limited, the manager of the
Partnership's other properties, pursuant to a management agreement for a
management fee equal to 6% of gross operating revenue of the property.

This is the first existing self storage facility acquired by the
Partnership. The cost of purchasing and rebranding the property will be
funded principally from the Partnership's existing line of credit.

Annual Meeting of Unitholders

The Partnership also announced that it would hold its annual meeting of
unitholders on May 4, 2005 at 1:00 p.m. at the offices of Osler, Hoskin
& Harcourt LLP, 1 First Canadian Place, 63rd Floor, Toronto, Ontario.
Management of the Partnership is still exploring the possibility of a
reorganization transaction involving the Partnership and the
mini-warehouse properties in Canada owned by B. Wayne Hughes and members
of his family as previously announced on November 11, 2004. As a result,
no such transaction will be presented to the unitholders for the
Partnership's annual meeting on May 4, 2005.

Partnership Information

Public Storage Canadian Properties is a publicly held limited
partnership that has invested in mini-warehouse storage facilities, of
which 13 are located in Ontario and 3 are located in British Columbia.
In addition, the Partnership owns two parcels of land in British
Columbia for development into mini-warehouse facilities. More
information about the Partnership is available on the Internet. The
Partnership's web site is www.publicstoragecanada.com.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Public Storage Canadian Properties, Toronto
    Vincent Chan, 866-PS-CANADA / 866-772-2623