PUBLIC STORAGE CANADIAN PROPERTIES
TSX : PUB

PUBLIC STORAGE CANADIAN PROPERTIES

July 07, 2010 18:05 ET

Public Storage Canadian Properties Announces Expiry of Offer by PS Canada Company ULC and Certain of Its Affiliates and Special Meeting of Unitholders

TORONTO, ONTARIO--(Marketwire - July 7, 2010) - Public Storage Canadian Properties (TSX:PUB) announced that PS Canada Company ULC ("PS Canada") has announced that the offer ("Offer") by PS Canada and certain of its wholly-owned subsidiaries (the "Offeror") to acquire all of the units (the "Units") of the Partnership not already owned by PS Canada or its affiliates for $20.00 in cash per Unit expired at 5:00 p.m. (Toronto time) on July 5, 2010 and that the Offeror has announced that it has taken up and will pay for the approximately 2,391,200 units deposited under the Offer, representing approximately 61.1% of the Units which were not previously held by PS Canada and its affiliates.

As requested by PS Canada Company ULC, a special meeting of unitholders of the Partnership has been scheduled for September 8, 2010 to consider a transaction for the purpose of enabling PS Canada to acquire the remainder of the Units not already held by the Offeror, SG Canadian Investors ULC and their respective affiliates. Unitholders of record on August 3, 2010 will be entitled to vote at the meeting. Such transaction will require approval by a majority of the minority unitholders under applicable Canadian securities laws. Units acquired under the Offer included approximately 63.7% of the Units which may be included for purposes of such minority approval. Accordingly, the Offeror and its affiliates hold a sufficient number of Units to approve such a transaction.

Partnership Information

Public Storage Canadian Properties is a publicly held limited partnership that invests in self-storage facilities. More information about the Partnership is available on the Internet. The Partnership's web site is www.publicstoragecanada.com.

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