PUBLIC STORAGE CANADIAN PROPERTIES
TSX : PUB

PUBLIC STORAGE CANADIAN PROPERTIES

May 21, 2009 16:05 ET

Public Storage Canadian Properties Announces Opening of New Facility in Dorval, Quebec

TORONTO, ONTARIO--(Marketwire - May 21, 2009) - David Singelyn, President of Canadian Mini-Warehouse Properties Company, the general partner of Public Storage Canadian Properties (the "Partnership") (TSX:PUB) today announced the opening of a newly constructed self-storage facility located at 2801-2827 Montee St-Remi in Dorval, Quebec just south of Highway 40 at the Southeast corner of Sources Boulevard and Hymus Boulevard. The facility consists of a four-storey climate-controlled building with approximately 88,000 net rentable square feet and 830 self-storage units. The total cost to develop this facility (including the land purchase price) was approximately $10.8 million.

The facility will be managed by Canadian Mini-Warehouse Properties Company, 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 fifth facility acquired and/or developed by the Partnership in the Greater Montreal Area in the last 4 years.

Partnership Information

Public Storage Canadian Properties is a publicly held limited partnership formed under the Limited Partnership Act (Ontario). The Partnership owns, and derives substantially all of its income from, 26 operating self-storage, of which fifteen are located in Ontario, five are located in British Columbia, five are located in Quebec and one is located in Alberta. In addition, the Partnership owns parcels of land in Oakville, Ontario, Orleans, Ontario, Richmond Hill, Ontario and LaSalle, Quebec for development into new self-storage facilities. More information about the Partnership is available on the Internet. The Partnership's main website is www.publicstoragecanada.com. The Partnership's investor website is www.pscinvestor.com.

Contact Information