InStorage REIT announces opening of two new self-storage facilities



    TORONTO, Feb. 27 /CNW/ - (TSX: IS.UN) InStorage Real Estate Investment
Trust (the "REIT" or "InStorage") announced today that it will be opening two
new self-storage facilities on March 1, 2008 located in Calgary, Alberta and
Windsor, Ontario. In total, the two facilities will add approximately
128,000 square feet of gross leaseable area (GLA) to the REIT's portfolio once
they are acquired.
    The REIT has entered into a forward-purchase agreement with the
developer/owner of the Windsor, Ontario facility whereby InStorage will
receive fees for the management of the facility until it is fully stabilized
and acquired. The new facility is branded with the new InStorage colours,
logos and interior fittings. The property is fully climate-controlled, and
contains 48,000 square feet of GLA, with expansion capability to add a further
17,000 square feet of GLA over time. InStorage expects it will acquire the
facility upon full stabilization, which is anticipated in 2010.
    The Calgary facility, aggregating 80,000 square feet of GLA, was
developed by the REIT's development partner InScotia Developments LP. The REIT
provided mezzanine loan financing for the construction of the property, and
will receive management fees until the facility is fully stabilized and
acquired, expected in 2010. The new facility is also fully outfitted with
InStorage's new branding package.
    "We are pleased to be adding two new branded facilities to our growing
network of properties," said T. James Tadeson, Chief Executive Officer. "Our
relationship with InScotia continues to provide us with an expanding pipeline
of state-of-the-art properties for future acquisition, and we are pleased to
be adding this prime facility in central Calgary to our portfolio. In
addition, the forward-purchase agreement for the Windsor property allows us to
secure the future purchase of a stabilized facility without any up-front
investment."

    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 52 self-storage properties located
in Alberta, Saskatchewan, Ontario and Quebec. The REIT's Units (Symbol IS.UN)
are traded on the Toronto Stock Exchange.
    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 the expected stabilization and
acquisition of the properties and the ability to earn management fees
therefrom. 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 ability of the two new managed properties
to reach stabilized occupancy levels; the availability of acquisition
financing; 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 offered at the new properties and by the
REIT's subsidiaries generally; competition; the ability of the REIT to fulfil
its management and other obligations under the agreements relating to the new
properties; 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.

    %SEDAR: 00024106E




For further information:

For further information: InStorage Real Estate Investment Trust, T.
James Tadeson, Chief Executive Officer, Tel: (416) 867-9705

Organization Profile

INSTORAGE REAL ESTATE INVESTMENT TRUST

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