InStorage REIT completes management internalization



    TORONTO, Sept. 4 /CNW/ - (TSXV: IS.UN) InStorage Real Estate Investment
Trust ("InStorage" or the "REIT") 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.com.

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





For further information:

For further information: InStorage Real Estate Investment Trust, T.
James Tadeson, Chief Executive Officer, Tel: (416) 867-9705; Alay Shah, Chief
Financial Officer, Tel: (416) 867-9740

Organization Profile

INSTORAGE REAL ESTATE INVESTMENT TRUST

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