TORONTO, Aug. 7 /CNW/ - (TSXV: IS.UN) InStorage Real Estate Investment
Trust (the "REIT") announced today that it has arranged a new $25.0 million
revolving credit facility with the Royal Bank of Canada secured by fixed and
floating charges on specific properties in the REIT's portfolio. The new
facility will be used to fund the REIT's growth through acquisitions and its
mezzanine financing program for the development of new properties, as well as
other corporate purposes.
"We are very pleased to have signed this new credit facility as it
provides us with the funds to execute on our business plan over the near
term," commented T. James Tadeson, Chief Executive Officer.
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 50 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.
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 interest and security terms
of the revolving credit facility, further growth of the REIT and the REIT's
leverage ratio. 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 or development
opportunities in the future; the availability of additional financing on
appropriate terms in the future; 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 of the
REIT's subsidiaries; competition; 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
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