Public Storage Canadian Properties Announces Acquisition of Property in Richmond Hill, Ontario

    TORONTO, December 18 /CNW/ - David Singelyn, President of Canadian
Mini-Warehouse Properties Company, the general partner of Public Storage
Canadian Properties (the "Partnership") (TSX:PUB), today announced that the
Partnership has acquired a property located at 9355 Leslie Street in Richmond
Hill, Ontario encompassing 3.26 acres of vacant land for a purchase price of
approximately $3,342,000. The total cost to develop this property (including
the purchase price) into a self-storage facility is expected to be
approximately $11,650,000. This property is located on the east side of Leslie
Street, just north of 16th Avenue.

    The acquisition of this facility was funded from the Partnership's cash
on hand.

    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.

    Estimates of costs to develop this property have been prepared without
information on exact unit mix and architectural drawings and the actual costs
may exceed the current estimates. Management's plans and expectations
respecting the acquisition and development of this property are subject to
various assumptions, including assumptions respecting the availability and
cost of construction materials and labour, there being limited costs,
difficulties or delays related to obtaining construction and operating
permits. Management's plans and expectations are also subject to various known
and unknown risks, uncertainties and other facts, including the risk that
management's assumptions may prove to be inaccurate, timing, budgeting and
other risks, including construction delays or cost overruns that may increase
project costs, and risk factors included in the Partnership's public filings
with Canadian securities regulatory authorities including the section titled
"Risk Factors" in the Partnership's Annual Information Form dated March 23,

    Partnership Information

    Public Storage Canadian Properties is a publicly held limited partnership
formed under the Limited Partnership Act (Ontario). The Partnership owns 24
operating self-storage facilities across Canada. 15 facilities are located in
Ontario, 5 are located in British Columbia, 3 are located in Quebec and 1 is
located in Alberta. In addition, the Partnership owns a parcel of land in
Oakville, Ontario, Richmond Hill, Ontario and Laval, Quebec for development
into self-storage facilities. More information about the Partnership is
available on the Internet at

For further information:

For further information: Public Storage Canadian Properties Vincent Chan
(866) PS-CANADA (866) 772-2623

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