Public Storage Canadian Properties Announces Rights Offering



    TORONTO, August 1 /CNW/ - David Singelyn, President of Canadian
Mini-Warehouse Properties Company ("CMP"), the general partner of Public
Storage Canadian Properties (the "Partnership") (TSX:PUB), announced that the
board of directors of CMP has approved, subject to regulatory approval, a
rights offering to its existing unitholders to raise capital to finance the
acquisition and development of additional mini-warehouse properties. The
proposed rights offering is expected to close at the end of the third quarter
of 2007.

    Under the proposed rights offering, each unitholder will receive one
right for each unit held. Four rights will enable a unitholder to purchase one
unit. A maximum of 1,808,036 units may be issued pursuant to the proposed
rights offering.

    Entities controlled by members of the family of B. Wayne Hughes have
agreed to exercise in full all rights issued to them and all rights which may
be available to them pursuant to the additional subscription privilege.

    Proceeds from the rights offering are expected to be used to make
additional property acquisitions and developments and to reduce the
outstanding balance on the Partnership's credit facility.

    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. More information about the Partnership is available on the
Internet at www.publicstoragecanada.com.




For further information:

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

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PUBLIC STORAGE CANADIAN PROPERTIES

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