Public Storage Canadian Properties Announces First Quarter 2009 Operating Results and Distributions

TORONTO, ONTARIO -- (Marketwire) -- 05/06/09 -- Public Storage Canadian Properties (TSX: PUB) today announced operating results for the first quarter ended March 31, 2009 and distributions to be paid on June 30, 2009.

Operating Results

Net income of the Partnership was $1,530,000 or $0.17 per partnership unit ("Unit") for the three months ended March 31, 2009 compared to $1,580,000 or $0.17 per Unit for the same period in 2008.

Property Operations

The Partnership owns, and derives substantially all of its income from, 25 self-storage facilities, of which fifteen are located in Ontario, five are located in British Columbia, four are located in Quebec and one is located in Alberta. In addition, the Partnership owns parcels of land in Oakville, Ontario, Orleans, Ontario, Richmond Hill, Ontario, Dorval, Quebec and LaSalle, Quebec for development into new self-storage facilities.

In order to evaluate the performance of the Partnership's portfolio, management analyzes the operating performance of a stabilized group of self-storage facilities (herein referred to as "Same Store" facilities). Management considers the operating performance of the "Same Store" facilities to be a more useful measure of the overall operating performance of the Partnership's portfolio to analyze trends and provide meaningful comparisons. "Same Store" facilities are facilities that have been owned and operated at a mature, stabilized occupancy level since January 1, of the earliest period presented. Management considers a facility to be stabilized after it has been opened for at least three years. As at March 31, 2009, the "Same Store" facilities consist of 18 facilities that have been owned and operated by the Partnership since its inception and contain approximately 1,366,000 net rentable square feet and 12,678 storage units.

The following table summarizes the pre-amortization operating results of the Partnership's "Same Store" facilities.

                                              Three months ended March 31,
                                           ---------------------------------
                                                  2009         2008  Change
                                           ------------ ------------ -------

Rental income                              $ 4,627,000  $ 4,759,000   (2.8%)
Less: cost of operations                     1,576,000    1,560,000    1.0%
Less: management fees                          278,000      285,000   (2.9%)
                                           ------------ ------------
Net operating income(1)                    $ 2,773,000  $ 2,914,000   (4.8%)
                                           ------------ ------------
                                           ------------ ------------

Gross margin(2)                                   59.2%        61.2%
Weighted average for period:
 Occupancy                                        83.1%        84.6%

 Realized annual rent per square foot(3)        $16.33       $16.49   (1.0%)

End of period occupancy                           86.0%        86.0%

(1)   Net operating income ("NOI") is equal to rental income less cost of
      operations and management fees paid to an affiliate before
      amortization. This non-GAAP financial measure does not have any
      standardized meanings prescribed by GAAP and is therefore unlikely
      to be comparable to similar measures presented by other issuers.

(2)   Gross margin is computed by dividing property net operating income by
      rental income.

(3)   Realized rent per square foot represents the actual revenue earned per
      occupied square foot. Management believes this is a more relevant
      measure than posted or scheduled rates as posted rates can be
      discounted through promotions.

Funds from Operations ("FFO") and Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA")

FFO and EBITDA are supplementary performance measures for real estate companies used by investors and analysts. These non-generally accepted accounting principles ("GAAP") financial measures do not have any standardized meanings prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other issuers. Many investors and analysts consider FFO and EBITDA to be measures of the performance of real estate companies. FFO is equal to net income computed in accordance with GAAP before depreciation, amortization and gains or losses on sale of real estate assets. EBITDA is equal to earnings before interest income, interest expense, taxes, depreciation and amortization. FFO and EBITDA do not take into consideration scheduled principal payments on debt, capital improvements, distributions or other obligations of the Partnership. Accordingly, FFO and EBITDA are not substitutes for the Partnership's cash flow or net income as a measure of the Partnership's liquidity or operating performance or ability to pay distributions.

The following table calculates FFO and EBITDA for the three months ended March 31, 2009 and 2008:

                                             Three months ended March 31,
                                           --------------------------------
                                                  2009         2008  Change
                                           ------------ ------------ ------
Net income                                 $ 1,530,000  $ 1,580,000
 Plus: amortization of real estate
  facilities                                 1,134,000    1,049,000
 Plus: amortization of intangible assets             -       50,000
 Less: future income tax benefit               (22,000)     (71,000)
                                           ------------ ------------
FFO                                        $ 2,642,000  $ 2,608,000     1.3%
                                           ------------ ------------
                                           ------------ ------------
Weighted average number of Units             9,040,181    9,040,181
FFO per Unit                                     $0.29        $0.29     0.0%

Net income                                 $ 1,530,000  $ 1,580,000
 Plus: amortization of real estate
  facilities                                 1,134,000    1,049,000
 Plus: amortization of intangible assets             -       50,000
 Plus: interest and commitment fees            144,000      143,000
 Less: interest and other income                (8,000)     (34,000)
 Less: future income tax benefit               (22,000)     (71,000)
                                           ------------ ------------
EBITDA                                     $ 2,778,000  $ 2,717,000     2.2%
                                           ------------ ------------
                                           ------------ ------------

Weighted average number of Units             9,040,181    9,040,181
EBITDA per Unit                                  $0.31        $0.30     3.3%

Distributions

The board of directors of the general partner today declared a distribution of $0.225 per Unit payable on June 30, 2009 to unitholders of record at the close of business on June 15, 2009.

Partnership Information

Public Storage Canadian Properties is a publicly held limited partnership that invests in self-storage facilities. More information about the Partnership is available on the Internet. The Partnership's main website is www.publicstoragecanada.com. The Partnership's investor website is www.pscinvestor.com.

        PUBLIC STORAGE CANADIAN PROPERTIES SELECTED FINANCIAL DATA

                                               Three Months Ended March 31,
                                              ------------------------------
                                                       2009            2008
                                              -------------   --------------
Revenue
Rental income                                 $   5,893,000   $   5,750,000
Interest and other income                             8,000          34,000
                                              -------------   --------------
                                                  5,901,000       5,784,000
                                              -------------   --------------

Costs and expenses
Cost of operations                                2,638,000       2,536,000
Management fees paid to an affiliate                354,000         345,000
Amortization of real estate facilities            1,134,000       1,049,000
Amortization of intangible assets                         -          50,000
Interest and commitment fees                        144,000         143,000
Administrative                                      123,000         152,000
                                              -------------   --------------
                                                  4,393,000       4,275,000
                                              -------------   --------------

Income before income taxes                        1,508,000       1,509,000

Future income tax benefit                            22,000          71,000
                                              -------------   --------------

Net income                                    $   1,530,000   $   1,580,000
                                              -------------   --------------
                                              -------------   --------------

Net income per Unit                           $        0.17   $        0.17
Declared distributions per Unit               $       0.225   $        0.45
Weighted average number of Units
 outstanding                                      9,040,181       9,040,181



                                                 As at                 As at
                                        March 31, 2009     December 31, 2008
                                    -----------------    -------------------
Balance sheet data:
Cash and cash equivalents           $          973,000   $         2,390,000
Debt                                        25,378,000            24,371,000
Total assets                               118,623,000           119,504,000
Partners' equity                            89,063,000            90,046,000
Units outstanding at end of period           9,040,181             9,040,181