TORONTO, ONTARIO -- (Marketwire) -- 11/06/09 -- Public Storage Canadian Properties (the "Partnership") (TSX: PUB) today announced operating results for the third quarter ended September 30, 2009 and distributions to be paid on December 31, 2009.

Operating Results

Net income of the Partnership was $1,510,000 or $0.17 per partnership unit ("Unit") for the three months ended September 30, 2009 compared to $2,138,000 or $0.24 per Unit for the same period in 2008. Net income of the Partnership was $4,757,000 or $0.53 per Unit for the nine months ended September 30, 2009 compared to $5,715,000 or $0.63 per Unit for the same period in 2008.

Property Operations

The Partnership owns, and derives substantially all of its income from, 27 self-storage facilities, of which fifteen are located in Ontario, five are located in British Columbia, six are located in Quebec and one is located in Alberta. In addition, the Partnership owns parcels of land in Oakville, Ontario; Orleans, Ontario; and Richmond Hill, Ontario 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 September 30, 2009, the "Same Store" facilities consist of 16 facilities that have been owned and operated by the Partnership since its inception and two facilities that were opened in 2005 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 September 30,  Nine months ended September 30,
           -------------------------------  --------------------------------
                  2009         2008 Change         2009         2008 Change
           -----------  ----------- ------  -----------  ----------- -------

Rental
 income    $ 4,837,000  $ 5,043,000  (4.1%) $13,989,000  $14,837,000  (5.7%)
Less: cost
 of
 operations  1,553,000    1,390,000  11.7%    4,394,000    4,441,000  (1.1%)
Less:
 management
 fees          290,000      303,000  (4.3%)     839,000      890,000  (5.7%)
           -----------  -----------         -----------  -----------
Net
 operating
 income
 (1)       $ 2,994,000  $ 3,350,000 (10.6%) $ 8,756,000  $ 9,506,000  (7.9%)
           -----------  -----------         -----------  -----------
           -----------  -----------         -----------  -----------

Gross
 margin
 (2)             61.9%        66.4%               62.6%        64.1%
Weighted
 average
 for
 period:
 Occupancy       90.6%        86.8%               87.6%        85.9%
 Realized
  annual
  rent per
  square
  foot (3)      $15.65       $17.04  (8.2%)      $15.61       $16.89  (7.6%)

End of
 period
 occupancy       89.0%        85.9%               89.0%        85.9%

(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-generally accepted accounting principles ("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 performance measures do not have any standardized meanings prescribed by generally accepted accounting principles ("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.

The Real Property Association of Canada ("REALpac") defines FFO as net income (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable real estate and extraordinary items, plus depreciation and amortization, plus future income taxes and after adjustments for equity accounted for entities and non-controlling interests. Adjustments for equity accounted for entities and joint ventures and non-controlling interests are calculated to reflect funds from operations on the same basis as the consolidated properties.

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 and nine months ended September 30, 2009 and 2008:

           Three months ended September 30,  Nine months ended September 30,
           -------------------------------  --------------------------------
                  2009         2008 Change         2009         2008 Change
           -----------  ----------- ------  -----------  ----------- -------
Calculation
 of FFO:
--------
Net income  $1,510,000   $2,138,000          $4,757,000   $5,715,000
 Amorti-
  zation
  of real
  estate
  facil-
  ities      1,336,000    1,112,000           3,655,000    3,227,000
 Amorti-
  zation
  of
  intan-
  gible
  assets            -        17,000                   -      116,000
 Less:
  future
  income
  tax
  benefit      (71,000)     (47,000)           (105,000)    (164,000)
           -----------  -----------         -----------  -----------
FFO         $2,775,000   $3,220,000 (13.8%)  $8,307,000   $8,894,000  (6.6%)
           -----------  -----------         -----------  -----------
           -----------  -----------         -----------  -----------

Weighted
 average
 number of
 Units       9,040,181    9,040,181           9,040,181    9,040,181

FFO per
 Unit            $0.31        $0.36 (13.9%)       $0.92        $0.98  (6.1%)

Calculation
 of EBITDA:
-----------
Net income  $1,510,000   $2,138,000          $4,757,000   $5,715,000
 Amorti-
  zation of
  real
  estate     1,336,000    1,112,000           3,655,000    3,227,000
 Amorti-
  zation of
  intan-
  gibles             -       17,000                   -      116,000
 Interest and
  commitment
  fees         269,000      151,000             628,000      435,000
 Less: income
  tax benefit  (71,000)     (47,000)           (105,000)    (164,000)
 Less:
  interest
  income        (5,000)     (17,000)            (19,000)     (92,000)
           -----------  -----------         -----------  -----------
EBITDA      $3,039,000   $3,354,000  (9.4%)  $8,916,000   $9,237,000  (3.5%)
           -----------  -----------         -----------  -----------
           -----------  -----------         -----------  -----------

Weighted
 average
 number
 of Units    9,040,181    9,040,181           9,040,181    9,040,181

EBITDA per
 Unit            $0.34        $0.37  (8.1%)       $0.99        $1.02  (2.9%)

Distributions

The board of directors of the general partner today declared a distribution of $0.225 per Unit payable on December 31, 2009 to unitholders of record at the close of business on December 15, 2009.

IFRS Update - Property Valuations

The Canadian Accounting Standards Board ("AcSB") confirmed that the adoption of International Financial Reporting Standards ("IFRS") will be effective for Canadian publicly accountable enterprises on January 1, 2011, including the Partnership. IFRS will replace Canadian GAAP for these enterprises. Comparative information under IFRS will also need to be provided for reporting purposes.

The Partnership will be required to disclose the fair value of its investment properties under IFRS. In connection with the transition to IFRS, the Partnership commissioned an appraisal of its real estate portfolio by Colliers International Reality Advisors, Inc., an independent real estate appraisal firm. As of October 1, 2009 the Partnership's real estate portfolio (excluding properties under development) was valued at approximately $230 million.

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         Nine Months Ended
                                     September 30,             September 30,
                         ------------------------  ------------------------
                                2009         2008         2009         2008
                         ----------- ------------ ------------ ------------

Revenue:
Rental income            $ 6,356,000  $ 6,320,000  $18,077,000  $18,225,000
Interest and other
 income                        5,000       17,000       19,000       92,000
                         ----------- ------------ ------------ ------------
                           6,361,000    6,337,000   18,096,000   18,317,000
                         ----------- ------------ ------------ ------------

Costs and expenses:
Cost of operations         2,785,000    2,390,000    7,691,000    7,361,000
Management fees paid
 to an affiliate             382,000      380,000    1,085,000    1,094,000
Amortization of real
 estate facilities         1,336,000    1,112,000    3,655,000    3,227,000
Amortization of
 intangible assets                 -       17,000            -      116,000
Interest and
 commitment fees             269,000      151,000      628,000      435,000
Administrative               150,000      196,000      385,000      533,000
                         ----------- ------------ ------------ ------------
                           4,922,000    4,246,000   13,444,000   12,766,000

Income before income
 taxes                     1,439,000    2,091,000    4,652,000    5,551,000
                         ----------- ------------ ------------ ------------

Future income tax
 benefit                      71,000       47,000      105,000      164,000
                         ----------- ------------ ------------ ------------

Net income               $ 1,510,000  $ 2,138,000  $ 4,757,000  $ 5,715,000
                         ----------- ------------ ------------ ------------
                         ----------- ------------ ------------ ------------

Net income per Unit           $ 0.17       $ 0.24       $ 0.53       $ 0.63
Distributions per Unit       $ 0.225       $ 0.45      $ 0.675       $ 1.35

Weighted average
 number of Units
 outstanding               9,040,181    9,040,181    9,040,181    9,040,181



                                                  As at               As at
Balance sheet data:                  September 30, 2009   December 31, 2008
                                     ------------------   -----------------

Cash and cash equivalents                     $ 225,000         $ 2,390,000
Real estate facilities, net                 115,147,000          98,309,000
Properties under development                 18,073,000          16,881,000
Receivables and other assets                  2,577,000             630,000
Future income taxes                           1,399,000           1,294,000
                                     --------------------------------------
Total assets                              $ 137,421,000       $ 119,504,000
                                     --------------------------------------
                                     --------------------------------------

Accounts payable and accrued
 liabilities                                $ 2,748,000         $ 1,509,000
Advance payments from renters                 1,586,000           1,326,000
Distributions payable                                 -           2,252,000
Interest rate swaps                             328,000                   -
Debt                                         44,386,000          24,371,000
Partners' equity                             88,373,000          90,046,000
                                     --------------------------------------
Total liabilities and partner's equity    $ 137,421,000       $ 119,504,000
                                     --------------------------------------
                                     --------------------------------------

Units outstanding at end of period            9,040,181           9,040,181