CORRECTING and REPLACING Public Storage Canadian Properties Announces Acquisition and Development of Property in Vancouver, British Columbia.Business Editors CORRECTION...by Public Storage Canadian Properties TORONTO, Ontario--(BUSINESS WIRE)--June 10, 2004 In BW5570 issued June 10, 2004: Headline of release should read: Public Storage Canadian Properties Announces Acquisition and Development of Property in Vancouver, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography (sted Surrey, British Columbia Surrey is a Canadian city in the province of British Columbia that lies within the Metro Vancouver district, and geographically at the centre of the larger region known as the Lower Mainland of BC. It is the province's second-largest city by population after the city of Vancouver. ). The corrected release reads: PUBLIC STORAGE CANADIAN PROPERTIES ANNOUNCES ACQUISITION AND DEVELOPMENT OF PROPERTY IN VANCOUVER, BRITISH COLUMBIA David Singelyn, President of Canadian Mini-Warehouse Properties Limited, the general partner of Public Storage Canadian Properties (the "Partnership") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :PUB) today announced that the Partnership has acquired a 1.3 acre property surrounded sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. by Commercial Drive, Powell Street, Pandora Street and Woodland Drive in the City of Vancouver, British Columbia for development into a mini-warehouse property. The net purchase price for the property was $2,840,000. Construction of a four story climate controlled building with approximately 73,000 net rentable square feet and 750 spaces is expected to begin on the property in the fall of 2004. The Partnership projects development, construction and ancillary Subordinate; aiding. A legal proceeding that is not the primary dispute but which aids the judgment rendered in or the outcome of the main action. A descriptive term that denotes a legal claim, the existence of which is dependent upon or reasonably linked to a main claim. costs to be approximately $10,260,000 (including land cost) and anticipates that the mini-warehouse facility will be operational by the mid summer of 2005. The facility will be managed by Canadian Mini-Warehouse Properties Limited, the manager of the Partnership's other properties, pursuant to a management agreement for a management fee equal to 6% of gross operating revenue operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. of the property. The cost of the purchase and the development of the property will be funded from cash reserves Cash reserves See: Cash investments cash reserves Investment funds that are held in short-term assets such as Treasury bills and certificates of deposit until more permanent investment opportunities are available. , the cash flows of the Partnership and the Partnership's existing line of credit. Financing of the purchase is not expected to reduce regular distributions payable to unitholders compared to prior years. Partnership Information Public Storage Canadian Properties is a publicly held limited partnership that has invested in mini-warehouse storage facilities, of which 13 are located in Ontario and 3 are located in British Columbia. In addition, the Partnership also has another parcel of land in the Cloverdale district of Surrey Surrey, county (1991 pop. 997,000), 653 sq mi (1,691 sq km), SE England. The county seat is Guildford. The North Downs cross the county from east to west. To the north the land slopes gently downward to the Thames, into which flow the Wey and the Mole, Surrey's where the Partnership is constructing a mini-warehouse facility that is expected to open in early 2005. More information about the Partnership is available on the Internet. The Partnership's web site is www.publicstoragecanada.com. |
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