InStorage REIT Announces October 2008 Distribution

InStorage Real Estate Investment Trust (the "REIT") announced today that its distribution for the month of October 2008 will be $0.021 per REIT Unit. The distribution will be paid on November 14, 2008 to unitholders of record at the close of business on October 31, 2008. Holders of exchangeable units of InStorage Limited Partnership will receive a corresponding distribution.

At the close of business on October 10, 2008, InStorage had 24,348,519 REIT units outstanding. As of the same date, InStorage Limited Partnership had 1,238,245 Class B LP Units and 300,000 Class C LP Units outstanding. Both Class B LP Units and Class C LP Units are exchangeable into trust units of InStorage REIT on a one-for-one basis.

InStorage Real Estate Investment Trust

The REIT is an unincorporated open-ended real estate investment trust that invests primarily in self-storage properties and ancillary businesses throughout Canada. The REIT is the largest owner/operator of self storage facilities in Canada and is the country's leading self-storage industry consolidator, with a current portfolio of 52 self-storage properties located in Alberta, Saskatchewan, Ontario and Quebec.

Additional information concerning the REIT may be obtained on the REIT's website, www.instoragereit.ca, and on the SEDAR website at www.sedar.com, under the REIT's profile.