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COPYRIGHT 2006 Business Wire
TORONTO -- Public Storage Canadian Properties (TSX:PUB) today announced operating results for the fourth quarter ended December 31, 2005 and distributions to be paid on March 31, 2006.
Operating Results
Net income of the Partnership was $1,921,000 or $0.40 per partnership unit for the three months ended December 31, 2005 compared to $1,737,000 or $0.36 per partnership unit for the same period in 2004. Net income of the Partnership was $7,409,000 or $1.54 per partnership unit for the year ended December 31, 2005 compared to $6,798,000 or $1.41 per partnership unit for the same period in 2004.
During the three months ended December 31, 2005, the Partnership received a refund of $297,000 from Public Storage, Inc. in the United States for the reimbursement of software development costs that were initially charged to the Partnership. This amount was included as other income and reflected in the Partnership's net income during the period.
Property Operations
In March 2005, the Partnership purchased an existing facility in Calgary, Alberta. In April 2005, the Partnership opened a facility in Cloverdale, British Columbia which has been...
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