Storage Deluxe is Awarded Two Management Contracts

NEW YORK, New York, April 22, 2003 -- Storage Deluxe, a Manhattan-based owner, developer and manager of self-storage facilities, announced that it has been awarded management contracts for two existing facilities: A 1,300 unit, 80,000 square foot facility located at 245 West Fordham Road, Bronx, New York; and a 800 unit, 126,000 square foot facility located at 111 Danbury Road, Wilton, Connecticut.

Nick Coslov, Partner and Chief Operating Officer for Storage Deluxe stated, "We are very excited about the opportunity to add two well established and strategically located facilities to our management portfolio and we look forward to adding value to these properties. Because of our existing presence in the New York Metropolitan area, we are able to not only take advantage of certain economies of scale, but also to maintain a very hands on approach to operations."

About Storage Deluxe

Storage Deluxe is a real estate company specializing in the acquisition, development, and management of self-storage properties. The company owns, has interest in, and manages six facilities containing over 600,000 square feet of storage space in the greater New York area. For more information, contact Steven Novenstein, Partner/Chief Operating Officer at (212) 309-8709.