Business
StorageVault Reports 2025 First Quarter Results, Completes Another 100,000 Square Feet of New Space, Announces $126.2 Million of Acquisitions and Increases Dividend
TORONTO, April 23, 2025 (GLOBE NEWSWIRE) -- STORAGEVAULT CANADA INC. (“ StorageVault...
About this update from Storagevault Canada Inc.
[{"type":"text","content":"StorageVault Reports 2025 First Quarter Results, Completes Another 100,000 Square Feet of New Space, Announces $126.2 Million of Acquisitions and Increases Dividend\n\n\n\n TORONTO, April 23, 2025 (GLOBE NEWSWIRE) --\n \n STORAGEVAULT CANADA INC.\n \n (“\n \n StorageVault\n \n ” or the “\n \n Corporation\n \n ”) (\n \n SVI-TSX\n \n ) reported the Corporation’s 2025 first quarter results, completes another 100,000 square feet of new space, announces $126.2 million of acquisitions and increases dividend. Iqbal Khan, Chief Financial Officer, commented:\n \n\n “We are pleased to start the year off with positive same store revenue and NOI growth leading to AFFO per common share growth of 4.2%. In addition, we completed 100,000 square feet of new or renovated space and today are announcing the acquisition of 12 complementary locations for $126.2 million. For the balance of the year, we will continue to be disciplined purchasers of assets, continue to be active on our NCIB if our shares remain undervalued and will maintain a strong emphasis on cost control, while maximizing revenues, NOI and free cash flow.”\n \n\n\n 2025 First Quarter Results\n \n\n Revenue for the first quarter of 2025 increased to $76.3 million compared to $71.4 million in Q1 2024 and net operating income (“\n \n NOI\n \n ”), a non-IFRS measure, grew to $47.7 million from $44.2 million for the comparative period. Our cash flow from operations increased year over year and when combined with our financing, acquisitions and expansions resulted in an increased cash balance of $17.9 million at the end of the quarter. The Q1 2025 net loss of $11.4 million (net loss of $8.0 million for Q1 2024) is impacted by the following non-cash and non-recurring items – $26.7 million of depreciation and amortization, $0.1 million in stock based compensation, $1.1 million of interest accretion on convertible debentures, $1.0 million of unrealized loss on derivative financial instruments, and deferred tax recovery of $2.2 million.\n \n\n Revenue and NOI from Existing Self Storage stores increased by 1.4% and 2.6%, compared to the same period last year. Funds from operations (“\n \n FFO\n \n ”), a non-IFRS measure, were $15.4 million for Q1 2025 compared to $15.1 million in Q1 2024, a 1.5% increase year ov...