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StorageVault Reports Fiscal 2024 Results, Provides 2025 Outlook, Announces Credit Line Renewal and Upsize, and Increases Dividend
TORONTO, Feb. 20, 2025 (GLOBE NEWSWIRE) -- STORAGEVAULT CANADA INC. (“ StorageVault ...
About this update from Storagevault Canada Inc.
[{"type":"text","content":"StorageVault Reports Fiscal 2024 Results, Provides 2025 Outlook, Announces Credit Line Renewal and Upsize, and Increases Dividend\n\n\n\n TORONTO, Feb. 20, 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 ) reports the Corporation’s full year 2024 audited results. Iqbal Khan, Chief Financial Officer, commented:\n \n\n “We finished the year with same store revenue, NOI and AFFO growth of 3.7%, 3.3% and 4.4% in Q4; $215 million in acquisitions and 110,000 square feet of new and or renovated space – resulting in an increase of 825,000 rentable sqft to our platform. For 2025, we expect to continue to achieve revenue, NOI and AFFO growth, complete over $100 million of acquisitions, to complete 150,000 square feet of expansion and renovations, and to continue to increase our free cash flow. We are dedicated to being Canada’s storage provider and to offering premium full-service storage, moving and logistics solutions.”\n \n\n\n 2024 Full Year Audited Results\n \n\n Revenue increased to $304.7 million in 2024 from $288.7 million in 2023 and net operating income (“\n \n NOI\n \n ”), a non-IFRS measure, grew to $201.6 million from $193.6 million. Cash flow from operations grew to $100.9 million from $85.8 million and when combined with our financing, acquisitions, expansions, and $36.3 million in share repurchase resulted in a cash balance of $16.3 million at the end of the year. The net loss of $30.2 million or $0.08 loss per common share for the year (net loss of $1.7 million or $0.01 loss per common share for 2023) is a result of the following non-cash and non-recurring items – $102.7 million of depreciation and amortization, $2.7 million in stock based compensation, $4.5 million of interest accretion on convertible debentures, $6.3 million of unrealized loss on derivative financial instruments, $2.7 million of realized loss on real estate (related to the derecognition and replacement of capital improvements made at our stores) and deferred tax recovery of $9.1 million.\n \n\n Revenue and NOI growth from Existing Self Storage, a non-IFRS measure, increased by 3.3% and 2.8%, over the prior year. Funds from operations (“\n \n FFO\n \n ”), a non-IFRS...