StorageVault Reports 2024 Third Quarter Results, Highlights $204.5 Million of Acquisitions, Expansion Space, and Increases Dividend

StorageVault Canada Inc.
StorageVault Canada Inc.

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TORONTO, Oct. 23, 2024 (GLOBE NEWSWIRE) -- STORAGEVAULT CANADA INC. (“StorageVault” or the “Corporation”) (SVI-TSX) reported the Corporation’s 2024 third quarter results and increases its dividend. Iqbal Khan, Chief Financial Officer, commented:

“We have completed $204.5 million of acquisitions year to date – more than double the high end of our expected range – a product of both our strong acquisition pipeline and balance sheet. We will deliver 110,000 square feet of new and or renovated space by year end. While still achieving our 38th consecutive quarter of positive growth, operations continue to be impacted by lower housing sales and renovations as well as slower population growth, resulting in our same store revenue and NOI growth of 1.6% and 1.2% and AFFO growth of 2.5% per common share.”

2024 Third Quarter Results
Revenue for the third quarter of 2024 increased to $79.0 million compared to $75.7 million in Q3 2023 and net operating income (“NOI”), a non-IFRS measure, grew to $54.1 million from $52.7 million for the comparative period. Our cash flow from operations increased year over year and when combined with our financing and investing activities resulted in a cash balance of $12.3 million at the end of the quarter. The Q3 2024 net loss of $7.0 million (net income of $16.4 million for Q3 2023 including a $15.6 million unrealized gain on derivative financial instruments) is impacted by the following non-cash and non-recurring items – $27.4 million of depreciation and amortization, $0.2 million in stock based compensation, $1.1 million of interest accretion on convertible debentures, $1.6 million of unrealized loss on derivative financial instruments, $1.3 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 $1.6 million.

Revenue and NOI from Existing Self Storage stores increased by 1.6% and 1.2%, compared to the same period last year. Funds from operations (“FFO”), a non-IFRS measure, were $23.1 million for Q3 2024 compared to $23.8 million in Q3 2023, a 3.0% decrease year over year. Adjusted funds from operations (“AFFO”), a non-IFRS measure, were $25.6 million for Q3 2024 compared to $25.2 million in Q3 2023, a 1.5% increase. On a per basic common share basis, FFO decreased by 2.0% and AFFO increased by 2.5%.

For a reconciliation of the above NOI, FFO, and AFFO amounts to IFRS, please see “Non-IFRS Financial Measures” and the reconciliation tables below, and the Corporation’s Management’s Discussion & Analysis for the three and nine months ended September 30, 2024 filed on SEDAR+ at www.sedarplus.ca.