StorageVault Reports 2025 Third Quarter Results and Increases Dividend
TORONTO, Oct. 22, 2025 (GLOBE NEWSWIRE) — STORAGEVAULT CANADA INC. (“StorageVault” or the “Corporation”) (SVI-TSX) reported the Corporation’s 2025 third quarter results and increases dividend. Iqbal Khan, Chief Financial Officer, commented:
“We are pleased to report another quarter of strong results, with same store revenue growth of 5.4% and NOI growth of 5.2%, driving a 7.5% increase in AFFO per common share. Our consistent organic performance continues to highlight the resilience of our industry and the quality of our platform. As Official Storage Provider of the Toronto Blue Jays, we are excited to celebrate their achievement in reaching the World Series. Much like their playoff run, we expect to finish the year with continued strong performance and momentum.”
2025 Third Quarter Results
Revenue for the third quarter of 2025 increased to $88.5 million compared to $79.0 million in Q3 2024 and net operating income (“NOI”), a non-IFRS measure, grew to $60.2 million from $54.1 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 to $24.8 million at the end of the quarter. The Q3 2025 net income of $20.5 million (net loss of $7.0 million for Q3 2024) is impacted by the following non-recurring and non-cash items – $15.7 million realized gain on real estate (see October 17, 2025 news release), $29.5 million of depreciation and amortization, $1.2 million of interest accretion on convertible debentures, and deferred tax recovery of $2.0 million.
Revenue and NOI from Existing Self Storage stores increased by 5.4% and 5.2%, compared to the same period last year. Funds from operations (“FFO”), a non-IFRS measure, were $24.7 million for Q3 2025 compared to $23.1 million in Q3 2024, a 6.7% increase year over year. Adjusted funds from operations (“AFFO”), a non-IFRS measure, were $26.6 million for Q3 2025 compared to $25.3 million in Q3 2024, a 5.2% increase. On a per basic common share basis, FFO and AFFO increased by 9.0% and 7.5%.
Our Q3 2025 FFO and AFFO results are muted by operational and interest expenses related to lease-up stores acquired in fiscal 2024 ($127.0 million of the $215.0 million of acquisitions) and a nominal contribution from the 210,000 square feet of expanded and renovated space completed in Q4 2024 and Q1 2025. As these acquisitions and expansions stabilize, the Corporation expects to add an incremental annual $7.9 million of NOI within the next 3 years resulting in an equivalent incremental growth of FFO and AFFO.
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, 2025 filed on SEDAR+ at www.sedarplus.ca.
2025 Nine Months Year to Date Results
Revenue for the nine months ended September 30, 2025 increased to $248.3 million from $224.5 million, for the comparative period, a 10.6% increase, and NOI, a non-IFRS measure, grew to $163.1 million from $148.2 million, for the comparative period, a 10.0% increase. For the nine months ended September 30, 2025, cash flow from operations was $77.6 million and when combined with our financing and investing activities resulted in a cash balance of $24.8 million. The net income of $3.0 million for the nine months ended September 30, 2025 (net loss of $23.6 million for 2024) is impacted by the following non-recurring and non-cash and items – $15.7 million realized gain on real estate (see October 17, 2025 news release), $83.5 million of depreciation and amortization, $3.4 million of interest accretion on convertible debentures, and deferred tax recovery of $6.1 million.
Our Revenue and NOI from Existing Self Storage, a non-IFRS measure, increased by 4.5% and 4.4%, compared to the same period last year. FFO, a non-IFRS measure, were $60.4 million compared to $57.9 million for the same period in 2024, a 4.2% increase year over year. AFFO, a non-IFRS measure, were $66.5 million compared to $64.2 million for the same period in 2024, a 3.6% increase year over year. On a basic common per share basis, FFO and AFFO increased by 6.5% and 5.9%.
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, 2025 filed on SEDAR+ at www.sedarplus.ca.
Increased Dividend
StorageVault is increasing its Q4 2025 dividend by 0.5% to $0.002991 per common share.
Our Strategy
StorageVault is focused on owning and operating storage in the top markets in Canada. Our goal is to have multiple stores in each market, with complementary portable storage units and records management storage services, to take advantage of economies of scale. Our growth strategy is focused on acquisitions, organic growth, expansion of our existing stores and expansion of our portable storage and records management businesses.
Further Information
For comprehensive disclosure of StorageVault’s performance for the three and nine months ended September 30, 2025 and its financial position as at such date, please see StorageVault’s Unaudited Interim Consolidated Financial Statements and Management’s Discussion and Analysis for the three and nine months ended September 30, 2025 filed on SEDAR+ at www.sedarplus.ca.
Non-IFRS Financial Measures
Management uses both IFRS and non-IFRS Measures to assess the financial and operating performance of the Corporation’s operations. These non-IFRS Measures are not recognized measures under IFRS, do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other companies. The non-IFRS Measures referenced in this news release include the following:
- Net Operating Income (“NOI”) – NOI is defined as storage and related services revenue less related property operating costs. NOI does not include interest expense or income, depreciation and amortization, corporate administrative costs, stock based compensation costs or taxes. NOI assists management in assessing profitability and valuation from principal business activities.
- Funds from Operations (“FFO”) – FFO is defined as net income (loss) excluding gains or losses from the sale of depreciable real estate, plus depreciation and amortization, realized gains or losses on real estate, realized and unrealized gains or losses on interest rate swaps, interest accretion on convertible debentures, realized and unrealized gains or losses on derivative financial instruments, stock based compensation expenses and deferred income taxes; and after adjustments for equity accounted entities and non-controlling interests. FFO should not be viewed as an alternative to cash from operating activities, net income, or other measures calculated in accordance with IFRS. The Corporation believes that FFO can be a beneficial measure, when combined with primary IFRS measures, to assist in the evaluation of the Corporation’s ability to generate cash and evaluate its return on investments as it excludes the effects of real estate amortization and gains and losses from the sale of real estate, all of which are based on historical cost accounting and which may be of limited significance in evaluating current performance.
- Adjusted Funds from Operations (“AFFO”) – AFFO is defined as FFO plus acquisition and integration costs. Acquisition and integration costs are one time in nature to the specific assets purchased in the current period or pending and are expensed under IFRS.
- Existing Self Storage – means stabilized stores that StorageVault has owned or leased at least since the beginning of the previous fiscal year.
NOI, FFO, AFFO and Existing Self Storage, should not be viewed as an alternative to, in isolation from, or superior to, net income or cash flow from operations, or results from StorageVault’s comprehensive operations, respectively, or other measures calculated in accordance with IFRS. NOI, FFO and AFFO should not be interpreted as an indicator of cash generated from operating activities and is not indicative of cash available to fund operating expenditures, or for the payment of cash distributions. Existing Self Storage should not be considered a measure of StorageVault’s comprehensive operations. NOI, FFO, AFFO and Existing Self Storage are simply additional measures of operating performance which highlight trends in StorageVault’s core business that may not otherwise be apparent when relying solely on IFRS financial measures. StorageVault’s management also uses these non-IFRS measures in order to facilitate operating performance comparisons from period to period and to prepare operating budgets. In addition, the Corporation’s definitions of NOI, FFO, AFFO and Existing Self Storage may differ from that of other issuers.
Non-IFRS Financial Measures Reconciliation
The following table reconciles Net Income (Loss) and Net Operating Income:
| (unaudited) | (unaudited) | ||||||||||||||||||||||
| Three Months Ended September 30 | Nine Months Ended September 30, 2025 | ||||||||||||||||||||||
| Change | Change | ||||||||||||||||||||||
| 2025 | 2024 | $ | % | 2025 | 2024 | $ | % | ||||||||||||||||
| Storage revenue and related services | $ | 88,007,701 | $ | 78,477,526 | $ | 9,530,175 | 12.1 | % | $ | 246,807,867 | $ | 223,035,678 | $ | 23,772,189 | 10.7 | % | |||||||
| Management fees | 512,685 | 484,377 | 28,308 | 5.8 | % | 1,504,770 | 1,428,792 | 75,978 | 5.3 | % | |||||||||||||
| 88,520,386 | 78,961,903 | 9,558,483 | 12.1 | % | 248,312,637 | 224,464,470 | 23,848,167 | 10.6 | % | ||||||||||||||
| Operating costs | 28,343,102 | 24,885,313 | 3,457,789 | 13.9 | % | 85,257,833 | 76,219,131 | 9,038,702 | 11.9 | % | |||||||||||||
| Net operating income1 | 60,177,284 | 54,076,590 | 6,100,694 | 11.3 | % | 163,054,804 | 148,245,339 | 14,809,465 | 10.0 | % | |||||||||||||
| Less: | |||||||||||||||||||||||
| Acquisition and integration costs | 1,907,051 | 2,135,152 | (228,101 | ) | -10.7 | % | 6,121,351 | 6,244,431 | (123,080 | ) | -2.0 | % | |||||||||||
| Selling, general and administrative | 6,655,722 | 6,247,389 | 408,333 | 6.5 | % | 19,091,699 | 18,226,892 | 864,807 | 4.7 | % | |||||||||||||
| Interest | 26,940,541 | 22,562,498 | 4,378,043 | 19.4 | % | 77,476,156 | 65,847,025 | 11,629,131 | 17.7 | % | |||||||||||||
| Stock based compensation | 83,959 | 230,447 | (146,488 | ) | -63.6 | % | 251,877 | 695,158 | (443,281 | ) | -63.8 | % | |||||||||||
| Realized (gain) loss on real estate | (15,705,784 | ) | 1,319,112 | (17,024,896 | ) | -1290.6 | % | (15,696,568 | ) | 3,932,716 | (19,629,284 | ) | -499.1 | % | |||||||||
| Unrealized (gain) loss on derivative financial instruments | (8,902,167 | ) | 1,604,100 | (10,506,267 | ) | -655.0 | % | (7,924,664 | ) | 2,114,917 | (10,039,581 | ) | -474.7 | % | |||||||||
| Interest accretion on convertible debentures | 1,174,204 | 1,135,916 | 38,288 | 3.4 | % | 3,440,471 | 3,339,943 | 100,528 | 3.0 | % | |||||||||||||
| Depreciation and amortization | 29,517,048 | 27,404,913 | 2,112,135 | 7.7 | % | 83,452,242 | 76,441,660 | 7,010,582 | 9.2 | % | |||||||||||||
| 41,670,574 | 62,639,527 | (20,968,953 | ) | -33.5 | % | 166,212,564 | 176,842,742 | (10,630,178 | ) | -6.0 | % | ||||||||||||
| Net income (loss) before tax | 18,506,710 | (8,562,937 | ) | 27,069,647 | 316.1 | % | (3,157,760 | ) | (28,597,403 | ) | 25,439,643 | 89.0 | % | ||||||||||
| Deferred tax (expense) recovery | 1,985,682 | 1,589,724 | 395,958 | 24.9 | % | 6,115,519 | 4,977,757 | 1,137,762 | 22.9 | % | |||||||||||||
| Net income (loss) after tax | $ | 20,492,392 | $ | (6,973,213 | ) | $ | 27,465,605 | 393.9 | % | $ | 2,957,759 | $ | (23,619,646 | ) | $ | 26,577,405 | 112.5 | % | |||||
| 1 Non-IFRS Measure. | |||||||||||||||||||||||
The following table reconciles Net Income (Loss), and Funds from Operations and Adjusted Funds from Operations:
| (unaudited) | (unaudited) | ||||||||||||||||||||||
| Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||||||||||
| $ | % | $ | % | ||||||||||||||||||||
| Net income (loss) | $ | 20,492,392 | $ | (6,973,213 | ) | $ | 27,465,605 | 393.9 | % | $ | 2,957,759 | $ | (23,619,646 | ) | $ | 26,577,405 | 112.5 | % | |||||
| Adjustments: | |||||||||||||||||||||||
| Stock based compensation | 83,959 | 230,447 | (146,488 | ) | -63.6 | % | 251,877 | 695,158 | (443,281 | ) | -63.8 | % | |||||||||||
| Interest accretion on convertible debentures | 1,174,204 | 1,135,916 | 38,288 | 3.4 | % | 3,440,471 | 3,339,943 | 100,528 | 3.0 | % | |||||||||||||
| Realized (gain) loss on real estate | (15,705,784 | ) | 1,319,112 | (17,024,896 | ) | -1290.6 | % | (15,696,568 | ) | 3,932,716 | (19,629,284 | ) | -499.1 | % | |||||||||
| Unrealized (gain) loss on derivative financial instruments | (8,902,167 | ) | 1,604,100 | (10,506,267 | ) | -655.0 | % | (7,924,664 | ) | 2,114,917 | (10,039,581 | ) | -474.7 | % | |||||||||
| Deferred tax expense (recovery) | (1,985,682 | ) | (1,589,724 | ) | (395,958 | ) | 24.9 | % | (6,115,519 | ) | (4,977,757 | ) | (1,137,762 | ) | 22.9 | % | |||||||
| Depreciation and amortization | 29,517,048 | 27,404,913 | 2,112,135 | 7.7 | % | 83,452,242 | 76,441,660 | 7,010,582 | 9.2 | % | |||||||||||||
| 4,181,578 | 30,104,764 | (25,923,186 | ) | -86.1 | % | 57,407,839 | 81,546,637 | (24,138,798 | ) | -29.6 | % | ||||||||||||
| FFO1 | $ | 24,673,970 | $ | 23,131,551 | $ | 1,542,419 | 6.7 | % | $ | 60,365,598 | $ | 57,926,991 | $ | 2,438,607 | 4.2 | % | |||||||
| Adjustments: | |||||||||||||||||||||||
| Acquisition and integration costs | 1,907,051 | 2,135,152 | (228,101 | ) | -10.7 | % | 6,121,351 | 6,244,431 | (123,080 | ) | -2.0 | % | |||||||||||
| AFFO1 | $ | 26,581,021 | $ | 25,266,703 | $ | 1,314,318 | 5.2 | % | $ | 66,486,949 | $ | 64,171,422 | $ | 2,315,527 | 3.6 | % | |||||||
| 1 Non-IFRS Measure. | |||||||||||||||||||||||
The following table reconciles Existing Self Storage Revenue, Operating Costs and Net Operating Income:
| (unaudited) | (unaudited) | ||||||||||||||||||||||
| Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||||||||||
| $ | % | $ | % | ||||||||||||||||||||
| Revenue | |||||||||||||||||||||||
| Existing Self Storage1 | $ | 71,663,071 | $ | 68,009,118 | $ | 3,653,953 | 5.4 | % | $ | 204,326,354 | $ | 195,547,393 | $ | 8,778,961 | 4.5 | % | |||||||
| New Self Storage1 | 13,440,875 | 7,517,868 | 5,923,007 | 78.8 | % | 35,041,442 | 20,101,343 | 14,940,099 | 74.3 | % | |||||||||||||
| Total Self Storage | 85,103,946 | 75,526,986 | 9,576,960 | 12.7 | % | 239,367,796 | 215,648,736 | 23,719,060 | 11.0 | % | |||||||||||||
| Portable Storage | 2,903,755 | 2,950,540 | (46,785 | ) | -1.6 | % | 7,440,071 | 7,386,942 | 53,129 | 0.7 | % | ||||||||||||
| Management Fees | 512,685 | 484,377 | 28,308 | 5.8 | % | 1,504,770 | 1,428,792 | 75,978 | 5.3 | % | |||||||||||||
| Combined | 88,520,386 | 78,961,903 | 9,558,483 | 12.1 | % | 248,312,637 | 224,464,470 | 23,848,167 | 10.6 | % | |||||||||||||
| Operating Costs | |||||||||||||||||||||||
| Existing Self Storage | 20,211,757 | 19,082,646 | 1,129,111 | 5.9 | % | 63,486,428 | 60,654,932 | 2,831,496 | 4.7 | % | |||||||||||||
| New Self Storage | 6,315,275 | 3,915,780 | 2,399,495 | 61.3 | % | 16,981,223 | 10,639,405 | 6,341,818 | 59.6 | % | |||||||||||||
| Total Self Storage | 26,527,032 | 22,998,426 | 3,528,606 | 15.3 | % | 80,467,651 | 71,294,337 | 9,173,314 | 12.9 | % | |||||||||||||
| Portable Storage | 1,816,070 | 1,886,887 | (70,817 | ) | -3.8 | % | 4,790,182 | 4,924,794 | (134,612 | ) | -2.7 | % | |||||||||||
| Combined | 28,343,102 | 24,885,313 | 3,457,789 | 13.9 | % | 85,257,833 | 76,219,131 | 9,038,702 | 11.9 | % | |||||||||||||
| Net Operating Income1 | |||||||||||||||||||||||
| Existing Self Storage | 51,451,314 | 48,926,472 | 2,524,842 | 5.2 | % | 140,839,926 | 134,892,461 | 5,947,465 | 4.4 | % | |||||||||||||
| New Self Storage | 7,125,600 | 3,602,088 | 3,523,512 | 97.8 | % | 18,060,219 | 9,461,938 | 8,598,281 | 90.9 | % | |||||||||||||
| Total Self Storage | 58,576,914 | 52,528,560 | 6,048,354 | 11.5 | % | 158,900,145 | 144,354,399 | 14,545,746 | 10.1 | % | |||||||||||||
| Portable Storage | 1,087,685 | 1,063,653 | 24,032 | 2.3 | % | 2,649,889 | 2,462,148 | 187,741 | 7.6 | % | |||||||||||||
| Management Fees | 512,685 | 484,377 | 28,308 | 5.8 | % | 1,504,770 | 1,428,792 | 75,978 | 5.3 | % | |||||||||||||
| Combined | $ | 60,177,284 | $ | 54,076,590 | $ | 6,100,694 | 11.3 | % | $ | 163,054,804 | $ | 148,245,339 | $ | 14,809,465 | 10.0 | % | |||||||
| 1 Non-IFRS Measure. | |||||||||||||||||||||||
About StorageVault Canada Inc.
StorageVault owns and operates 265 storage locations across Canada. StorageVault owns 232 of these locations plus over 5,000 portable storage units representing over 13.2 million rentable square feet on 768 acres of land. StorageVault also provides last mile storage and logistics’ solutions and professional records management services, such as document and media storage, imaging and shredding services.
For further information, contact Mr. Steven Scott or Mr. Iqbal Khan:
Tel: 1-877-622-0205
ir@storagevaultcanada.com
Follow us:
Instagram: @accessstorageca @depotiumminientrepot @sentinelstorageca @cubeitportablestorage
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Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information regarding: the Corporation’s expectations to finish the year with continued strong performance and momentum; the Corporation’s expectations to add an incremental annual $7.9 million of NOI within the next 3 years resulting in an equivalent incremental growth of FFO and AFFO; the Corporation’s strategy, including, the Corporation being focused on owning and operating storage in the top markets in Canada, and the goal of having multiple stores in the top markets in Canada, with complementary portable storage units and records management storage services; and the Corporation’s growth strategy, including a focus on acquisitions, organic growth, expansion of our existing stores and expansion of our portable storage and records management businesses. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects StorageVault’s current beliefs and is based on information currently available to StorageVault and on assumptions StorageVault believes are reasonable. These assumptions include, but are not limited to: the level of activity in the storage business and the economy generally; consumer interest in the Corporation’s services and products; competition and StorageVault’s competitive advantages; trends in the storage industry, including, increased growth and growth in the portable storage business; the availability of attractive and financially competitive asset acquisitions in the future; the closing of previously announced acquisitions; the revenue and costs from acquisitions and operations conducted in fiscal 2024 being extrapolated to the entire period for 2025 and being consistent with, and reproducible as, costs and revenue in future periods; and anticipated and unanticipated costs. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of StorageVault to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive board of directors, third party or regulatory approvals; the actual results of StorageVault’s future operations; competition; changes in legislation, including environmental legislation, affecting StorageVault; the timing and availability of external financing on acceptable terms; conclusions of economic evaluations and appraisals; lack of qualified, skilled labour or loss of key individuals; and the impact that the imposition of trade tariffs, particularly from the United States, may have on the global economy, and the economy in Canada in particular. A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in StorageVault’s disclosure documents on the SEDAR+ website at www.sedarplus.ca. Although StorageVault has attempted to identify important risks and factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of StorageVault as of the date of this news release and, accordingly, is subject to change after such date. However, StorageVault expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
The Corporation’s expectations to add an incremental annual $7.9 million of NOI within the next 3 years resulting in an equivalent incremental growth of FFO and AFFO, contained in this news release may be considered financial outlooks as defined by applicable securities legislation. Such information and any other financial outlooks have been approved by management of the Corporation as of the date hereof. Such financial outlooks are provided for the purpose of presenting information about management’s current expectations and goals relating to the future business of the Corporation. Readers are cautioned that reliance on such information may not be appropriate for other purposes.
