StorageVault Delivers 10% Revenue Growth in Fiscal 2025, Expands Platform, Increases Dividend and Reaffirms Growth Outlook

Executive Summary

• StorageVault Canada Inc. reported its full-year 2025 audited results, showing a 10.0% increase in revenue to $335.1 million and a 9.5% increase in Net Operating Income (NOI) to $220.7 million compared to 2024.
• The company completed 125,000 square feet of new and renovated space, adding 630,000 rentable square feet to its platform, and exceeded its acquisition targets for the year.
• StorageVault announced a 0.5% increase in its Q1 2026 dividend to $0.003006 per common share and provided a 2026 outlook targeting over $100 million in acquisitions and 165,000 square feet of expansion/renovation.

Key Details

• 2025 Full Year Financials:
  • Revenue: $335.1 million (up 10.0% from $304.7 million in 2024).
  • Net Operating Income (NOI): $220.7 million (up 9.5% from $201.6 million).
  • Cash Flow from Operations: $105.7 million (up from $100.9 million).
  • Net Loss: $12.5 million (improved from a $30.2 million net loss in 2024, largely due to non-cash items including $115.1 million in depreciation/amortization and a $16.1 million realized gain on real estate).
  • Funds from Operations (FFO): $82.5 million (up 3.7% from $79.6 million).
  • Adjusted Funds from Operations (AFFO): $90.5 million (up 3.7% from $87.3 million).
  • AFFO per share: Increased by 5.8%.
• 2025 Fourth Quarter Financials:
  • Revenue: $86.7 million (up from $80.2 million in Q4 2024).
  • NOI: $57.7 million (up from $53.4 million).
  • FFO: $22.1 million (up 2.3% from Q4 2024).
  • AFFO: $24.0 million (up 4.1% from Q4 2024).
  • Net Loss: $15.5 million (compared to $6.6 million in Q4 2024).
• Same-Store / Existing Self Storage Performance:
  • 2025 Full Year: Revenue increased 4.1% and NOI increased 4.3% year-over-year.
  • Q4 2025: Revenue increased 3.1% and NOI increased 4.1% year-over-year.
• Operational Updates & Acquisitions:
  • Completed 125,000 square feet of new and renovated space.
  • Platform increased by 630,000 rentable square feet.
  • $157.0 million of the $347.6 million in acquisitions and 235,000 square feet of expanded/renovated space are still in early stages of lease-up and stabilization.
  • These assets are expected to generate an additional $8.9 million of NOI annually once stabilized over the next three years.
• Dividend:
  • Q1 2026 dividend increased by 0.5% to $0.003006 per common share.
• 2026 Outlook:
  • Expected to complete over $100 million of acquisitions.
  • Expected to add 165,000 square feet through expansions and renovations.
  • Targeting continued growth in revenue, NOI, AFFO, and free cash flow.

Notable Quotes

• “Our 2025 results reflect that consistent execution and focus on fundamentals sustains long term performance. Overall, we increased revenue by 10%, NOI by 9.5% and grew AFFO by 5.8% per share, driven by strong same store revenue and NOI growth of 4.1% and 4.3%. We exceeded our acquisition targets and completed 125,000 square feet of new and renovated space, increasing our platform by 630,000 rentable square feet.” — Iqbal Khan, Chief Financial Officer