Storagevault receives proceeds from expropriation

Executive Summary

• Storagevault Canada Inc. has finalized the expropriation of a property, receiving additional proceeds that result in a $15-million gain, bringing the total realized gain from this transaction to approximately $30-million.
• The company has expanded its third-party management platform by commencing management of two new high-profile storage locations in the Greater Toronto Area.
• Management highlighted these developments as validation of asset value and the strength of their third-party management platform, reinforcing their position as an industry leader.

Key Details

• Expropriation Gain: Storagevault recorded an additional $15-million gain related to the expropriation of one of its properties.
• Total Gain: The total gain realized from the expropriation is approximately $30-million, with the initial $15-million gain previously recorded in Q2 2023.
• Confidentiality: Further details regarding the expropriation cannot be disclosed due to confidentiality agreements.
• New Properties Added: Management of two additional properties has commenced:
  • One located in downtown Toronto.
  • One located at the intersection of Highway 401 and Highway 400 in the Greater Toronto Area.
• Strategic Impact: These additions strengthen Storagevault's presence in key urban markets and validate the value of its assets.
• Company Profile: Storagevault owns and operates 265 storage locations across Canada, including 232 owned locations, over 5,000 portable storage units, and over 13.2 million rentable square feet on 767 acres of land.

Notable Quotes

• "These developments further validate the significant value of our assets, as supported by recent private market transactions, and demonstrate our ability to grow operationally in core markets. They also reflect the strength of our third party management platform -- a best-in-class offering that consistently drives superior performance."