StorageVault Reports 2025 Third Quarter Results and Increases Dividend

Executive Summary

• StorageVault Canada Inc. reported Q3 2025 revenue of $88.5 M (up 12.1% YoY) and NOI of $60.2 M, delivering a net income of $20.5 M versus a loss in the prior year.
• Funds from Operations (FFO) rose 6.7% to $24.7 M and Adjusted Funds from Operations (AFFO) increased 5.2% to $26.6 M, translating to a 7.5% per‑share AFFO growth.
• The company announced a Q4 2025 dividend increase of 0.5% to $0.002991 per common share and reaffirmed its strategy to add $7.9 M of incremental annual NOI over the next three years.

Key Details

• Revenue: $88,520,386 (Q3 2025) vs. $78,961,903 (Q3 2024) – +12.1% YoY.
• Net Operating Income (NOI): $60,177,284 vs. $54,076,590 – +11.3% YoY.
• Net Income: $20,492,392 vs. a loss of $6,973,213 in Q3 2024.
• FFO: $24,673,970 (up 6.7%) vs. $23,131,551 prior year.
• AFFO: $26,581,021 (up 5.2%) vs. $25,266,703 prior year.
• Per‑share AFFO growth: +7.5% YoY.
• Nine‑Month Results (ended Sep 30 2025): Revenue $248.3 M (+10.6%), NOI $163.1 M (+10.0%).
• Cash Position: $24.8 M at quarter end, supported by operating cash flow and financing activities.
• Acquisition Activity: $215 M of acquisitions in FY 2024 (including $127 M of lease‑up stores) now stabilizing; expected to contribute an additional $7.9 M annual NOI within three years.
• Dividend Increase: Q4 2025 dividend raised 0.5% to $0.002991 per common share.
• Operational Highlights: Existing self‑storage revenue grew 5.4%; new self‑storage revenue surged 78.8% YoY, reflecting recent store openings and expansions. Portable storage revenue was flat year‑over‑year.

Notable Quotes

“We are pleased to report another quarter of strong results… our consistent organic performance continues to highlight the resilience of our industry and the quality of our platform.” – Iqbal Khan, CFO

All figures are unaudited and presented in Canadian dollars.