StorageVault Reports 2020 Third Quarter Results and Increases Dividend

TORONTO, Nov. 12, 2020 (GLOBE NEWSWIRE) -- STORAGEVAULT CANADA INC. (“StorageVault” or the “Corporation”) (SVI-TSX-V) reported the Corporation’s 2020 third quarter results and increases its dividend. Iqbal Khan, Chief Financial Officer, commented:

“Our results continue to show the resiliency of our business – we achieved 3% year over year increase in same store revenue and 4% in NOI. These results place us in a strong position to finish the year and to enter into 2021. We are also very pleased to have announced the acquisition of $220 million of assets that are scheduled to close in Q4 2020.”

2020 Third Quarter Results
Revenue for the third quarter 2020 increased to $40.1 million compared to $37.3 million in Q3 2019 and net operating income (“NOI”), a non IFRS measure, grew to $27.5 million from $24.8 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 $12.5 million at the end of the quarter. The Q3 2020 net loss of $6.3 million (net loss of $9.4 million for Q3 2019) is after $20.8 million of depreciation and amortization and deferred tax recovery recorded in the quarter of $3.0 million; both amounts are non-cash items.

Revenue and NOI from existing self storage stores increased by 3.1% and 4.0%, compared to the same period last year. Funds from operations (“FFO”), a non IFRS measure, were $11.6 million for Q3 2020 compared to $9.5 million in Q3 2019, a 21.7% increase year over year. Adjusted funds from operations (“AFFO”), a non IFRS measure, were $12.2 million for Q3 2020 compared to $10.8 million in Q3 2019, a 12.5% increase.

For a reconciliation of the above NOI, FFO, and AFFO amounts to IFRS, please see the Corporation’s Management’s Discussion & Analysis for the three and nine months ended September 30, 2020 filed on SEDAR at www.sedar.com.

2020 Nine Months Year to Date Results
Revenue for the nine months ended September 30, 2020 increased to $113.3 million from $97.8 million and NOI, a non-IFRS measure, grew to $75.9 million from $65.4 million, for the comparative period. For the nine months ended September 30, 2020, cash flow from operations was $30.0 million and when combined with our financing and investing activities resulted in a cash balance of $12.5 million. The net loss of $23.3 million for the nine months ended September 30, 2020 (net loss of $34.6 million for 2019) is after $61.5 million in depreciation and amortization, which was offset by a deferred tax recovery of $9.0 million; both non-cash items.