StorageVault Reports Fiscal 2020 Annual Results; Highlighting Significant Growth in NOI and FFO; $232.7 Million in Acquisitions; Provides 2021 Outlook; Increases Dividend

TORONTO, Feb. 25, 2021 (GLOBE NEWSWIRE) -- STORAGEVAULT CANADA INC. (“StorageVault” or the “Corporation”) (SVI-TSX-V) today reported the Corporation’s full year 2020 audited results. Iqbal Khan, Chief Financial Officer, commented:

“StorageVault continues to show the resiliency of our business and the strength of our amazing team across the country delivering solid growth in fiscal 2020. These results were achieved in spite of the pandemic where for a portion of the year we experienced lower rental activity and paused rent increases and all fees. Our focus continues to be on growing free cash flow through integrating, improving and innovating operations and completing accretive acquisitions. We significantly beat our acquisition target with $232.7 million in acquisitions. We exceeded expectations by finishing Q42020 with same store revenue and NOI growth of over 6%, resulting in year over year same store NOI growth of 5%. Looking ahead, we expect to do $100 million of acquisitions in 2021, expand and renovate existing stores, and continue to increase our cash flow through integration, occupancy growth and revenue management.”

2020 Full Year Audited Results
StorageVault achieved significant growth in 2020 with $232.7 million in acquisitions; $118.1 million of mature stores, $111.3 million of new build and lease-up stores and $3.3 million of adjacent raw land for expansion. The benefits from $114.6 million of these acquisitions will not be realized until 2022 and beyond. Over the past six years, StorageVault has completed $1.6 billion of acquisitions.

Revenue increased to $155.5 million in 2020 from $135.0 million in 2019 and net operating income (“NOI”), a non-IFRS measure, grew to $104.2 million in 2020 from $90.1 million in 2019. Cash flow from operations grew to $38.5 million in 2020 from $32.0 million in 2019 and when combined with our financing and investing activities resulted in a cash balance of $25.5 million at the end of the year. The net loss of $33.3 million for the year (net loss of $46.1 million for 2019) is after $82.6 million in depreciation and amortization, $6.3 million in stock based compensation and are offset by the recovery of $10.9 million of deferred tax and $9.3 million of unrealized gain on interest rate swap contracts, all non-cash items, recorded in 2020.