StorageVault Reports Fiscal 2020 Annual Results; Highlighting Significant Growth in NOI and FFO; $232.7 Million in Acquisitions; Provides 2021 Outlook; Increases Dividend - Seite 2

In spite of the impacts of COVID-19, our strong revenue management platform and occupancy growth resulted in Revenue and NOI growth from existing self storage, a non-IFRS measure, of 4.8% and 5.0%, over the prior year. Funds from operations (“FFO”), a non-IFRS measure, were $35.4 million in 2020 compared to $29.7 million for 2019, a 19.3% increase year over year.   Adjusted funds from operations (“AFFO), a non-IFRS measure, were $42.8 million for 2020 compared to $36.7 million for 2019, a 16.8% increase year over year. Both the FFO and AFFO are muted for the $114.6 million in new build, lease-up and raw land acquisitions made in fiscal 2020. The Corporation expects to start realizing the benefits from these acquisitions in fiscal 2022 and beyond.

Annualizing results from our 2020 acquisitions would have resulted in revenue of $165.6 million, NOI of $110.0 million, FFO of $37.8 million and AFFO of $45.2 million. See “Annualized Information” below. This annualization is muted by the $114.6 million in new build and lease-up stores and raw land acquisitions made in fiscal 2020. The Corporation expects to realize the benefits from these acquisitions in fiscal 2022 and beyond.

For a reconciliation of the above NOI, FFO, and AFFO amounts to IFRS, please see pages 12 through 18 of the Corporation’s Management’s Discussion & Analysis for the year ended December 31, 2020 filed on SEDAR at www.sedar.com.

2020 Fourth Quarter Results
Revenue for Q42020 increased to $42.2 million compared to $37.2 million in Q4 2019 and NOI grew to $28.4 million from $24.7 million for the comparative period. As mentioned above, our cash flow from operations increased year over year 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 Q4 2020 net loss of $10.0 million (net loss of $11.6 million for Q4 2019) is after $21.1 million of depreciation and amortization, $6.3 million in stock based compensation and is offset by the recovery of $1.9 million of deferred tax and $9.3 million of unrealized gain on interest rate swap contracts. All amounts are non-cash items.