StorageVault Reports 2025 Second Quarter Results and Increases Dividend

Core Viewpoint - StorageVault Canada Inc. reported strong second quarter results for 2025, highlighting a 6.6% growth in same-store revenue and a 5.2% increase in net operating income (NOI), alongside a 5.4% rise in adjusted funds from operations (AFFO) per common share, despite sector challenges [1][2][3] Financial Performance - Revenue for Q2 2025 reached $83.5 million, up from $74.1 million in Q2 2024, marking a 12.7% increase. NOI grew to $55.2 million from $49.9 million, a 10.6% increase [2][3][4] - For the first half of 2025, revenue increased to $159.8 million from $145.5 million, a 9.8% rise, while NOI grew to $102.9 million from $94.2 million, a 9.2% increase [6][7] - Funds from operations (FFO) for Q2 2025 were $20.3 million, a 3.4% increase from $19.7 million in Q2 2024. AFFO was $22.9 million, up 3.0% from $22.3 million [3][4][7] Operational Insights - The company experienced operational and interest expenses related to lease-up stores acquired in fiscal 2024, which impacted FFO and AFFO results. However, it anticipates an additional annual NOI of $8.3 million from these acquisitions over the next three years [4][10] - The company is focused on maintaining cost control while maximizing revenues, NOI, and free cash flow, and plans to be disciplined in asset purchases [1][10] Dividend Announcement - StorageVault announced a 0.5% increase in its Q3 2025 dividend to $0.002976 per common share [9] Strategic Focus - The company aims to own and operate storage facilities in top Canadian markets, with a strategy centered on acquisitions, organic growth, and expansion of existing stores and services [10][19]