Financial Data and Key Metrics Changes - The company reported core FFO of $2.08 per share, meeting internal expectations [4] - Same-store occupancy at quarter-end was 93.7%, with an average of 94.1% during the quarter, reflecting a 30 basis point improvement year over year [4] - Same-store revenue declined 0.2% year over year, slightly below internal forecasts [9] - The company raised its full-year core FFO guidance to a range of $8.12 to $8.20 per share based on year-to-date performance [11] Business Line Data and Key Metrics Changes - New customer rate growth exceeded 3% year over year net of discounts, with approximately 6% growth excluding discounts [5] - The bridge loan program originated $123 million during the quarter, with $71 million in mortgage loans sold [6] - The third-party management platform expanded by 95 stores during the quarter, bringing the total managed portfolio to 1,811 stores [7] Market Data and Key Metrics Changes - The self-storage sector demonstrated resilience, with the company maintaining high occupancy levels and positive rate momentum [13] - The company noted that moving customers accounted for about 58% in the third quarter, up from mid-50% in previous quarters, indicating seasonal trends [32] Company Strategy and Development Direction - The company is focused on long-term revenue optimization through strategic discounts and pricing strategies [5][17] - The acquisition of a 24-property portfolio for $244 million is expected to enhance future revenue growth, with stabilized yields projected to increase from 4.5% in year one to mid-7% by year three [5][31] - The company aims to capitalize on market conditions through a diversified growth strategy, including direct ownership, joint ventures, and management services [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in operational execution and improving storage fundamentals, despite expecting same-store revenue to remain relatively flat for 2025 [8][13] - The company anticipates that the positive trend in new customer rates will eventually translate into revenue acceleration [9] - Management highlighted the importance of maintaining a strong balance sheet and financial flexibility to pursue strategic opportunities [10] Other Important Information - The company has a conservative capital structure, with 95% of interest rates fixed, and recently recast its credit facility to add $1 billion in capacity [10] - Same-store expense growth guidance was raised to 4.5% to 5% due to increased marketing investments aimed at long-term revenue growth [13] Q&A Session Summary Question: How long does new customer rate growth take to benefit same-store revenue growth? - Management indicated that timing depends on churn and other factors, but they are encouraged by the accelerating trend in new customer rates [16] Question: Has the use of discounts and promotions continued into October? - Management confirmed that they have been using discounts strategically and will continue to evaluate their effectiveness based on results [17] Question: Can you discuss the short-term headwind related to discounting? - Management noted that the headwind was primarily felt in the quarter and is viewed as a temporary measure to optimize long-term revenue [23] Question: What are the reasons for storage use and any recent changes? - Management reported no significant changes in reasons for storage use, with moving customers slightly increasing in the third quarter [32] Question: How does the company view marketing spend efficiency? - Management stated that they have not seen a decline in the ROI of marketing spend and view it as an investment for long-term revenue growth [37] Question: What is the outlook for the bridge loan program in a lower-rate environment? - Management indicated that a lower-rate environment could impact the bridge loan program positively by loosening the acquisition market [83] Question: Can you provide details on the disposition of Life Storage assets? - Management confirmed that they are actively looking to dispose of certain Life Storage assets to improve their portfolio [77] Question: What is the current staffing situation for properties? - Management reported approximately 1.4 full-time employees per store, emphasizing the importance of having store managers present for customer interactions [100]

Financial Data and Key Metrics Changes - The company reported core FFO of $2.08 per share, meeting internal expectations [4] - Same-store occupancy at quarter-end was 93.7%, with an average of 94.1% during the quarter, reflecting a 30 basis point improvement year over year [4] - Same-store revenue declined by 0.2% year over year, slightly below internal forecasts [9] - Same-store new customer rate growth was approximately 6% when excluding discounts, while net growth was over 3% year over year [5][9] - The company raised its full-year core FFO guidance to a range of $8.12 to $8.20 per share based on year-to-date performance [11] Business Line Data and Key Metrics Changes - The third-party management platform expanded by 95 stores during the quarter, with a net growth of 62 stores, bringing the total managed portfolio to 1,811 stores [7] - The bridge loan program originated $123 million during the quarter and sold $71 million in mortgage loans, contributing to interest income [6] Market Data and Key Metrics Changes - The self-storage sector continues to show resilience, with the company maintaining a geographically diversified portfolio of over 4,200 stores across 43 states [13] - The company noted that property taxes normalized in the quarter, returning to a growth rate of 1.6% [10] Company Strategy and Development Direction - The company is focusing on long-term revenue optimization through strategic discounts, which are seen as investments for future growth [5] - The acquisition of a 24-property portfolio for $244 million is expected to enhance long-term yields and diversify the company's asset base [5][6] - The company aims to capitalize on market conditions through a multi-channel approach, including direct ownership, joint ventures, and management services [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in operational execution and improving storage fundamentals, despite expecting same-store revenue to remain relatively flat for 2025 [8][11] - The company is encouraged by the sustained positive rate trend and believes that the strategic decisions made will lead to long-term revenue growth [9][13] - Management highlighted that the self-storage business model has proven its strength as market fundamentals gradually improve [13] Other Important Information - The company has a strong balance sheet with 95% of interest rates fixed, providing financial flexibility for strategic opportunities [10] - The company is actively managing its portfolio, planning to dispose of 25 assets to fund acquisitions while ensuring higher quality and better market opportunities [6][77] Q&A Session Summary Question: How long does new customer rate growth take to benefit same-store revenue growth? - Management indicated that the timing depends on churn and other factors, but they are encouraged by the accelerating trend in new customer rates [16] Question: Has the discounting strategy continued into October? - Management confirmed that they have been using discounts strategically and will continue to evaluate their effectiveness based on results [17] Question: What specific regions were affected by the discounting strategy? - Management noted that discounts were focused on states with emergencies, such as Los Angeles, and were part of a broader strategy to optimize long-term revenue [22] Question: What is the outlook for the bridge loan program in a lower-rate environment? - Management expects that a lower-rate environment could impact the bridge loan program positively by loosening the acquisition market [83] Question: How does the company view its marketing spend efficiency? - Management stated that they have not seen any decline in the ROI of their marketing spend and view it as an investment for long-term revenue growth [37] Question: What is the expected impact of move-in rents on ECRIs? - Management explained that as street rates increase, more customers will be eligible for ECRIs, which could change the dynamics of revenue generation [65] Question: Can you provide details on the disposition of Life Storage assets? - Management confirmed that they are looking to sell Life Storage assets to improve their portfolio and will provide more details upon closing [77]

Financial Data and Key Metrics Changes - Core FFO for Q3 2025 was $2.08 per share, meeting internal expectations [4] - Same-store occupancy at quarter-end was 93.7%, with an average of 94.1% during the quarter, a 30 basis point improvement year over year [4] - Same-store revenue declined 0.2% year over year, slightly below internal forecasts [10] - Same-store new customer rate growth was approximately 6% excluding discounts, while net growth was over 3% year over year [5][10] - Full-year core FFO guidance raised to a range of $8.12 to $8.20 per share based on year-to-date performance [12] Business Line Data and Key Metrics Changes - The third-party management platform expanded by 95 stores during the quarter, with a total managed portfolio of 1,811 stores [7] - The bridge loan program originated $123 million during the quarter, with $71 million in mortgage loans sold [6] Market Data and Key Metrics Changes - The self-storage sector continues to show resilience, with a geographically diversified portfolio of over 4,200 stores across 43 states [13] - Same-store expenses were above internal estimates, driven by repairs and maintenance and marketing expenses [11] Company Strategy and Development Direction - The company is focusing on long-term revenue optimization through strategic discounts, despite short-term headwinds [5] - Increased acquisition guidance to $900 million, driven by a $244 million purchase of a 24-property portfolio [6] - The company maintains a conservative capital structure with 95% of interest rates fixed [11] Management's Comments on Operating Environment and Future Outlook - Management expects same-store revenue to remain relatively flat for 2025, but is optimistic about outside growth in other revenue streams [9] - The company is encouraged by the sustained positive rate trend and believes it is well-positioned for accelerating revenue growth [10][13] - Management is positive about the future, citing improving rent rate trends and decreasing supply [98] Other Important Information - The company has been actively testing discounting strategies to maximize long-term revenue, particularly in states with emergencies [18][63] - The bridge loan program is expected to benefit from a lower-rate environment, providing a countercyclical growth opportunity [70] Q&A Session Summary Question: How long does new customer rate growth take to impact same-store revenue growth? - Management indicated that the timing depends on churn and other factors, but they are encouraged by the accelerating trend in new customer rates [16][17] Question: Has the discounting strategy continued into October? - Management confirmed that they have been using discounts strategically and are testing their effectiveness [18][19] Question: What specific regions were affected by the discounting strategy? - The discounting efforts were focused on states with emergencies, such as Los Angeles [23] Question: What is the outlook for the bridge loan program in a lower-rate environment? - Management expects the lower-rate environment to positively impact the bridge loan program, as it may loosen the acquisition market [70][71] Question: How does the company view its marketing spend efficiency? - Management stated that they have not seen a decline in the ROI of their marketing spend and view it as an investment [32][33] Question: What is the expected impact of the recent acquisition on yields? - The acquisition is expected to have a leverage yield of about 4.5% in year one, increasing to mid-7% by year three [27] Question: How does the company plan to manage expenses moving forward? - Management emphasized the importance of investing in properties and personnel to maximize long-term revenue while being efficient [35][36]

Core Insights - StorageVault Canada Inc. reported strong financial results for Q3 2025, with a 5.4% increase in same-store revenue and a 5.2% increase in net operating income (NOI), leading to a 7.5% rise in adjusted funds from operations (AFFO) per common share [1][2][3] Financial Performance - Q3 2025 revenue increased to $88.5 million from $79.0 million in Q3 2024, while NOI grew to $60.2 million from $54.1 million [2][6] - The net income for Q3 2025 was $20.5 million, a significant recovery from a net loss of $7.0 million in Q3 2024, influenced by a $15.7 million realized gain on real estate and $29.5 million in depreciation and amortization [2][6] - Funds from operations (FFO) for Q3 2025 were $24.7 million, up 6.7% from $23.1 million in Q3 2024, while AFFO increased by 5.2% to $26.6 million [3][4] Operational Highlights - Revenue and NOI from existing self-storage facilities increased by 5.4% and 5.2% year-over-year, respectively [3][7] - The company expects to add an incremental annual NOI of $7.9 million over the next three years as acquisitions and expansions stabilize [4][21] Dividend Announcement - StorageVault announced a 0.5% increase in its Q4 2025 dividend to $0.002991 per common share [9] Strategic Focus - The company aims to own and operate storage facilities in top Canadian markets, focusing on acquisitions, organic growth, and expansion of existing stores and services [10][19]

Core Insights - SmartStop reported revenue of $66.82 million for the quarter ended June 2025, showing no change compared to the same period last year, with an EPS of $0.42 compared to $0 in the previous year [1] - The revenue exceeded the Zacks Consensus Estimate of $65.62 million by +1.83%, while the EPS fell short of the consensus estimate of $0.43 by -2.33% [1] Revenue Breakdown - Self storage rental revenue was $58.16 million, surpassing the average estimate of $56.03 million from four analysts [4] - Managed REIT Platform revenues reached $4.04 million, exceeding the average estimate of $3.45 million based on four analysts [4] - Ancillary operating revenue amounted to $2.73 million, compared to the average estimate of $2.38 million from four analysts [4] - Reimbursable costs from Managed REITs were reported at $1.9 million, above the average estimate of $1.75 million from two analysts [4] Net Income Performance - The net income (loss) per Class A & Class T share - Diluted was reported at $-0.16, which is below the average estimate of $0.01 from three analysts [4] Stock Performance - Over the past month, SmartStop's shares have returned -3.5%, while the Zacks S&P 500 composite has seen a +0.5% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - The company reported core FFO per share of $0.55 for Q2 2025, an 11% decline from the prior year, primarily due to decreased same store NOI and increased interest expense [13][17]. - Same store revenues declined by 3%, driven by a lower average occupancy of 240 basis points and a year-over-year decline in average revenue per square foot of 30 basis points [13][15]. - Same store NOI growth was negative 6.1% for the quarter, with expense growth at 4.6%, mainly due to property taxes, marketing, repair and maintenance, and utilities [13][15]. Business Line Data and Key Metrics Changes - The company sold 10 properties in non-core markets and acquired one property in Texas and an annex in California, focusing on improving balance sheet metrics [7][8]. - The occupancy rate increased by 140 basis points sequentially during Q2 to finish at 85%, with further improvement to 85.3% in July [10]. - RevPath improved for five consecutive months, with the year-over-year delta decreasing from 4.2% in February to 1.6% in July [11]. Market Data and Key Metrics Changes - The company noted continued pressure from new supply in several markets, which has impacted performance more than expected [6]. - The housing market remains challenging, with no meaningful improvement in macroeconomic conditions affecting occupancy and revenue [5][6]. - The company expects new supply to decline over the next few years, supporting an improving supply-demand backdrop [9]. Company Strategy and Development Direction - The company is focused on improving its portfolio and occupancy position through increased marketing spend and the use of concessions [9]. - Management remains confident in the outlook for NSA, expecting to realize full benefits from the pro internalization as the housing market recovers [8][9]. - The company is being disciplined in capital allocation, balancing share repurchases with potential acquisitions [26][27]. Management's Comments on Operating Environment and Future Outlook - Management acknowledged that the elevated use of concessions during the quarter was a near-term drag on revenues [7]. - The company is optimistic about the potential for recovery in the housing market, particularly in Sunbelt and suburban markets [9]. - Management believes they have hit bottom in fundamentals and are starting to see positive trends operationally [10]. Other Important Information - The company has ample liquidity with no significant debt maturities until 2026, maintaining a revolver balance of $400 million [16]. - The adjusted guidance for 2025 includes same store revenue growth of negative 2% to 3% and core FFO per share of $2.17 to $2.23 [17]. Q&A Session Summary Question: Can you walk through the scenarios for the updated guidance? - Management explained that the revised guidance is primarily anchored to same store revenue growth, with expectations of seasonal occupancy trends and the impact of higher discounts and concessions [20][21]. Question: How are you thinking about share repurchases? - Management views the current stock price as attractive and plans to balance share repurchases with capital allocation for acquisitions [26][27]. Question: How is the ECRI strategy performing in light of market pressures? - Management reported no significant changes in the ECRI program and noted that they are adjusting their approach based on customer behavior and churn [31][32]. Question: What is the competitive landscape like in your markets? - Management indicated that new supply has likely peaked in many markets, leading to more stability in asking rents and occupancy levels [51][52]. Question: Can you elaborate on the green shoots in your new marketing strategy? - Management highlighted improvements in visibility scores and top-of-funnel demand due to increased marketing spend and rebranding efforts [55][56]. Question: What are the challenges with the pro internalization? - Management noted that challenges are more market-driven rather than specific to individual pro properties, with some markets being particularly competitive [90][91]. Question: How many properties are earmarked for sale? - Management confirmed they have identified properties for potential sale and are evaluating strategies for reinvestment in the portfolio [96][97].

Financial Data and Key Metrics Changes - Same store occupancy reached 94.6%, up 60 basis points year over year and 120 basis points sequentially from the first quarter [4] - Flat same store revenue growth in the quarter, with positive year over year rate growth for new customers for the first time since March 2022 [4][11] - Core FFO guidance maintained at $8.15 per share, with same store revenue growth anticipated between negative 0.5% and positive 1% for the full year [7][13] Business Line Data and Key Metrics Changes - Completed one acquisition for $12 million and bought out two joint venture partners' interests in 27 properties for $326 million [5] - Bridge loan program generated $158 million in new originations, while third-party management program added 93 stores, expanding the managed portfolio to 1,749 stores [5][6] Market Data and Key Metrics Changes - Geographic diversification continues to benefit the portfolio, with growth markets offsetting softer conditions in regions affected by new supply or emergencies [6] - New customer rates improved year over year by over 2%, indicating positive trends in July [17] Company Strategy and Development Direction - The company is focused on balancing pricing and occupancy to maximize revenue while pursuing strategic growth to enhance long-term shareholder value [8] - A multichannel approach combining opportunistic acquisitions and capital-light activities is being employed to create value regardless of market conditions [6] Management's Comments on Operating Environment and Future Outlook - Management noted that while near-term revenue growth remains muted, operational discipline and investment strategy position the company well to navigate current conditions [8] - The company is optimistic about gradually improving fundamentals and expects potential acceleration in revenue growth in the second half of the year, particularly in the fourth quarter [13][31] Other Important Information - Same store expenses increased by 8.6%, primarily due to higher property taxes in certain states [12] - The company maintains a strong balance sheet with 89% of debt at fixed rates and a weighted average interest rate of 4.4% [12] Q&A Session Summary Question: Update on street rates and occupancy trends - Occupancy remained flat at 94.6% in July, with new customer rates up over 2% year over year [17] Question: Insights on net rental rate growth - Minor headwinds in LA, but the primary driver of net decrease is the move-out activity [21] Question: Comments on gradual progress and market performance - Positive trends in customer rates are expected to compound and improve revenue in the fourth quarter [19][25] Question: Performance of the LSI portfolio - The LSI portfolio is performing as expected, with rates improving faster than Extra Space rates [27] Question: Expectations for expenses and property taxes - Anticipated deceleration in expense growth in the second half of the year [39] Question: Demand and market health - Demand is steady, with occupancy levels indicating a healthy market despite challenges from new supply [41] Question: Insights on bridge loan products and repayments - Good demand for bridge loan products, with no imminent paybacks from preferred holders [47] Question: Competitive dynamics and acquisition strategy - The company remains active in evaluating acquisition opportunities but is disciplined regarding pricing [75] Question: Markets with easing supply headwinds - Markets like Portland, Seattle, Chicago, and Denver are seeing easing supply pressures, which is expected to improve revenue [81] Question: Third-party management program performance - Strong growth in the third-party management business, with new partners contributing to expansion [85] Question: Impact of AI on customer behavior - Increased use of AI in customer inquiries, leading to higher conversion rates on the website [71] Question: Future earnings growth expectations - Improvement in rate, moderation of vacates, and expiration of state emergencies are expected to aid recovery [109]

Financial Data and Key Metrics Changes - The company raised its outlook for 2025 based on stabilizing operations and accelerated acquisitions, which reached $785 million closed or under contract year to date [6][10] - Same store revenue growth increased for the second consecutive quarter, with rental rates up 0.6% and occupancy gap improving to down 40 basis points [13][14] - Core FFO grew by 1.2% in the quarter, with FFO growth accelerating by 240 basis points from the second quarter of last year [14] Business Line Data and Key Metrics Changes - The non same store pool is expected to generate approximately $470 million of high growth NOI in 2025, with an additional $110 million coming through stabilization in 2026 and beyond [9][10] - Ancillary businesses, including tenant insurance and third-party management, are expanding and contributing positively to revenue [9][10] Market Data and Key Metrics Changes - The West Coast markets, including Washington D.C. and Chicago, showed same store revenue growth in the 2% to 4% range [8] - Los Angeles is expected to return to higher growth once fire-related pricing restrictions end, with current impacts unchanged [8][21] Company Strategy and Development Direction - The company is focused on capital allocation and capital access, with over $1.1 billion in acquisitions and development announced for the year [11] - The company is positioned for international growth, with successful operations in Europe and potential partnerships in Australia and New Zealand [10][125] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the storage fundamentals, particularly in Los Angeles, despite current restrictions [21][34] - The overall transaction market is up year over year by 10% to 15%, with expectations for robust second-half transactions [22][24] Other Important Information - The company is actively monitoring legislative efforts in California that could impact the business, maintaining a proactive posture [76][78] - The company is investing in solar energy to offset utility costs, which will positively impact its expense profile [109][110] Q&A Session Summary Question: Update on July operating trends and guidance implications - Management indicated that July trends are consistent with expectations, with occupancy gaps tightening and rental rates down in mid-single digits [19][21] Question: Insights on acquisition pipelines and market dynamics - The transaction market is showing increased activity, with a focus on submarket-specific opportunities rather than broad geographic trends [22][26] Question: Impact of move-in volume on pricing - Management noted that move-in rents are down slightly, but overall industry demand is improving, which should support future pricing [30][31] Question: Trends in Los Angeles market - Despite current restrictions, management remains confident in the long-term performance of the Los Angeles market [34][35] Question: Changes in underwriting approaches and market conditions - Management highlighted ongoing improvements in various markets, with a focus on submarket dynamics for investment opportunities [38][39] Question: Same store revenue growth guidance - Management provided a range for same store revenue growth, indicating potential scenarios based on occupancy and rental rates [45][47] Question: Seasonal expectations for the back half of the year - Management expects similar seasonal trends as previous years, with continued competition for new customers [52][53] Question: Expectations for LA revenue growth in the second half - Management anticipates a decline in LA revenue due to pricing restrictions, but remains optimistic about future recovery [61][62] Question: Insights on tenant insurance performance - The tenant insurance program is seeing strong adoption and higher premiums, contributing positively to ancillary revenue [118][119] Question: International growth opportunities - Management expressed confidence in leveraging successful strategies from Europe to potential markets in Australia and New Zealand [125][126]

Financial Data and Key Metrics Changes - The company raised its outlook for 2025 based on stabilizing operations and accelerated acquisitions, which reached $785 million closed or under contract year to date [5] - Same store revenue growth increased for the second consecutive quarter, with rental rates up 0.6% and occupancy gap improving to down 40 basis points from down 80 basis points at the start of the year [11] - Core FFO grew by 1.2% in the quarter, with FFO growth accelerating by 240 basis points from the second quarter of last year [12] Business Line Data and Key Metrics Changes - The West Coast, Washington D.C., and Chicago markets showed same store revenue growth in the 2% to 4% range [6] - Ancillary businesses, including tenant insurance and third-party management, are expanding, contributing to overall revenue growth [7] - The non-same store pool is expected to generate approximately $470 million of high growth NOI in 2025, with an additional $110 million coming through stabilization in 2026 and beyond [7] Market Data and Key Metrics Changes - The transaction market is up year over year by 10% to 15%, with a healthy pipeline of acquisitions and development opportunities [21] - Los Angeles is expected to return to a higher growth market once fire-related pricing restrictions end, despite current challenges [6][19] - Orange County revenues were up 3% in the second quarter, indicating strength in the broader West Coast market [32] Company Strategy and Development Direction - The company is focused on enhancing its competitive advantages through customer and employee-centric technologies, optimizing service options, and expanding its portfolio through acquisitions and development [5][7] - International growth is being pursued, with potential partnerships in Australia and New Zealand, alongside successful operations in Europe [8][123] - The company is leveraging its strong capital position to fund growth, with a $648 million development pipeline to be delivered over the next two years [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the self-storage market, particularly in Los Angeles, once current restrictions are lifted [19][63] - The company anticipates continued improvement in demand and revenue growth across various markets, with a focus on submarket-specific opportunities [37][128] - Management highlighted the importance of monitoring legislative efforts in California that could impact the business, maintaining a proactive approach [75] Other Important Information - The company is investing in automation and operational efficiencies to drive margin expansion and improve customer satisfaction [40] - The impact of the recent legislation, including bonus depreciation, is expected to provide opportunities for reinvestment into the development business [108] Q&A Session Summary Question: Update on July operating trends and guidance implications - Management indicated that July trends are consistent with expectations, with occupancy gaps closing and rental rates stabilizing [16][19] Question: Insights on acquisition pipelines and market dynamics - The transaction market is showing increased activity, with a focus on submarket-specific opportunities for acquisitions [21][24] Question: Impact of lower apartment turnover on self-storage demand - Management noted that lower turnover can be beneficial for self-storage, as renters may seek additional space due to affordability issues [99] Question: Discussion on the ECRI program and rate increases - Management highlighted consistent trends in customer price sensitivity and rent increases, with expectations for modest contributions from existing customer rent increases [104] Question: Cap rates and yields for acquisitions - Management reported that cap rates for transactions remain stable, with yields generally in the 5% to 6% range [115] Question: International growth opportunities and benefits from SureGuard - The company is leveraging its relationship with SureGuard to optimize operations in international markets, with confidence in future growth opportunities [123]

Core Insights - StorageVault Canada Inc. reported strong second quarter results for 2025, with a same-store revenue growth of 6.6% and a net operating income (NOI) growth of 5.2%, leading to a 5.4% increase in adjusted funds from operations (AFFO) per common share [1][2][3] Financial Performance - Revenue for Q2 2025 increased to $83.5 million from $74.1 million in Q2 2024, marking a 12.7% increase, while NOI grew to $55.2 million from $49.9 million, a 10.6% increase [2][14] - Funds from operations (FFO) for Q2 2025 were $20.3 million, a 3.4% increase from $19.7 million in Q2 2024, and AFFO was $22.9 million, a 3.0% increase from $22.3 million [3][17] - The net loss for Q2 2025 was $6.2 million, an improvement from a net loss of $8.7 million in Q2 2024, influenced by non-cash and non-recurring items [2][6] Year-to-Date Results - For the six months ended June 30, 2025, revenue increased to $159.8 million from $145.5 million, a 9.8% increase, and NOI grew to $102.9 million from $94.2 million, a 9.2% increase [6][7] - The net loss for the first half of 2025 was $17.5 million, slightly worse than the net loss of $16.6 million in the same period of 2024 [6][7] Dividend Increase - StorageVault announced a 0.5% increase in its Q3 2025 dividend to $0.002976 per common share [9] Strategic Focus - The company aims to continue disciplined asset purchases and maintain a strong emphasis on cost control while maximizing revenues, NOI, and free cash flow [1][10] - StorageVault's growth strategy includes acquisitions, organic growth, and expansion of existing stores and services [10][18]