StorageVault Canada (SVI) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue rose to $76.3M from $71.4M in Q1 2024, with NOI up to $47.7M from $44.2M year-over-year.

• Completed 100,000 sq. ft. of new or renovated space and announced $126.2M in acquisitions across 12 locations.

• Net loss widened to $11.4M from $8.0M, impacted by $26.7M depreciation/amortization and other non-cash items.

• Dividend increased by 0.5% to $0.002961 per share for Q2 2025.

Financial highlights

• Revenue grew 6.8% year-over-year; NOI increased 7.7% to $47.7M.

• FFO was $15.4M (up 1.5%), AFFO was $17.0M (up 2.0%) compared to Q1 2024.

• FFO per share rose 3.7% to $0.042; AFFO per share up 4.2% to $0.046.

• Existing Self Storage revenue up 1.4%, NOI up 2.6% year-over-year.

• Cash balance at quarter-end was $17.9M.

Outlook and guidance

• Expects $8.5M incremental annual NOI within 3 years as recent acquisitions and expansions stabilize.

• Plans to remain disciplined in acquisitions, cost control, and maximizing free cash flow.

• Strategy focuses on top Canadian markets, organic growth, and expansion of portable storage and records management.