StorageVault Canada (SVI) Q2 2024 earnings summary

Executive summary

• Announced $204.5 million in acquisitions year-to-date, more than doubling projections.

• Achieved same store revenue and NOI growth of 3.9% and 3.6% for the first half of 2024.

• Increased quarterly dividend by 0.5% to $0.002917 per share starting Q3 2024.

• Made changes to the Audit and Governance, Nominating and Compensation Committees.

Financial highlights

• Q2 2024 revenue rose to $74.1 million from $71.3 million in Q2 2023, a 4.0% increase.

• Q2 2024 NOI grew to $49.9 million from $48.4 million, up 3.1% year-over-year.

• Q2 2024 net loss of $8.7 million, compared to net income of $12.6 million in Q2 2023, due to non-cash and non-recurring items.

• AFFO for Q2 2024 was $23.2 million, up 8.1% year-over-year; FFO was $19.7 million, down 1.2%.

• Cash balance at quarter-end was $18.8 million.

Outlook and guidance

• Focus remains on maximizing free cash flow by increasing revenues and NOI, and controlling costs in the second half of 2024.

• Growth strategy centers on acquisitions, organic growth, and expansion of portable storage and records management.