StorageVault Canada (SVI) Q2 2025 earnings summary

Executive summary

• Q2 2025 saw same store revenue growth of 6.6% and NOI growth of 5.2%, with AFFO per share up 5.4% year-over-year.

• Revenue for Q2 2025 rose to $83.5M from $74.1M in Q2 2024; NOI increased to $55.2M from $49.9M.

• Net loss for Q2 2025 was $6.2M, improved from $8.7M in Q2 2024, impacted by non-cash and non-recurring items.

• Cash flow from operations increased, resulting in a quarter-end cash balance of $21.5M.

• Dividend increased by 0.5% to $0.002976 per common share for Q3 2025.

Financial highlights

• Q2 2025 revenue up 12.7% year-over-year; six-month revenue up 9.8% to $159.8M.

• Q2 2025 NOI up 10.6% to $55.2M; six-month NOI up 9.2% to $102.9M.

• Q2 2025 FFO was $20.3M (up 3.4%); AFFO was $22.9M (up 3.0%).

• FFO per share up 5.8% and AFFO per share up 5.4% for Q2 2025 year-over-year.

• Net loss for six months ended June 30, 2025 was $17.5M, impacted by $53.9M in depreciation/amortization and $1.0M unrealized loss on derivatives.

Outlook and guidance

• Expectation to add $8.3M incremental annual NOI within 3 years as recent acquisitions and expansions stabilize.

• Continued focus on disciplined asset purchases, opportunistic share buybacks, and cost control.

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