StorageVault Canada (SVI) Q3 2024 earnings summary

Executive summary

• Completed $204.5 million in acquisitions year to date, more than double the high end of guidance.

• Delivered 38th consecutive quarter of positive growth, despite headwinds from lower housing sales and slower population growth.

• Announced a 0.5% increase in quarterly dividend, effective Q4 2024.

Financial highlights

• Q3 2024 revenue rose to $79.0 million from $75.7 million in Q3 2023; NOI increased to $54.1 million from $52.7 million.

• Q3 2024 net loss of $7.0 million, compared to net income of $16.4 million in Q3 2023, impacted by non-cash and non-recurring items.

• FFO for Q3 2024 was $23.1 million, down 3.0% year-over-year; AFFO was $25.6 million, up 1.5%.

• For the nine months ended September 30, 2024, revenue increased 4.7% to $224.5 million; NOI up 3.2% to $148.2 million.

• Nine-month net loss of $23.6 million, compared to net income of $26.1 million in 2023, due to significant non-cash and non-recurring items.

Outlook and guidance

• Targeting delivery of 110,000 square feet of new or renovated space by year end.

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