StorageVault Canada (SVI) Q3 2025 earnings summary

Executive summary

• Achieved strong Q3 2025 results with same store revenue up 5.4% and NOI up 5.2% year-over-year.

• Net income for Q3 2025 was $20.5 million, reversing a net loss of $7.0 million in Q3 2024, aided by a $15.7 million realized gain on real estate.

• Revenue for Q3 2025 rose to $88.5 million from $79.0 million in Q3 2024; nine-month revenue increased 10.6% to $248.3 million.

• Increased Q4 2025 dividend by 0.5% to $0.002991 per common share.

Financial highlights

• Q3 2025 NOI grew to $60.2 million from $54.1 million year-over-year; nine-month NOI up 10.0% to $163.1 million.

• Q3 2025 FFO was $24.7 million (up 6.7%); AFFO was $26.6 million (up 5.2%).

• Nine-month FFO was $60.4 million (up 4.2%); AFFO was $66.5 million (up 3.6%).

• Cash flow from operations for nine months was $77.6 million, with a quarter-end cash balance of $24.8 million.

Outlook and guidance

• Expects to add $7.9 million incremental annual NOI within three years as recent acquisitions and expansions stabilize.

• Anticipates continued strong performance and momentum through year-end.