StorageVault Canada (SVI) Q4 2024 earnings summary

Executive summary

• Achieved full-year revenue of $304.7 million in 2024, up from $288.7 million in 2023, with net operating income (NOI) rising to $201.6 million from $193.6 million.

• Completed $215 million in acquisitions and added 110,000 square feet of new or renovated space, increasing rentable area by 825,000 square feet.

• Q4 2024 saw revenue of $80.2 million (up from $74.3 million in Q4 2023) and NOI of $53.4 million (up from $49.9 million).

• Net loss for 2024 was $30.2 million, primarily due to non-cash and non-recurring items such as $102.7 million in depreciation and amortization.

Financial highlights

• Cash flow from operations grew to $100.9 million in 2024 from $85.8 million in 2023.

• Funds from operations (FFO) were $79.6 million in 2024, a 0.7% decrease year-over-year; adjusted funds from operations (AFFO) were $88.8 million, a 3.2% increase.

• Q4 FFO was $21.6 million (up 3.7% year-over-year), and AFFO was $23.3 million (up 2.1%).

• FFO and AFFO per share increased by 0.4% and 4.4% for the year, and by 5.0% and 3.4% in Q4, respectively.

• Cash balance at year-end was $16.3 million after acquisitions, expansions, and $36.3 million in share repurchases.

Outlook and guidance

• Expects continued revenue, NOI, and AFFO growth in 2025.

• Plans to complete over $100 million in acquisitions and 150,000 square feet of expansion and renovations in 2025.

• Anticipates incremental $7.5 million in NOI, FFO, and AFFO annually as 2024 acquisitions and expansions stabilize.