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STORAGEVAULT CANADA INC. (“StorageVault” or the “Corporation”) (SVI-TSX) reports the Corporation’s Q3 2026 results.
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. → report → results
Iqbal Khan, Chief Financial Officer, commented:
“StorageVault delivered positive third quarter results, with year to date revenue up 9.0%, NOI up 8.7%, and AFFO per share up 7.8%.
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StorageVault → comment → share
Customer demand remained strong, and our disciplined revenue management drove growth despite a more challenging economic and competitive environment.
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management → remain → environment
Supported by strong lead volumes and a healthy acquisition pipeline, we remain focused on driving performance through the balance of the year.”
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we → support → year
For the third quarter of 2026, revenue increased to $94.2 million from $88.5 million in Q3 2025 and NOI, a non-IFRS measure, grew to $64.5 million from $60.2 million.
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NOI → increase → million
Our cash flow from operations increased year over year and when combined with our financing and investing activities resulted in a cash balance of $19.0 million at the end of the quarter.
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flow → increase → quarter
The Q3 2026 net loss of $6.4 million (net income of $20.5 million for Q3 2025) is impacted by the following non-cash and non-recurring items – $30.9 million of depreciation and amortization, $2.0 million of interest accretion and amortization of financing costs, $1.8 million of realized and unrealized loss on derivative financial instruments, and deferred tax recovery of $1.2 million.
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loss → impact → million
Revenue and NOI from Existing Self Storage stores increased by 2.1% and 3.1%, compared to the same period last year.
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Revenue → increase → period
Funds from operations (“FFO”), a non-IFRS measure, were $27.2 million for Q3 2026 compared to $25.3 million in Q3 2025, a 7.7% increase year over year.
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Funds → compare → year
Adjusted funds from operations (“AFFO”), a non-IFRS measure, were $28.9 million for Q3 2026 compared to $27.2 million in Q3 2025, a 6.3% increase.
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funds → compare → Q3
On a per basic common share basis, FFO increased by 7.4% and AFFO increased by 6.1%.
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AFFO → increase → %
For a reconciliation of the above NOI, FFO, and AFFO amounts to IFRS, please see “Non-IFRS Financial Measures” and the reconciliation tables below, and the Corporation’s Management’s Discussion & Analysis for the three and nine months ended September 30, 2026 filed on SEDAR+ at www.sedarplus.ca.
2026 Nine Months Year to Date Results
Revenue for the nine months ended September 30, 2026 increased to $270.5 million from $248.3 million, for the comparative period, a 9.0% increase, and NOI, a non-IFRS measure, grew to $177.3 million from $163.1 million, for the comparative period, an 8.7% increase.
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NOI → see → increase
For the nine months ended September 30, 2026, cash flow from operations was $83.8 million and when combined with our financing and investing activities resulted in a cash balance of $19.0 million.
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flow → end → million
The net loss of $26.5 million for the nine months ended September 30, 2026 is impacted by the following non-cash and non-recurring items – $88.8 million in depreciation and amortization, $5.7 million of interest accretion and amortization of financing costs, $3.2 million of realized and unrealized loss on derivative financial instruments and deferred tax recovery of $3.7 million.
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loss → end → million
Our Revenue and NOI from Existing Self Storage, a non-IFRS measure, increased by 4.1% and 4.4%, compared to the same period last year.
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Revenue → exist → period
FFO, a non-IFRS measure, were $67.9 million compared to $62.2 million for the same period in 2025, a 9.1% increase year over year.
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FFO → compare → year
AFFO, a non-IFRS measure, were $73.7 million compared to $68.4 million for the same period in 2025, a 7.8% increase year over year.
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AFFO → compare → year
On a per basic common share basis, FFO and AFFO increased by 9.0% and 7.8%.
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FFO → increase → %
Increased Dividend
StorageVault is increasing its Q4 2026 dividend by 0.5% to $0.003051 per common share.
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StorageVault → increase → share
Our Strategy
StorageVault is focused on owning and operating storage in the top markets in Canada.
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StorageVault → focus → Canada
Our goal is to have multiple stores in each market, with complementary portable storage units, integrated storage and logistics, and records management storage services.
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goal → have → units
This multi-platform approach enables us to leverage scale, brand recognition and operational efficiencies to maximize the value potential of our spaces.
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approach → enable → spaces
Growth is driven by acquisitions, organic performance improvements, targeted expansions to meet pent up demand and continued development of portable storage, records management and FlexSpace Logistics.
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Growth → drive → storage
Non-IFRS Financial Measures
Management uses both IFRS and non-IFRS Measures to assess the financial and operating performance of the Corporation’s operations.
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Management → use → operations
These non-IFRS Measures are not recognized measures under IFRS, do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other companies.
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Measures → recognize → companies
The non-IFRS Measures referenced in this news release include the following:
- Net Operating Income (“NOI”) – NOI is defined as storage and related services revenue less operating costs.
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NOI → reference → costs
NOI does not include interest expense or income, depreciation and amortization, selling, general and administrative costs, acquisition and integration costs, stock based compensation costs, realized and unrealized gains or losses on real estate, realized and unrealized gains or losses on derivative financial instruments or taxes.
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NOI → include → instruments
NOI assists management in assessing profitability and valuation from principal business activities.
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NOI → assist → activities
- Funds from Operations (“FFO”) – FFO is defined as net income or loss plus depreciation and amortization, realized gains or losses on real estate, realized and unrealized gains or losses on interest rate swaps, interest accretion and amortization of financing costs, realized and unrealized gains or losses on derivative financial instruments, stock based compensation expenses, and deferred income taxes; and after adjustments for equity accounted entities and non-controlling interests.
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FFO → define → entities
FFO should not be viewed as an alternative to cash from operating activities, net income, or other measures calculated in accordance with IFRS.
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FFO → view → IFRS
The Corporation believes that FFO can be a beneficial measure, when combined with primary IFRS measures, to assist in the evaluation of the Corporation’s ability to generate cash and evaluate its return on investments as it excludes the effects of real estate amortization and gains and losses from the sale of real estate, all of which are based on historical cost accounting and which may be of limited significance in evaluating current performance.
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which → believe → performance
- Adjusted Funds from Operations (“AFFO”) – AFFO is defined as FFO plus acquisition and integration costs.
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AFFO → adjust → FFO
Acquisition and integration costs are one time in nature to the specific assets purchased in the current period or pending and are expensed under IFRS.
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costs → purchase → IFRS
- Existing Self Storage – means stabilized, both physically and economically, stores that StorageVault has owned or leased at least since the beginning of the previous fiscal year.
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StorageVault → mean → year
Existing Self Storage is also referred to as “same store”, and commencing in fiscal 2026, Existing Self Storage represents 11,545,239 square feet or 210 stores.
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Storage → refer → feet
NOI, FFO, AFFO and Existing Self Storage should not be viewed as an alternative to, in isolation from, or superior to, net income or cash flow from operations, or results from StorageVault’s comprehensive operations, respectively, or other measures calculated in accordance with IFRS.
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NOI → view → IFRS
NOI, FFO and AFFO should not be interpreted as an indicator of cash generated from operating activities and are not indicative of cash available to fund operating expenditures, or for the payment of cash distributions.
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NOI → interpret → distributions
Existing Self Storage should not be considered a measure of StorageVault’s comprehensive operations.
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Storage → consider → operations
NOI, FFO, AFFO and Existing Self Storage are simply additional measures of operating performance which highlight trends in StorageVault’s core business that may not otherwise be apparent when relying solely on IFRS financial measures.
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that → highlight → measures
StorageVault’s management also uses these non-IFRS measures in order to facilitate operating performance comparisons from period to period and to prepare operating budgets.
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management → use → budgets
…and 21 more, not listed.
The Aporia
