Canadian self-storage operator StorageVault Canada Inc. has released its financial statement for the quarter that ended March 31, 2016, showing gains in key areas including revenue and net operating income (NOI).
Revenue for the first quarter increased $5.3 million compared to $1.1 million for the same period last year, while NOI grew to $3.1 million from $500,000 year over year. Same-store revenue and NOI increased 10.4 percent and 12.9 percent, respectively. Funds from operations were $1 million during the quarter compared to $1.4 million for all of 2015, according to a press release. A quarterly net loss of $1.3 million was a “direct result of $0.2 million in acquisition and integration costs and $2.3 million of depreciation,” company officials said.
"Q1 is the first quarter that reflects the results of the stores that we purchased in 2015. The results were above our projections, and we are on pace to achieve our expected annual results,” said Iqbal Khan, chief financial officer. “We continue to focus on acquisitions, increasing our share capital and improving our operational results. We closed or announced $12.5 million in acquisitions, increased share capital by $5.5 million dollars by issuing shares through a non-brokered private placement, and increased our revenue and net operating income on existing self-storage locations by over 10 percent."
StorageVault operates 17 self-storage facilities and more than 3,200 portable-storage units in Alberta, British Columbia, Manitoba, Ontario, Quebec, Saskatchewan and Nova Scotia.
- Marketwired: StorageVault Reports 2016 First Quarter Results