StorageVault Canada Inc. released operating results for the third quarter ending Sept. 30, 2010. Highlights include:
- Revenue increased by $224,998 to $751,997, representing a 42.7 percent increase compared to the same period last year.
- Net operating income from properties increased by $96,661 to $406,044, representing a 31.2 percent increase compared to the same period last year.
- Cash flow as measured by Funds from Operations increased by $45,746 to $200,519, representing a 29.6 percent increase compared to the same period last year.
The company entered into an agreement to manage a portfolio of six self-storage properties in the province of Ontario. It also acquired Parksville Mini Storage in the Parksville/Nanaimo region of British Columbia.
"The Q3 results demonstrate and further validate StorageVault's strategic objective to own, acquire and operate self-storage facilities across Canada, and to develop a complimentary and nationally branded Canada-wide portable-storage business to serve an untapped market in the Canadian storage industry, said CEO Alan Simpson. StorageVault will remain focused on acquiring and operating self-storage facilities with proven cash flows, superior location in relationship to markets, and excess physical space, to allow the continued deployment of PUPS portable-storage operations."
StorageVault owns and operates several self-storage facilities in Canada. The company also owns Canadian PUPS portable-storage franchises.