StorageVault Canada Releases Third-Quarter Operating Results

StorageVault Canada Inc. released operating results for the third quarter ending Sept. 30, 2010.

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. 

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