StorageVault Canada Reports Nearly 45 Percent Revenue Increase in 2010

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StorageVault Canada Inc. recently reported its financial statements for the fiscal year ended Dec. 31.

Highlights:

  • Revenue increased by $787,952 to $2,543,663, representing a 44.9 percent increase compared to the 2009 fiscal year.
  • Net operating income from properties (a non-GAAP (what does non-GAAP mean?) measure) increased by $349,177 to $1,406,844, representing a 33 percent increase compared to last year.
  • Cash flow as measured by funds from operations (a non-GAAP measure) increased by $100,649 to $519,982 representing a 24 percent increase compared to last year.

On Jan. 18, StorageVault agreed to sell a 2.2-acre parcel of undeveloped land in Cambridge, Ontario, Jan. 18 in exchange for $350,000 cash and a 1.5-acre parcel of undeveloped land adjacent to its B&B Mini Storage operation in Cambridge, Ontario. This transaction is expected to close in the second quarter of 2011.

StorageVault owns and operates several self-storage facilities in Canada, as well as PUPS portable-storage franchises. Its common shares are listed on the TSX Venture Exchange. As of Dec. 31, 2010, StorageVault's portfolio included 134,000 square feet of rentable area, 56,000 square feet of rentable portable-storage area, and two more portable-storage locations in Cambridge, Ontario, and Nanaimo, British Columbia, with more planned launches in 2011.

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