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Canada Self-Storage Operator StorageVault Releases 3Q 2011 Financial Results


Self-storage operator StorageVault Canada Inc. reported results for the fiscal quarter ended Sept. 30. Highlights include:

  • Revenue from storage and related services increased by $227,675 to $973,275, representing a 30.5 percent increase compared to the same period last year.
  • Net operating income from properties increased by $108,125 to $546,684, representing a 24.7 percent increase compared to the same period last year.
  • Cash flow as measured by funds from operations increased by $45,981 to $246,498, representing a 22.9 percent increase compared to the same period last year.

In November, StorageVault announced entered an agreement to acquire a self-storage facility in Calgary, Alberta, for $3 million. If all conditions of the agreement are met, the sale is expected to close by Jan. 31. The facility on 1.5 acres has more than 400 units, with approximately 35,000 square feet of rentable space. StorageVault intends to develop and operate a Canadian PUPS portable-storage business in conjunction with this acquisition.

This year the company also opened new PUPS portable-storage locations in Cambridge, Ontario, and Nanaimo, British Columbia.

StorageVault owns and operates several self-storage facilities and PUPS portable-storage franchises in Canada. As at Sept. 30, the company's portfolio included 131,600 square feet of self-storage and 84,400 square feet of portable storage.

StorageVault owns and operates Trans Can Mini-Stor in Regina, Kenaston Self Storage in Winnipeg, B&B Mini Storage in Cambridge, and Parksville Mini Storage in the Regional District of Nanaimo. Each of these sites operates in conjunction with a portable-storage business. StorageVault also owns and operates a standalone PUPS facility in Saskatoon. In addition, it manages five self-storage facilities and two PUPS franchises in southern Ontario.

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