Canadian self-storage operator StorageVault Canada Inc. recently shared financial results for the fiscal year ended Dec. 31. Company revenue increased 52.7 percent from 2010 to about $3.9 million. Net operating income from properties increased 23.7 percent to about $1.7 million compared to the year prior. Cash flow as measured by funds from operations increased 23.2 percent to about $627,000.
Other key happenings from 2011 included an announcement in November that the company planned to acquire a 35,000-square-foot facility in Calgary, Alberta, with more than 400 units for $3 million. The acquisition is expected to close on April 30 or sooner.
Last month StorageVault acquired 2.2 acres of undeveloped land in Saskatoon, Saskatchewan, Canada for approximately $480,000. The company intends to develop the land for an expanded PUPS portable-storage operation as well as fixed self-storage using PUPS units.
At the end of 2011, StorageVault's portfolio included 132,700 square feet of rentable self-storage space and 90,000 square feet of rentable portable-storage area. The company owns and operates Trans Can Mini-Stor in Regina, Saskatchewan; Kenaston Self Storage in Winnipeg, Manitoba; B&B Mini Storage in Cambridge, Ontario; and Parksville Mini Storage in Nanaimo, British Columbia. Each of these sites operates in conjunction with a PUPS portable-storage franchise.
StorageVault also owns and operates a PUPS facility in Saskatoon as a standalone portable-storage franchise, and manages five facilities and two PUPS franchises in South Ontario.