Canadian self-storage operator StorageVault Canada Inc. recently shared financial results for the first quarter of 2012, which ended March 31. Company revenue increased 19.5 percent from the first quarter last year to $787,263. Net operating income from properties increased 28.2 percent to about $404,653. Cash flow as measured by funds from operations increased 131.1 percent to $97,801.
In April, 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. The company also closed on the acquisition of a 35,000-square-foot facility in Calgary, Alberta, with more than 400 units for $3 million. The facility will operate in conjunction with a new PUPS portable-storage site.
Last month the company also entered into a credit agreement with Bank of Montreal, with the bank establishing a line of credit up to $24 million.
StorageVault owns and operates Trans Can Mini-Stor in Regina, Saskatchewan; Kenaston Self Storage in Winnipeg, Manitoba; B&B Mini Storage in Cambridge, Ontario; Parksville Mini Storage in Nanaimo, British Columbia; and Space Place Storage in Calgary, Alberta. 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.