Canadian self-storage operator StorageVault Canada Inc. has released its financial statement for the quarter that ended June 30, 2016, showing gains in key areas including revenue and net operating income (NOI). Revenue for the second quarter increased to $6.3 million from $5.3 million the previous quarter, while NOI grew to $3.8 million compared to $3.1 million. The increases were attributed primarily to recently acquired properties being integrated into the company’s portfolio. Same-store revenue and NOI increased 13.3 percent and 22.6 percent, respectively, year over year.
Funds from operations were $1.7 million during the quarter compared to $1 million during the first quarter. A quarterly net loss of $700,000 was a “direct result of $0.2 million in acquisition and integration costs and $2.3 million of depreciation,” company officials said in a press release.
"We continue to see strong performance from the stores acquired in 2015 as we streamline and integrate these assets into our operations,” said Iqbal Khan, chief financial officer. “The results were above our projections, and we are on pace to achieve our expected annual results. We have had success in achieving and exceeding our acquisition plan and continue to focus on increasing our share capital and improving our operational results. To date, we have closed or announced $98.5 million in acquisitions; closed on our bought deal raise for gross proceeds of $57.5 million; declared our first quarterly dividend; and increased net operating income from the prior quarter by 22.6 percent."
StorageVault operates several self-storage facilities and more than 3,200 portable-storage units in Alberta, British Columbia, Manitoba, Nova Scotia, Ontario, Quebec and Saskatchewan.