Self-storage operator StorageVault Canada Inc. reported results for the fiscal quarter ended March 31, 2011. Highlights include:
- Revenue increased $681,471, representing a 50.4 percent increase compared to the same period last year.
- Net operating income increased to $315,538, representing a 35.9 percent increase compared to the first quarter of 2010.
- Cash flow as measured by funds from operations decreased to $42,327, representing a 9.7 percent decrease compared to the same period last year.
On Jan. 18, StorageVault agreed to sell a 2.16 acre parcel of undeveloped land in Cambridge, Ontario, Canada, in exchange for $350,000 in cash and a 1.45 acre parcel of undeveloped land adjacent to its B&B Mini Storage location, also in Cambridge. The transaction is expected to close this month.
StorageVault owns and operates several self-storage facilities in Canada, as well as PUPS portable-storage franchises. As at March 31, the companys portfolio included 133,000 square feet of self-storage and 68,000 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.