TORONTO, Nov. 02, 2021 (GLOBE NEWSWIRE) -- STORAGEVAULT CANADA INC. (“StorageVault” or the “Corporation”) (SVI-TSX-V) reported the Corporation’s 2021 third quarter results and increases its dividend. Iqbal Khan, Chief Financial Officer, commented:
“We continue to benefit from strong fundamentals resulting in exceptional same store performance, achieving 23.3% year over year increase in revenue and 25.3% increase in NOI in Q3. Our operational execution, combined with our disciplined acquisition strategy also led to an AFFO growth of 53.8% in the quarter and places us in position to finish this fiscal year with over $200 million in revenues. As noted last quarter, we continue to experience strong growth and are expecting to close $130 million of acquisitions in Q4.”
2021 Third Quarter Results
Revenue for the third quarter of 2021 increased to $56.9 million compared to $40.1 million in Q3 2020 and net operating income (“NOI”), a non-IFRS measure, grew to $38.8 million from $27.5 million for the comparative period. Our cash flow from operations increased year over year and when combined with our financing and investing activities resulted in a cash balance of $38.8 million at the end of the quarter. The Q3 2021 net loss of $4.3 million (net loss of $6.3 million for Q3 2020) is after $23.3 million of depreciation and amortization and deferred tax recovery recorded in the quarter of $2.1 million; both amounts are non-cash items.
As a result of our occupancy levels, revenue management program and operational efficiency, Revenue and NOI from existing self storage stores increased by 23.3% and 25.3%, compared to the same period last year. In the midst of COVID-19, the Corporation still achieved 3.1% Revenue and 4.0% NOI growth for Q3 2020, significantly higher than our peers. Funds from operations (“FFO”), a non-IFRS measure, were $17.1 million for Q3 2021 compared to $11.6 million in Q3 2020, a 47.4% increase year over year. Adjusted funds from operations (“AFFO”), a non-IFRS measure, were $18.7 million for Q3 2021 compared to $12.2 million in Q3 2020, a 53.8% increase. Both the FFO and AFFO continue to be muted by the operational and interest expenses related to the $114.6 million in new build and lease-up stores and raw land acquisitions completed in Q4 2020. In Q3 2021, these acquisitions reduced our FFO and AFFO by $0.1 million. The Corporation expects to be cash flow positive and realize the benefits of these acquisitions in fiscal 2022 and beyond.
For a reconciliation of the above NOI, FFO, and AFFO amounts to IFRS, please see pages 11 through 16 of the Corporation’s Management’s Discussion & Analysis for the three and nine months ended September 30, 2021 filed on SEDAR at www.sedar.com.
2021 Nine Months Year to Date Results
Revenue for the nine months ended September 30, 2021 increased to $151.8 million from $113.3 million and NOI, a non-IFRS measure, grew to $101.2 million from $75.9 million, for the comparative period. For the nine months ended September 30, 2021, cash flow from operations was $43.1 million and when combined with our financing and investing activities resulted in a cash balance of $38.8 million. The net loss of $22.9 million for the nine months ended September 30, 2021 (net loss of $23.3 million for 2020) is after $68.7 million in depreciation and amortization ($61.5 million in 2020), which was offset by a deferred tax recovery of $6.3 million; both amounts are non-cash items.
Our Revenue and NOI from existing self storage, a non-IFRS measure, increased by 18.9% and 21.1%, compared to the same period last year. FFO, a non-IFRS measure, were $40.0 million compared to $29.2 million for the same period in 2020, a 37.2% increase year over year. AFFO, a non-IFRS measure, were $45.3 million compared to $31.5 million for the same period in 2020, a 43.8% increase year over year.
For a reconciliation of the above NOI, FFO, and AFFO amounts to IFRS, please see pages 11 through 16 of the Corporation’s Management’s Discussion & Analysis for the three and nine months ended September 30, 2021 filed on SEDAR at www.sedar.com.
Increased Dividend
StorageVault is increasing its quarterly dividend by 0.5% beginning Q4 2021 to $0.002761 per common share.
https://www.globenewswire.com/news-release/2021/11/02/2325925/0/en/StorageVault-Reports-2021-Third-Quarter-Results-and-Increases-Dividend.html