StorageVault (TSX:SVI) Q3 2025 Results Show Revenue and NOI Growth

3 min read | October 23, 2025 05:18 PM AEDT | By Sonal Goyal

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StorageVault (TSX:SVI) Q3 2025 Results Show Revenue and NOI Growth — Image source: © 2025 Krish Capital Pty. Ltd.

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Highlights

Q3 2025 revenue of SVI reaches CAD 88.5 million with NOI growth of 11.3%.

FFO and AFFO per share rose 9.0% and 7.5%, respectively.

Q4 2025 dividend increased by 0.5% to CAD 0.002991 per common share.

StorageVault Canada Inc. (TSX:SVI) announced its third-quarter 2025 financial results along with an updated quarterly dividend declaration. Revenue for Q3 2025 totaled CAD 88.5 million, up from CAD 79.0 million in Q3 2024. Net operating income (NOI), a non-IFRS measure, rose to CAD 60.2 million from CAD 54.1 million a year earlier.
Cash flow from operations improved compared with the same quarter last year. Combined with financing, acquisitions, and expansions, StorageVault ended the quarter with a cash balance of CAD 24.8 million. Net income for Q3 2025 was CAD 20.5 million, compared with a net loss of CAD 7.0 million in Q3 2024. Non-recurring and non-cash items affecting net income included a CAD 15.7 million realized gain on real estate, CAD 29.5 million in depreciation and amortization, CAD 1.2 million in interest accretion on convertible debentures, and a CAD 2.0 million deferred tax recovery.
Revenue and NOI from existing self-storage locations rose 5.4% and 5.2% year over year. Funds from operations (FFO) reached CAD 24.7 million, a 6.7% increase from CAD 23.1 million in Q3 2024. Adjusted funds from operations (AFFO) came in at CAD 26.6 million, up 5.2%. On a per basic common share basis, FFO and AFFO increased by 9.0% and 7.5%, respectively.

Nine-Month Results
For the nine months ended September 30, 2025, revenue totaled CAD 248.3 million, up 10.6% from CAD 224.5 million a year earlier. NOI rose 10.0% to CAD 163.1 million. Operating cash flow for the period reached CAD 77.6 million, supporting a quarter-end cash balance of CAD 24.8 million. Net income for the nine months stood at CAD 3.0 million, compared with a net loss of CAD 23.6 million in 2024. Non-recurring and non-cash items affecting results included a CAD 15.7 million realized gain on real estate, CAD 83.5 million in depreciation and amortization, CAD 3.4 million in interest accretion, and a CAD 6.1 million deferred tax recovery.
FFO and AFFO for the nine-month period were CAD 60.4 million and CAD 66.5 million, increasing 4.2% and 3.6%, respectively. On a per-share basis, FFO rose 6.5%, while AFFO increased 5.9%.

Dividend Update
StorageVault announced a 0.5% increase in its Q4 2025 dividend, bringing the quarterly payout to CAD 0.002991 per common share.

Operational Focus
StorageVault operates 265 storage facilities across Canada, including 232 owned properties and over 5,000 portable storage units, totaling more than 13.2 million rentable square feet on 768 acres.

Management Commentary
Iqbal Khan, CFO of StorageVault, stated:
“We’re pleased to report another strong quarter, with same-store revenue up 5.4% and NOI increasing 5.2%, resulting in a 7.5% rise in AFFO per common share. Our consistent organic growth underscores the strength of our industry and the stability of our business model. As the Official Storage Provider of the Toronto Blue Jays, we congratulate them on reaching the World Series. Inspired by their momentum, we expect to close the year with continued strong performance.”

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