TORONTO, ON — February 12, 2026 — Leads & Copy —
StorageVault Canada Inc. (SVI-TSX) has released its audited results for the full year of 2025, reporting a 10% increase in revenue, a 9.5% increase in net operating income (NOI), and a 5.8% growth in adjusted funds from operations (AFFO) per share.
Chief Financial Officer Iqbal Khan said the company’s 2025 results reflect consistent execution and a focus on fundamentals. He also said the company exceeded its acquisition targets and completed 125,000 square feet of new and renovated space, increasing its platform by 630,000 rentable square feet. StorageVault expects to continue to deliver growth in revenue, NOI, and AFFO in 2026, complete over $100 million in acquisitions, add 165,000 square feet through expansions and renovations, and further increase free cash flow, Khan said.
The company is dedicated to continuing as Canada’s leading storage provider, offering full-service storage, moving, and logistics solutions, while supporting Team Canada Olympians.
Revenue increased to $335.1 million in 2025, up from $304.7 million in 2024, a 10.0% increase. NOI grew to $220.7 million from $201.6 million, a 9.5% increase. Cash flow from operations grew to $105.7 million from $100.9 million.
When combined with financing, acquisitions, expansions, and $16.3 million in share repurchases, the company ended the year with a cash balance of $15.2 million. The net loss of $12.5 million (compared to a net loss of $30.2 million for 2024) includes $115.1 million of depreciation and amortization, $4.6 million of interest accretion on convertible debentures, a $16.1 million realized gain on real estate, $5.9 million of unrealized gain on derivative financial instruments, and a deferred tax recovery of $5.1 million.
Revenue and NOI growth from existing self-storage increased by 4.1% and 4.3% over the prior year. Funds from operations (FFO) were $82.5 million in 2025, compared to $79.6 million for 2024, a 3.7% increase. AFFO was $90.5 million for 2025, compared to $87.3 million for 2024, also a 3.7% increase year over year. FFO and AFFO per share increased by 5.8%.
Annualizing results from the company’s 2025 acquisitions would have resulted in revenues of $340.6 million, NOI of $224.3 million, FFO of $84.9 million, and AFFO of $93.0 million. The company said the annualized results reflect limited cash flow contribution from recently acquired lease-up stores and from expanded and renovated space completed in fiscal years 2025 and 2024. $157.0 million of the $347.6 million in acquisitions and 235,000 square feet of expanded or renovated space from fiscal years 2025 and 2024 are still in the early stages of lease-up and stabilization.
As these assets progress to full stabilization over the next three years, the company expects them to generate an additional $8.9 million of NOI annually above the amounts recorded in the current year, which is anticipated to drive a corresponding increase in FFO and AFFO.
For the fourth quarter of 2025, revenue increased to $86.7 million from $80.2 million in Q4 2024, and NOI grew to $57.7 million from $53.4 million. The Q4 2025 net loss of $15.5 million (compared to a net loss of $6.6 million for Q4 2024) includes $31.6 million of depreciation and amortization, $2.2 million in stock-based compensation, $1.2 million of interest accretion on convertible debentures, $2.0 million of unrealized loss on derivative financial instruments, $0.4 million of realized gain on real estate, and deferred tax of $1.0 million.
Revenue and NOI from existing self-storage stores increased by 3.1% and 4.1% compared to the same period last year. FFO was $22.1 million for Q4 2025 compared to $21.6 million in Q4 2024, a 2.3% increase. AFFO was $24.0 million for Q4 2025 compared to $23.1 million in Q4 2024, a 4.1% increase. FFO increased by 3.7% and AFFO increased by 5.5% on a per-share basis.
StorageVault is increasing its Q1 2026 dividend by 0.5% to $0.003006 per common share.
StorageVault currently owns and operates 265 storage locations across Canada, including 232 owned locations and over 5,000 portable storage units, representing over 13.2 million rentable square feet on 768 acres of land. The company also provides last-mile storage and logistics solutions and professional records management services, such as document and media storage, imaging, and shredding services.
StorageVault is focused on owning and operating storage in the top markets in Canada. Its goal is to have multiple stores in each market, with complementary portable storage units, integrated storage and logistics, and records management storage services. The company’s multi-platform approach enables it to leverage scale, brand recognition, and operational efficiencies to maximize the value potential of its spaces.
Growth is driven by acquisitions, organic performance improvements, targeted expansions to meet pent-up demand, and continued development of portable storage, records management, and FlexSpace Logistics.
For comprehensive disclosure of StorageVault’s performance for the year ended December 31, 2025, and its financial position as of that date, see StorageVault’s Consolidated Financial Statements, Management’s Discussion and Analysis, and Annual Information Form for the year ended December 31, 2025, filed on SEDAR+ at www.sedarplus.ca.
Source: StorageVault Canada Inc.
