StorageVault Canada (SVI) Q1 2026 earnings summary

Executive summary

• Operates 237 owned and 33 managed locations, totaling over 13.6 million sq ft of rentable storage and 118,038 units across Canada, with over 1.5 million sq ft of expansion potential.

• Largest publicly listed Canadian storage business, fastest growing in the country, and included in the Canadian Dividend Aristocrats Index.

• Q1 2026 saw strong operational execution, with same store revenue up 6.6% and NOI up 5.4% year-over-year, driven by disciplined pricing, improved occupancy, and customer experience focus.

• AFFO per share grew 8.0% in Q1 2026, reflecting robust cash flow generation and portfolio resilience.

• Dividend increased by 0.5% to $0.003021 per common share for Q2 2026.

Financial highlights

• Total revenue rose 11.7% to $85.2 million in Q1 2026; NOI increased 10.1% to $52.5 million.

• Net loss widened to $13.5 million, impacted by $28.1 million in depreciation/amortization and other non-cash items.

• FFO grew 6.1% to $16.3 million; AFFO up 7.7% to $18.3 million.

• Store count increased from 10 in 2014 to 237 in 2026, with rapid asset base growth (84x since 2014).

• Share price has increased over 577% since January 2016.

Outlook and guidance

• Growth strategy centers on acquisitions, organic improvements, targeted expansions, and development of portable storage, records management, and logistics services.

• Over 1.5 million sq ft of expansion opportunities at existing locations, with 40,000 sq ft completed in Q1 2026 and 125,000 sq ft in 2025.

• Additional 500,000 rentable sq ft in entitlement and permitting stage.

• Canadian population projected to reach 100 million by 2100, supporting long-term demand.

• Focus remains on top Canadian markets, leveraging scale and operational efficiencies.