StorageVault Canada (SVI) Q2 2026 earnings summary

Executive summary

• Owns 239 locations with over 13.7 million sq ft of rentable storage and 118,882 units across Canada, with 1.5 million sq ft of expansion potential.

• Achieved year-to-date revenue growth of 10.3%, NOI up 9.7%, and AFFO per share up 8.8% for Q2 2026 compared to the same period last year.

• Largest publicly listed Canadian storage business, fastest growing in the country, and has delivered 45 consecutive quarters of positive revenue, NOI, and AFFO growth.

• Shareholder return has achieved a 19.1% cumulative annual growth rate over the last 10 years.

• Management team has over 200 years of combined storage industry experience.

Financial highlights

• Q2 2026 revenue rose to $91.1 million from $83.5 million in Q2 2025; NOI increased to $60.3 million from $55.2 million.

• FFO for Q2 2026 was $22.9 million, up 12.8% year-over-year; AFFO was $25.1 million, up 9.4%.

• For the six months ended June 30, 2026, revenue was $176.3 million (up 10.3%), NOI $112.8 million (up 9.7%), FFO $39.2 million (up 9.9%), and AFFO $43.4 million (up 8.7%).

• Over $2.53B in accretive acquisitions since April 2015, with $71.4M closed to date in 2026.

• Annual maintenance capex is 4-5% of revenues, with less than 1% capitalized.

Outlook and guidance

• Expects to complete approximately 165,000 sq ft of expanded and renovated space in fiscal 2026, with 70,000 sq ft completed by Q2.

• 500,000 rentable sq ft of expansion projects are in the entitlement and permitting stage.

• Strategy focuses on growth through acquisitions, organic improvements, targeted expansions, and development of portable storage and logistics services.

• Canadian population growth and shrinking living spaces are expected to drive continued demand.