Canada's StorageVault Q2 revenue rises, co completes the acquisition of two stores

Overview

• Canada self-storage operator's Q2 revenue rose to $9.1 mln, compared to $83.5 mln last year

• Q2 adjusted funds from operations per share increased 9.2% yr/yr

• Company completed $8.9 mln in acquisitions and expanded storage space by 30,000 sq ft in Q2

Outlook

• Company expects to complete about 165,000 sq ft of expanded and renovated space in 2026

• StorageVault says it is well positioned to build on momentum through the rest of 2026

• Company says growth will be driven by acquisitions, organic improvements and targeted expansions

Result Drivers

• EXISTING STORE GROWTH - Revenue and net operating income from existing self-storage locations rose 3.9% and 5.1% yr/yr, respectively

• ACQUISITIONS - Co completed $8.9 mln in acquisitions in Q2, adding two stores

• EXPANSION - Co added 30,000 sq ft of new storage space in Q2

Company press release: ID:nGNX1JNq6z

Key Details

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the real estate rental, development operations peer group is "buy"

• Wall Street's median 12-month price target for Storagevault Canada Inc is C$6.00, about 23.2% above its July 21 closing price of C$4.87

Reuters Recommended Reads

• July 20 - UK's Big Yellow Q1 revenue rises on new store openings

• July 22 - Canada's Choice Properties REIT Q2 FFO per unit up on strong same-asset net operating income growth

• July 22 - EastGroup Properties raises 2026 FFO outlook on strong leasing

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)