World News: 13:35 GMT Wednesday 15th May 2019. [StorageVault Canada Inc. via Globe Newswire via SPi World News]
TORONTO, May 15, 2019 (GLOBE NEWSWIRE) -- (“” or the “”) () reported the Corporation’s 2019 first quarter results and increases its dividend. Iqbal Khan, Chief Financial Officer, commented:
“Commencing fiscal 2019, 89 stores qualify as Existing Self Storage – with both revenue and net operating income accounting for over 75% of our total revenues and net operating income. The quarter’s results were above our projections and puts us on pace to achieve our expected annual results. We continue to focus on acquisitions and improving our operational performance. Year to date, we have closed or announced $373 million in acquisitions, $308 million closed in Q2, surpassing our goal of $100 million for fiscal 2019. Our net operating income on existing self storage stores increased by 8.1% for Q1 2019 over Q1 2018. This result was achieved through strong same storage revenue growth of 7.4%.”
Revenue for the first quarter increased to $26.2 million compared to $20.9 million in Q1 2018 and net operating income (NOI), a non-IFRS measure, grew to $17.4 million from $13.6 million for the comparative period. As a result of acquisition and integration costs incurred ($2.0 million in Q1 2019 versus $0.5 million in Q1 2018) for acquisitions closed or announced in fiscal 2019 to date, cash flow from operations was $5.6 million in Q1 2019 compared to $6.1 million in Q1 2018. Cash balance at the end of the quarter was $20.5 million.
As a result of our revenue management program, increased occupancy and operational efficiency, Existing Self Storage store revenue increased 7.4% compared to the same period last year, and NOI, a non-IFRS measure, increased 8.1% compared to the same period last year. Due to acquisition and integrations costs incurred ($2.0 million in Q1 2019 versus $0.5 million in Q1 2018) for the $373 million of acquisitions closed or announced in fiscal 2019 to date, funds from operations (FFO), a non-IFRS measure, were $5.3 million for Q1 2019 compared to $5.8 million in Q1 2018, an 8.3% change from the same period last year. Adjusted funds from operations (AFFO), a non-IFRS measure, were $7.3 million for Q1 2019 compared to $6.3 million in Q1 2018, a 16.1% increase from the same period last year.
For a reconciliation of the above NOI, FFO, and AFFO amounts to IFRS, please see the Corporation’s Management’s Discussion & Analysis for the three months ended March 31, 2019 filed on SEDAR at .
NOI, FFO, AFFO and Existing Self Storage, should not be viewed as an alternative to, in isolation from, or superior to, net income or cash flow from operations, or results from StorageVault’s comprehensive operations, respectively, or other measures calculated in accordance with IFRS. NOI, FFO and AFFO should not be interpreted as an indicator of cash generated from operating activities and is not indicative of cash available to fund operating expenditures, or for the payment of cash distributions. Existing Self Storage should not be considered a measure of StorageVault’s comprehensive operations. NOI, FFO, AFFO and Existing Self Storage are simply additional measures of operating performance which highlight trends in StorageVault’s core business that may not otherwise be apparent when relying solely on IFRS financial measures. StorageVault’s management also uses these non-IFRS measures in order to facilitate operating performance comparisons from period to period and to prepare operating budgets. In addition, the Corporation’s definitions of NOI, FFO, AFFO and Existing Self Storage may differ from that of other issuers.
StorageVault owns and operates 199 storage locations in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, and Nova Scotia. StorageVault owns 148 of these locations plus over 4,600 portable storage units representing over 7.9 million rentable square feet.
For further information, contact Mr. Steven Scott or Mr. Iqbal Khan:
The potential expected annual results and the amount of potential future acquisitions by the Corporation in fiscal 2019 contained in this news release may be considered a financial outlook as defined by applicable securities legislation. Such information and any other financial outlooks have been approved by management of the Corporation as of the date hereof. Such financial outlooks are provided for the purpose of presenting information about management's current expectations and goals relating to the future business of the Corporation. Readers are cautioned that reliance on such information may not be appropriate for other purposes.
Globe Newswire: 13:35 GMT Wednesday 15th May 2019
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