StorageVault Canada Reports Strong Q3 Performance
Shares of StorageVault Canada experienced a midday surge on Thursday, following the company's announcement of robust demand for storage space in the third quarter, leading to increased revenue and a shift to profitability.
At 12:11 p.m. ET, shares were trading 7.6% higher at 4.20 Canadian dollars.
The Canadian storage location operator revealed late Wednesday that revenue for the quarter reached 75.7 million Canadian dollars ($54.9 million), marking an improvement from C$69.3 million in the same period last year.
Furthermore, compared with the previous year, revenue and net operating income from existing self-storage locations saw significant growth, with a 5.1% increase in revenue and a 4.7% surge in net operating income.
The company reported a net income of C$16.4 million, drastically transforming from a loss of C$2.1 million in the previous year.
Currently, StorageVault boasts a portfolio of 240 storage locations spread across Canada and intends to concentrate its efforts on acquiring and managing storage facilities in prime markets throughout the country.
In an exciting development earlier this year, the company partnered with Automotive Properties Real Estate Investment Trust to jointly purchase an automotive dealership property in Quebec. The deal was split equally between the two entities, amounting to C$16.1 million.
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