StorageVault earnings showed higher revenue and operating measures for the third quarter ended September 30, 2026, but the Canadian storage operator swung to a net loss. In its October 21 announcement, the company reported revenue of $94.2 million, up 6.5% year over year, and increased its planned fourth-quarter dividend by 0.5%.
Key Takeaways
- Quarterly net operating income rose 7.1%, while adjusted funds from operations increased 6.3%.
- StorageVault posted a $6.4 million quarterly net loss, compared with a $20.5 million profit a year earlier.
- The Q4 2026 dividend will increase to $0.003051 per common share.
Table of Contents
- StorageVault earnings separate operating growth from net loss
- Existing-store growth trails the broader business
- Nine-month results show a different growth pace
- Dividend rises, with limits to adjusted measures
- Conclusion
StorageVault earnings separate operating growth from net loss
StorageVault’s third-quarter results announcement showed net operating income, or NOI, increasing to $64.5 million from $60.2 million a year earlier. Revenue rose from $88.5 million, while operating costs increased 5.0%, slower than sales.
Funds from operations, or FFO, reached $27.2 million, up 7.7%. Adjusted funds from operations, or AFFO, increased to $28.9 million from $27.2 million, a 6.3% gain. On a basic common-share basis, FFO rose 7.4% and AFFO rose 6.1%.
Those improvements did not translate into a net profit. The quarter included $30.9 million of depreciation and amortization, and the prior-year period benefited from substantially larger real-estate and derivative gains. The comparison therefore reflects more than the performance of the storage business alone.
| Item | Details |
|---|---|
| Q3 interest expense | $27.9 million in 2026 versus $26.3 million in 2025. |
| Q3 selling, general and administrative costs | $7.6 million versus $6.7 million. |
| Q3 realized real-estate gain | Approximately $12,000 versus $15.7 million. |
| Q3 derivative result | $1.8 million loss versus an $8.9 million gain. |
Existing-store growth trails the broader business
Revenue from existing self-storage stores increased 2.1% in the quarter, while their NOI rose 3.1%. Both measures grew more slowly than the company-wide totals.
The existing-store measure covers stabilized locations owned or leased since at least the beginning of the previous fiscal year. For 2026, that group comprises 210 stores and 11,545,239 square feet, rather than StorageVault’s entire operation.
Chief Financial Officer Iqbal Khan said customer demand remained strong and credited disciplined revenue management, while acknowledging a more challenging economic and competitive environment. He also described lead volumes as strong and the acquisition pipeline as healthy.
Nine-month results show a different growth pace
For the nine months ended September 30, revenue increased 9.0% to $270.5 million, and NOI rose 8.7% to $177.3 million. Existing-store revenue and NOI increased 4.1% and 4.4%, respectively.
Nine-month FFO rose 9.1% to $67.9 million. AFFO increased 7.8% to $73.7 million, with AFFO per basic common share also up 7.8%. That 7.8% figure applies to the year-to-date period, not the standalone third quarter.
StorageVault reported a nine-month net loss of $26.5 million and operating cash flow of $83.8 million. Its cash balance at September 30 was $19.0 million.
Dividend rises, with limits to adjusted measures
StorageVault announced a 0.5% increase in its Q4 2026 dividend to $0.003051 per common share. The announcement did not specify a payment date.
NOI, FFO and AFFO are non-IFRS measures with company-specific definitions. StorageVault defines AFFO as FFO plus acquisition and integration costs and cautions that these measures are not substitutes for net income or operating cash flow, nor indicators of cash available for distributions.
Conclusion
StorageVault’s operating measures improved despite a return to a net loss. The next confirmed change is the higher Q4 dividend; subsequent results will show whether existing-store growth strengthens from the third quarter’s pace.
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