(SVI-TSX) released its Q2 2026 results on July 22, 2026. Iqbal Khan, the company’s Chief Financial Officer, highlighted the strong performance of the business, noting that year-to-date revenue increased by 10.3% to $91.1 million, a notable rise from $83.5 million in the second quarter of 2025. This growth was accompanied by a 9.7% increase in net operating income (NOI), which rose to $60.3 million from $55.2 million in the previous year. In addition, adjusted funds from operations (AFFO) per share climbed by 8.8%.
Q2 2026 Results
For the second quarter of 2026, StorageVault demonstrated a solid financial position. Net operating income, a non-IFRS metric, increased to $60.3 million compared to $55.2 million in the same period in 2025. The company’s cash flow from operations also improved over the previous year, resulting in an end-of-quarter cash balance of $19.2 million. Despite these gains, the company recorded a net loss of $6.6 million for the quarter. This loss was primarily due to non-cash and non-recurring items, such as $29.8 million in depreciation and amortization, along with $1.2 million in interest accretion on convertible debentures and a deferred tax recovery of $1.3 million.
The growth in revenue and NOI from existing self-storage locations was another positive indicator. These figures rose by 3.9% and 5.1%, respectively. Funds from operations (FFO), a non-IFRS measure, increased by 12.8% to $22.9 million. Adjusted funds from operations (AFFO) also saw an increase of 9.4%, reaching $25.1 million for the quarter. On a per basic common share basis, FFO and AFFO were up by 12.6% and 9.2%, respectively.
Year to Date Performance
Year to date, for the six months ended June 30, 2026, StorageVault achieved a total revenue of $176.3 million, a 10.3% increase from $159.8 million in the corresponding period of 2025. Net operating income during this time grew by 9.7% to $112.8 million. The company’s cash flow from operations combined with financing and investing activities resulted in a cash balance of $19.2 million at the end of the period.
The net loss for the six months ended June 30, 2026, was $20.2 million, compared to a loss of $17.5 million in the same period of 2025. The loss was mainly attributed to non-cash and non-recurring items, including $57.9 million in depreciation and amortization, $2.3 million in interest accretion on convertible debentures, and a deferred tax recovery of $2.6 million. Revenue and NOI from existing self-storage stores increased by 5.2% each year over year. Funds from operations (FFO) rose by 9.9% to $39.2 million, while adjusted funds from operations (AFFO) saw an 8.7% increase to $43.4 million.
Footprint Expansion and Acquisitions
In Q2 2026, StorageVault continued to expand its presence by completing acquisitions totaling $8.9 million. The company acquired two stores in the second quarter, bringing its total acquisitions in 2026 to $71.4 million. These acquisitions, as detailed in previous releases from December 18, 2025, and March 26, 2026, were funded entirely through cash. The new properties added to StorageVault’s portfolio are expected to support the company’s long-term growth and operational efficiency.
In addition to acquisitions, the company expanded its physical footprint by completing 30,000 square feet of new storage space during the quarter. Looking ahead, StorageVault plans to complete approximately 165,000 square feet of expanded and renovated space in fiscal 2026. By the end of the second quarter, the company had already completed 70,000 square feet of this planned expansion. These efforts are part of StorageVault’s ongoing strategy to meet growing demand and strengthen its market position.