StorageVault Acquires Six Facilities StorageVault Canada recently stated that its previously announced acquisition of six stores has been completed. The total purchase price was $167.5 million. Five of the acquisitions were arm length and one was the acquisition of a related party (Access Self Storage Inc.). With these acquisitions, Storage Vault completed $213.6 million in acquisitions this year and owns more than 11 million square feet of rentable storage space.
Gas Guzzlers At least one woman’s vacation plans came to a screeching halt this summer when her RV was vandalized at an RV
storage facility in Winnipeg. A thief (or thieves) bored a hole through the metal fuel tank of her 26-foot RV to drain the gasoline. Mary Lou Milhausen had just filled the 247-liter tank a few days before she discovered the damage. She estimated that there was nearly $500 worth of gas in the tank at the time of the incident. “My gas cap is not covered or locked,” she said. “The thief could simply have siphoned the gas instead of putting a hole in the gas tank.” Unfortunately, gasoline is considered as part of a vehicle’s contents, so it is not a claimable loss. Since the ordeal, she has decided to move her RV to a more secure storage facility after it’s repaired.
StorageVault Expands Its Portfolio StorageVault Canada Inc. has agreements to acquire seven storage locations from seven vendor groups for $171.6 million. The firm did not provide specific details about the acquisitions, but six of the seven locations are in Ontario; the other one is in Alberta. Of the Ontario locations, four are within the core Greater Toronto Area (GTA).
StorageVault Releases Financials StorageVault issued its Q1 2022 financials, reporting a net loss of $8.6 million, which the company attributed mainly to three non-cash items: $21.6 million of depreciation and amortization, a $2.8 million loss on derivative financial instruments, and a deferred tax recovery of $1.4 million. Revenues were strong, how- ever, with an increase to $57.5 million, compared to $43.3 million year over year. NOI grew to $36.6 million, from $27.4 million in Q1 2021, and the company held a cash balance of $30.9 million at the end of the quarter.
Photo credit: Ethan Cairns, Winnipeg Free Press October 2022 37
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