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Hamilton Spectator
23-07-2025
- Business
- Hamilton Spectator
StorageVault Reports 2025 Second Quarter Results and Increases Dividend
TORONTO, July 23, 2025 (GLOBE NEWSWIRE) — STORAGEVAULT CANADA INC. ('StorageVault' or the 'Corporation') (SVI-TSX) reported the Corporation's 2025 second quarter results and increases dividend. Iqbal Khan, Chief Financial Officer, commented: 'We are pleased to report strong second quarter results, with same store revenue growth of 6.6% and NOI growth of 5.2%, leading to a 5.4% increase in AFFO per common share. Our sustained organic performance, despite broader sector headwinds, demonstrates the strength and resilience of our platform. For the second half of the year, we will continue to be disciplined purchasers of assets and will remain opportunistic under our NCIB should our shares remain undervalued – as supported by recent private market transactions. At the same time, we will maintain a strong emphasis on cost control, while maximizing revenues, NOI and free cash flow.' 2025 Second Quarter Results Revenue for the second quarter of 2025 increased to $83.5 million compared to $74.1 million in Q2 2024 and net operating income ('NOI'), a non-IFRS measure, grew to $55.2 million from $49.9 million for the comparative period. Our cash flow from operations increased year over year and when combined with our financing, acquisitions and expansions resulted in an increased cash balance to $21.5 million at the end of the quarter. The Q2 2025 net loss of $6.2 million (net loss of $8.7 million for Q2 2024) is impacted by the following non-cash and non-recurring items – $27.3 million of depreciation and amortization, $0.1 million in stock based compensation, $1.1 million of interest accretion on convertible debentures, and deferred tax recovery of $2.0 million. Revenue and NOI from Existing Self Storage stores increased by 6.6% and 5.2%, compared to the same period last year. Funds from operations ('FFO'), a non-IFRS measure, were $20.3 million for Q2 2025 compared to $19.7 million in Q2 2024, a 3.4% increase year over year. Adjusted funds from operations ('AFFO'), a non-IFRS measure, were $22.9 million for Q2 2025 compared to $22.3 million in Q2 2024, a 3.0% increase. On a per basic common share basis, FFO and AFFO increased by 5.8% and 5.4%. Our Q2 2025 FFO and AFFO results are muted by operational and interest expenses related to lease-up stores acquired in fiscal 2024 ($127.0 million of the $215.0 million of acquisitions) and a nominal contribution from the 210,000 square feet of expanded and renovated space completed in Q4 2024 and Q1 2025. As these acquisitions and expansions stabilize, the Corporation expects to add an incremental annual $8.3 million of NOI within the next 3 years resulting in an equivalent incremental growth of FFO and AFFO. For a reconciliation of the above NOI, FFO, and AFFO amounts to IFRS, please see 'Non-IFRS Financial Measures' and the reconciliation tables below, and the Corporation's Management's Discussion & Analysis for the three and six months ended June 30, 2025 filed on SEDAR+ at . 2025 Six Months Year to Date Results Revenue for the six months ended June 30, 2025 increased to $159.8 million from $145.5 million, for the comparative period, a 9.8% increase, and NOI, a non-IFRS measure, grew to $102.9 million from $94.2 million, for the comparative period, a 9.2% increase. For the six months ended June 30, 2025, cash flow from operations was $47.0 million and when combined with our financing and investing activities resulted in a cash balance of $21.5 million. The net loss of $17.5 million for the six months ended June 30, 2025 (net loss of $16.6 million for 2024) is impacted by the following non-cash and non-recurring items – $53.9 million in depreciation and amortization, $1.0 million of unrealized loss on derivative financial instruments and deferred tax recovery of $4.1 million. Our Revenue and NOI from Existing Self Storage, a non-IFRS measure, increased by 4.0% and 4.0%, compared to the same period last year. FFO, a non-IFRS measure, were $35.7 million compared to $34.8 million for the same period in 2024, a 2.6% increase year over year. AFFO, a non-IFRS measure, were $39.9 million compared to $38.9 million for the same period in 2024, a 2.6% increase year over year. On a basic common per share basis, FFO and AFFO increased by 4.9% and 4.9%. For a reconciliation of the above NOI, FFO, and AFFO amounts to IFRS, please see 'Non-IFRS Financial Measures' and the reconciliation tables below, and the Corporation's Management's Discussion & Analysis for the three and six months ended June 30, 2025 filed on SEDAR+ at . Increased Dividend StorageVault is increasing its Q3 2025 dividend by 0.5% to $0.002976 per common share. Our Strategy StorageVault is focused on owning and operating storage in the top markets in Canada. Our goal is to have multiple stores in each market, with complementary portable storage units and records management storage services, to take advantage of economies of scale. Our growth strategy is focused on acquisitions, organic growth, expansion of our existing stores and expansion of our portable storage and records management businesses. Further Information For comprehensive disclosure of StorageVault's performance for the three and six months ended June 30, 2025 and its financial position as at such date, please see StorageVault's Unaudited Interim Consolidated Financial Statements and Management's Discussion and Analysis for the three and six months ended June 30, 2025 filed on SEDAR+ at . Non-IFRS Financial Measures Management uses both IFRS and non-IFRS Measures to assess the financial and operating performance of the Corporation's operations. These non-IFRS Measures are not recognized measures under IFRS, do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other companies. The non-IFRS Measures referenced in this news release include the following: 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. Non-IFRS Financial Measures Reconciliation The following table reconciles Net Income (Loss) and Net Operating Income: The following table reconciles Net Income (Loss), and Funds from Operations and Adjusted Funds from Operations: The following table reconciles Existing Self Storage Revenue, Operating Costs and Net Operating Income: About StorageVault Canada Inc. As of June 30, 2025, StorageVault owned and operated 259 storage locations across Canada. StorageVault owns 228 of these locations plus over 5,000 portable storage units representing over 12.9 million rentable square feet on 752 acres of land. StorageVault also provides last mile storage and logistics' solutions and professional records management services, such as document and media storage, imaging and shredding services. For further information, contact Mr. Steven Scott or Mr. Iqbal Khan: Tel: 1-877-622-0205 ir@ Follow us: Instagram: @accessstorageca @depotiumminientrepot @sentinelstorageca @cubeitportablestorage Facebook : /AccessStorageCA /Depotium /SentinelStorageCanada /Cubeit /FlexSpaceLogistics Forward-Looking Information: This news release contains 'forward-looking information' within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information regarding: the Corporation's expectations to continue to be a disciplined purchasers of assets, to remain opportunistic under its NCIB should Corporation's shares remain undervalued and to continue to maintain a strong emphasis on cost control while maximizing revenues, NOI and free cash flow; the Corporation's expectations to add an incremental annual $8.3 million of NOI within the next 3 years resulting in an equivalent incremental growth of FFO and AFFO; the Corporation's strategy, including, the Corporation being focused on owning and operating storage in the top markets in Canada, and the goal of having multiple stores in the top markets in Canada, with complementary portable storage units and records management storage services; and the Corporation's growth strategy, including a focus on acquisitions, organic growth, expansion of our existing stores and expansion of our portable storage and records management businesses. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects StorageVault's current beliefs and is based on information currently available to StorageVault and on assumptions StorageVault believes are reasonable. These assumptions include, but are not limited to: the level of activity in the storage business and the economy generally; consumer interest in the Corporation's services and products; competition and StorageVault's competitive advantages; trends in the storage industry, including, increased growth and growth in the portable storage business; the availability of attractive and financially competitive asset acquisitions in the future; the closing of previously announced acquisitions; the revenue and costs from acquisitions and operations conducted in fiscal 2024 being extrapolated to the entire period for 2025 and being consistent with, and reproducible as, costs and revenue in future periods; and anticipated and unanticipated costs. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of StorageVault to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive board of directors, third party or regulatory approvals; the actual results of StorageVault's future operations; competition; changes in legislation, including environmental legislation, affecting StorageVault; the timing and availability of external financing on acceptable terms; conclusions of economic evaluations and appraisals; lack of qualified, skilled labour or loss of key individuals; and the impact that the imposition of trade tariffs, particularly from the United States, may have on the global economy, and the economy in Canada in particular. A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in StorageVault's disclosure documents on the SEDAR+ website at . Although StorageVault has attempted to identify important risks and factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of StorageVault as of the date of this news release and, accordingly, is subject to change after such date. However, StorageVault expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law. The Corporation's expectations: to maximize revenue, NOI and free cash flow; and the Corporation's expectations to add an incremental annual $8.3 million of NOI within the next 3 years resulting in an equivalent incremental growth of FFO and AFFO, contained in this news release may be considered financial outlooks 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.
Hamilton Spectator
24-06-2025
- Business
- Hamilton Spectator
StorageVault Completes the Purchase of 8 Assets for $71.9 Million
TORONTO, June 24, 2025 (GLOBE NEWSWIRE) — STORAGEVAULT CANADA INC. ('StorageVault') (SVI-TSX) is pleased to announce that, further to its April 23, 2025 news release, it has completed the acquisition of seven stores and one adjacent vacant parcel of land (collectively, the 'Acquisitions') from six vendor groups (collectively, the 'Vendors'), for an aggregate purchase price of $71.9 million. Six of the Acquisitions are arm's length and two, totaling $21.9 million, are related party acquisitions (the 'Related Party Acquisitions') with Access Self Storage Inc. ('Access') as the Vendor. The aggregate purchase price for the Acquisitions in the amount of $71.9 million, subject to customary adjustments, was paid with funds on hand, a promissory note and mortgage financing. The balance of the $126.2 million of transactions announced on April 23, 2025 are expected to close in Q3. Exemption from MI 61-101 As Access is a non-arm's length party to StorageVault, the Related Party Acquisitions are considered a 'related party transaction' under Multilateral Instrument 61-101 - ' Protection of Minority Security Holders in Special Transactions ' ('MI 61-101'). StorageVault relied on exemptions from the formal valuation and minority approval requirements of MI 61-101, in respect of the Related Party Acquisitions, pursuant to Section 5.5(a) and Section 5.7(1)(a) (Fair Market Value Not More Than 25% of Market Capitalization) of MI 61-101. About StorageVault Canada Inc. StorageVault owns and operates 258 storage locations across Canada. StorageVault owns 228 of these locations plus over 5,000 portable storage units representing over 12.9 million rentable square feet on over 752 acres of land. StorageVault also provides last mile storage and logistics' solutions and professional records management services, such as document and media storage, imaging and shredding services. For further information, contact Mr. Steven Scott or Mr. Iqbal Khan: Tel: 1-877-622-0205 ir@ Follow us: Instagram: @accessstorageca @depotiumminientrepot @sentinelstorageca @cubeitportablestorage Facebook: /AccessStorageCA /Depotium /SentinelStorageCanada /Cubeit /FlexSpaceLogistics
The Citizen
19-06-2025
- Business
- The Citizen
Global Wealth Report: More dollar millionaires in SA, but also bigger inequality
The latest Global Wealth Report shows that the world became richer but it is a mixed picture, with most of the growth in North America. The Global Wealth Report for 2025 shows an increase in global wealth, but unfortunately South Africa did not share in this growth, while the country continues to be one of the most unequal countries in the world. It did, however, see an increase in dollar millionaires. UBS, a wealth manager and universal bank in Switzerland, compiles the Global Wealth Report with insights into personal wealth. The latest edition analyses 56 markets, estimated to represent over 92% of the world's wealth. The world's wealth landscape continued to evolve In a year marked by shifting economic tides and the data in the report echoes this. According to the report, global wealth increased by 4.6% in 2024 after a 4.2% increase in 2023, but it also shows that South Africa experienced negative real growth in average wealth per adult in 2023 and 2024. South Africa finds itself among the countries in negative territory for average as well as median wealth growth, alongside countries such as India, the UAE and Turkey. ALSO READ: SA still the most unequal country in the world – Oxfam Global Wealth Report shows inequality in SA In addition, South Africa ranked third-highest in the world for wealth inequality, with a Gini Coefficient of 0.81, just behind Brazil (0.82) and Russia (0.82), and equal to the UAE. This chart shows the wealth inequality in the world: ALSO READ: Six South Africans on Forbes Real-Time Billionaire list Global Wealth Report also had good news for SA However, South Africa did see a positive increase in dollar millionaires with a growth rate just under 2% but still indicating increasing upper-tier wealth and supporting the wider Everyday Millionaire trend. As an emerging market, South Africa is listed as one of the 15 emerging economies that collectively hold up to 30% of global wealth as of 2024, a statistic that has remained relatively flat since 2017. Iqbal Khan, co-president of UBS Global Wealth Management, says the speed of growth was far from uniform, largely tilted towards North America, with the Americas overall accounting for the majority of the increase, with more than 11%. 'A stable US dollar and buoyant financial markets were key contributors to this growth. Asia-Pacific and Europe, the Middle East and Africa (EMEA) were lagging behind, with growth rates of below 3% and less than 0.5% respectively.' ALSO READ: Where do the super-rich in SA live? Trends identified in the Global Wealth Report The 16th edition of the Global Wealth Report highlights these regional and demographic themes: Adults in North America were the wealthiest on average ($593 347) in 2024, followed by Oceania ($496 696) and Western Europe ($287 688). However, measured in US dollar, in real terms over half of the 56 markets in the sample not only did not take part in the world's growth last year, but saw their average wealth per adult decline. Despite this, Switzerland continued to top the list for average wealth per adult on an individual market level, followed by the US, Hong Kong and Luxembourg. Denmark, South Korea, Sweden, Ireland, Poland and Croatia recorded the biggest increases in average wealth, all growing at double-digit rates when measured in local currencies. The number of dollar millionaires increased by 1.2% in 2024, an increase of more than 684 000 people compared to the previous year, with the US adding over 379 000 new millionaires – more than 1 000 a day. The US, mainland China and France had the highest number of dollar millionaires, with the US accounting for almost 40% of global millionaires. There has been a marked and consistent increase in wealth all across the world over the past 25 years, both overall and in each main region individually. Total wealth increased at a compound annual growth rate of 3.4% since 2000. This decade, the wealth band below $10 000 ceased to be the most populated one in the sample, overtaken by the next-higher band between $10 000 and $100 000. Over the next five years, the report's projections for average wealth per adult point to continued growth, with the expansion led by the US as well as Greater China, Latin America and Oceania. ALSO READ: Bill Gates explains why his children will inherit less than 1% of his wealth This chart shows the change in total personal wealth from 203 to 2024: Khan also points out that this year's report highlights the rise of the Everyday MILLIonaire (EMILLIs), everyday millionaires with investable assets of between $1 million to $5 million. Their numbers have more than quadrupled since 2000, reaching around 52 million globally by the end of last year. This group now accounts for approximately $107 trillion in total wealth, approaching the $119 trillion held by individuals with over $5 million in assets. Khan says the growth of this segment has largely been driven by increasing real estate prices and exchange rate effects. 'Despite regional differences, the long-term upward trend in the Everyday Millionaire group is visible around the globe.' ALSO READ: Want to build wealth? This is how Differences in wealth distribution among generations The Global Wealth Report also highlights the differences in wealth distribution among generations in the US. It shows that Millennials (born after 1981) have the highest proportion of their assets in consumer durables and real estate and invest more heavily in private businesses. Baby Boomers (born between 1946 and 1964) hold over $83 trillion in net wealth, far surpassing Generation X (born between 1965 and 1980), the Silent Generation (born before 1945) and Millennials. Khan points out that globally, wealth allocation also varies, with the US standing out with its high allocation in financial investments, Australia in real estate and Singapore in insurance and pensions. 'Over the next 20–25 years, more than $83 trillion is expected to be transferred, with $9 trillion moving horizontally between spouses and $74 trillion moving between generations. The largest volume of wealth transfers is anticipated in the US of over $29 trillion, Brazil with nearly $9 trillion and mainland China with more than $5 trillion). ALSO READ: Wealth gap widens, ANC dodges wealth tax Global wealth expected to grow Robert Karofsky, co-president of UBS Global Wealth Management, says with global wealth expected to continue to grow, the ability to manage that wealth in a dynamic and complex financial environment becomes even more important, requiring strategic foresight and expert guidance. Paul Donovan, chief economist at UBS Global Wealth Management, notes that wealth is not just an economic measure but a social and political force. 'As we navigate the fourth industrial revolution and increasing public debt, the way wealth is distributed and transferred will shape opportunity, policy and progress. 'This year's report underscores the evolutionary shifts in wealth ownership, especially the growing influence of women and the enduring importance of property and long-term asset trends.'
Time of India
13-06-2025
- Business
- Time of India
Law firm JSA's partner Iqbal Khan to join Cyril Amarchand Mangaldas with 20-member team
The private equity (PE) and mergers and acquisitions (M&A) partner Iqbal Khan of a full-service law firm J Sagar Associates (JSA), along with their team of about 18 to 20, is set to join the Mumbai office of Cyril Amarchand Mangaldas (CAM). An alumnus of the London School of Economics and Political Science and Columbia University School of Law, Khan began his career with the US-headquartered firm Paul, Weiss, Rifkind, Wharton & Garrison LLP in 2008, later moving to Kirkland & Ellis LLP. In August 2013, he joined the Indian full-service firm Khaitan & Co., and in 2015, he transitioned to Shardul Amarchand Mangaldas & Co. (SAM & Co). Last year in June, he had joined JSA along with his team of about a dozen-and-a-half lawyers to JSA. 'Iqbal's experience and expertise will be valuable to our clients,' said Cyril Shroff, Managing Partner, Cyril Amarchand Mangaldas, on his joining. 'With Iqbal's arrival, we continue to strengthen our capabilities to serve our clients and I look forward to their contributions and the continued growth of our firm,' he added. He specialises in private equity investments, private and public mergers and acquisitions, joint ventures and foreign investment laws. 'My decision to join CAM was a natural one, driven by a shared commitment to excellence, integrity, and delivering commercially sound legal advice to a diverse and global client base,' said Iqbal Khan. In the past, Khan has represented Advent in one of the largest control acquisitions of a listed pharma company in India by a PE, in its acquisition of a controlling stake in Suven Pharma for about $1 billion. Also, he advised Advent in over $4 billion reverse merger and listing of the Cohance platform with Suven Pharma. Also, he had represented Bain in its acquisition of Porus Labs for Rs. 2400 crores. Recently, the firm has also announced the joining of Nishith Mehta as head of the Financial, Regulatory & Compliance practice. He will be joining the firm from Bank of America Merrill Lynch (BofA), where he co-headed Asia Pacific Compliance and Operational Risk. Around the same time, the firm also announced the joining of Mihir Rale as Co-Head for Digital and TMT (telecom, media and technology) advisory. Over two-decade veteran, Rale was general counsel at Star and Disney India before joining CAM. With over 1200 lawyers, including 220 partners, CAM is a full-service law firm with offices in Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City, Singapore and Abu Dhabi.
Mint
11-06-2025
- Business
- Mint
Iqbal Khan steps down as national corporate lead from JSA
Mumbai: Iqbal Khan has stepped down as national corporate lead at JSA Advocates and Solicitors. Khan joined JSA from Shardul Amarchand Mangaldas in October 2024, along with a team of 18 lawyers, including three retained partners, strengthening mergers, acquisitions and private equity teams in JSA's corporate practice. "Iqbal Khan has communicated his resignation to JSA. The exit modalities will be worked out mutually keeping in mind the interest of clients, teams involved and the firm,' Vivek Chandy, JSA's managing partner, said in a statement on Wednesday. 'JSA has grown exponentially over the last 18 months and has integrated well with all its lateral partners who are aligned with the culture and values of the firm. The firm will continue to aggressively pursue its growth path and wishes Iqbal well." Khan's exit comes as top law firms witness mass movement to rivals. He was brought into JSA to work closely with the joint managing partners, practice area chairs, and the executive committee to fortify the firm's corporate practice and augment its range of services. Prior to joining JSA, he was with Paul Weiss and Kirkland & Ellis in the United States. Khan also holds a J.D. from Columbia Law School (Harlan Fiske Stone Scholar); the Parker School Certificate for Achievement in International and Comparative Law; and LLB from the London School of Economics and Political Science. He was the editor of the Columbia Journal of European Law and has been ranked as one of the top M&A and private equity lawyers in India by various legal rankings. Prior to joining JSA, Khan, along with his partners, led deals for clients including Advent, Bain, Brookfield, TPG, Biocon, L&T, LIC, PharmEasy, Reliance, Serum and Tata.
