TORONTO, April 24, 2024 (GLOBE NEWSWIRE) -- STORAGEVAULT CANADA INC. ("StorageVault" or the "Corporation") (SVI-TSX) reported the Corporation's 2024 first quarter results and increases its dividend. Iqbal Khan, Chief Financial Officer, commented: "Our national strategically located portfolio achieved same store NOI growth of 5.2%, AFFO growth of 6.6% per common share, while maintaining over 90% fixed rate debt. We are pleased to have announced the acquisition of two stores for $43 million earlier this week with quick closings that demonstrate the strength of our balance sheet and team. With the recent change to the capital gains inclusion rate, the ability to close quickly is critical. For the balance of the year, we will continue to be disciplined purchasers of assets, and will focus on controlling expenses, while maximizing revenues, NOI and free cash flow." 2024 First Quarter ResultsRevenue for the first quarter of 2024 increased to $71.4 million compared to $67.4 million in Q1 2023 and net operating income ("NOI"), a non-IFRS measure, grew to $44.2 million from $42.6 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 a cash balance of $14.3 million at the end of the quarter. The Q1 2024 net loss of $8.0 million (net loss of $2.9 million for Q1 2023) is impacted by the following non-cash and non-recurring items – $23.6 million of depreciation and amortization, $0.2 million in stock based compensation, $1.1 million interest accretion on convertible debentures, $2.0 million of unrealized gain on derivative financial instruments, and deferred tax recovery of $1.8 million. Revenue and NOI from Existing Self Storage stores increased by 5.9% and 5.2%, compared to the same period last year. Funds from operations ("FFO"), a non-IFRS measure, were $15.1 million for Q1 2024 compared to $14.8 million in Q1 2023, a 2.3% increase year over year. Adjusted funds from operations ("AFFO"), a non-IFRS measure, were $16.6 million for Q1 2024 compared to $15.8 million in Q1 2023, a 5.6% increase. On a per basic common share basis, FFO and AFFO increased by 3.3% and 6.6%, respectively. 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 months ended March 31, 2024 filed on SEDAR+ at www.sedarplus.ca.  Increased Dividend StorageVault is increasing its quarterly dividend by 0.5% beginning Q2 2024 to $0.002903 per common share. Our StrategyStorageVault 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 InformationFor comprehensive disclosure of StorageVault's performance for the three months ended March 31, 2024 and its financial position as at such date, please see StorageVault's Unaudited Interim Financial Statements and Management's Discussion and Analysis for the three months ended March 31, 2024 filed on SEDAR+ at www.sedarplus.ca.  Non-IFRS Financial MeasuresManagement 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: Net Operating Income ("NOI") – NOI is defined as storage and related services revenue less related property operating costs. NOI does not include interest expense or income, depreciation and amortization, corporate administrative costs, stock based compensation costs or taxes. NOI assists management in assessing profitability and valuation from principal business activities. Funds from Operations ("FFO") – FFO is defined as net income (loss) excluding gains or losses from the sale of depreciable real estate, plus depreciation and amortization, realized gains or losses on real estate, realized and unrealized gains or losses on interest rate swaps, interest accretion on convertible debentures, realized and unrealized gains or losses on derivative financial instruments, stock based compensation expenses and deferred income taxes; and after adjustments for equity accounted entities and non-controlling interests. FFO should not be viewed as an alternative to cash from operating activities, net income, or other measures calculated in accordance with IFRS. The Corporation believes that FFO can be a beneficial measure, when combined with primary IFRS measures, to assist in the evaluation of the Corporation's ability to generate cash and evaluate its return on investments as it excludes the effects of real estate amortization and gains and losses from the sale of real estate, all of which are based on historical cost accounting and which may be of limited significance in evaluating current performance. Adjusted Funds from Operations ("AFFO") – AFFO is defined as FFO plus acquisition and integration costs. Acquisition and integration costs are one time in nature to the specific assets purchased in the current period or pending and are expensed under IFRS. Existing Self Storage – means stabilized stores that StorageVault has owned or leased at least since the beginning of the previous fiscal year. 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:     (unaudited)   (unaudited)     Three Months Ended March 31   Fiscal         Change       Change       2024     2023   $ %     2024     2023   $ %                       Storage revenue and related services $ 70,944,870   $ 66,943,141   $ 4,001,729   6.0 %   $ 70,944,870   $ 66,943,141   $ 4,001,729   6.0 % Management fees   446,208     474,331     (28,123 ) -5.9 %     446,208     474,331     (28,123 ) -5.9 %       71,391,078     67,417,472     3,973,606   5.9 %     71,391,078     67,417,472     3,973,606   5.9 % Operating costs   27,148,549     24,845,593     2,302,956   9.3 %     27,148,549     24,845,593     2,302,956   9.3 % Net operating income 1   44,242,529     42,571,879     1,670,650   3.9 %     44,242,529     42,571,879     1,670,650   3.9 %                       Less:                     Acquisition and integration costs   1,512,594     972,297     540,297   55.6 %     1,512,594     972,297     540,297   55.6 %   Selling, general and administrative   5,507,508     5,835,146     (327,638 ) -5.6 %     5,507,508     5,835,146     (327,638 ) -5.6 %   Interest   22,090,472     20,975,025     1,115,447   5.3 %     22,090,472     20,975,025     1,115,447   5.3 %   Stock based compensation   234,379     309,837     (75,458 ) -24.4 %     234,379     309,837     (75,458 ) -24.4 %   Realized (gain) loss on real estate   1,932,705     (35,359 )   1,968,064   -5565.9 %     1,932,705     (35,359 )   1,968,064   -5565.9 %   Realized (gain) loss on derivative financial instruments   -     (3,970,902 )   3,970,902   -100.0 %     -     (3,970,902 )   3,970,902   -100.0 %   Unrealized (gain) loss on derivative financial instruments   (2,014,752 )   (2,074,497 )   59,745   -2.9 %     (2,014,752 )   (2,074,497 )   59,745   -2.9 %   Interest accretion on convertible debentures   1,105,212     -     1,105,212   -       1,105,212     -     1,105,212   -     Depreciation and amortization   23,585,744     25,621,018     (2,035,274 ) -7.9 %     23,585,744     25,621,018     (2,035,274 ) -7.9