StorageVault Canada Reports Fiscal 2024 Growth, Plans $100 Million Expansion

StorageVault Canada has received an upgrade to a Buy rating from Canaccord Genuity analyst Mark Rothschild, who set a price target of C$4.50, citing strong cash flow growth and an attractive valuation relative to U.S. peers. The company reported a fourth-quarter revenue increase to C$80.2 million, surpassing analyst expectations, and noted improved occupancy rates, which have rebounded to seasonal levels. Despite a net loss of $30.2 million in fiscal 2024, StorageVault's revenue grew to $304.7 million, and they completed significant acquisitions, adding 825,000 rentable square feet. The company is also focusing on refinancing high-cost debt and has increased its dividend by 0.5%. Looking ahead, StorageVault plans to continue its expansion with over $100 million in acquisitions and further renovations in 2025. Overall, the firm is strategically positioned for growth despite facing economic challenges.