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For Release NEWS RELEASE May 5 , 2021 Toronto , Ontario StorageVault Reports 2021 First Quarter Results and Increases Dividend STORAGEVAULT CANADA INC . ( “ StorageVault ” or the " Corporation " ) ( SVI - TSX - V ) reported the Corporation's 2021 first quarter results and increases its dividend . Iqbal Khan , Chief Financial Officer , commented : " We achieved a record number of move - ins and inquiries , resulting in strong same store performance , with 10.5 % year over year increase in revenue and an 11.8 % increase in NOI in Q1 . The market continues to be extremely strong and we are well positioned to take advantage of this for the balance of the year . We will continue to be disciplined purchasers of assets and expect the recent launch of our last mile storage technology platform , FlexSpace Logistics , to help drive revenues and NOI . " 2021 First Quarter Results Revenue for the first quarter of 2021 increased to $ 43.3 million compared to $ 35.8 million in Q1 2020 and net operating income ( “ NOI ” ) , a non - IFRS measure , grew to $ 27.4 million from $ 23.1 million for the comparative period . Our cash flow from operations increased year over year and when combined with our financing and investing activities resulted in a cash balance of $ 20.3 million at the end of the quarter . The Q1 2021 net loss of $ 11.4 million ( net loss of $ 8.4 million for Q1 2020 ) is mainly after $ 22.1 million of depreciation and amortization and deferred tax recovery recorded in the quarter of $ 2.2 million . Both amounts are non - cash items . As a result of our occupancy levels , revenue management program and operational efficiency , Revenue and NOI from existing self storage stores increased by 10.5 % and 11.8 % , compared to the same period last year . Funds from operations ( “ FFO " ) , a non - IFRS measure , were $ 8.7 million for Q1 2021 compared to $ 7.9 million in Q1 2020 , a 9.5 % increase year over year . Adjusted funds from operations ( “ AFFO " ) , a non IFRS measure , were $ 10.0 million for Q1 2021 compared to $ 8.8 million in Q1 2020 , a 14.1 % increase . Both the FFO and AFFO are muted by the operational and interest expenses related to the $ 114.6 million in new build and lease - up stores and raw land acquisitions completed in Q4 2020. In Q1 2021 , these acquisitions reduced our FFO and AFFO by $ 0.6 million . The Corporation expects to be cash flow positive and realize the benefits of these acquisitions in fiscal 2022 and beyond . For a reconciliation of the above NOI , FFO , and AFFO amounts to IFRS , please see pages 12 through 17 of the Corporation's Management's Discussion & Analysis for the three months ended March 31 , 2021 filed on SEDAR at www.sedar.com . CAN : 36929734.3 Increased Dividend Storage Vault is increasing its quarterly dividend by 0.5 % beginning Q2 2021 to $ 0.002734 per common share .