Page 1

For Release NEWS RELEASE August 5 , 2021 Toronto , Ontario StorageVault Reports 2021 Second Quarter Results and Increases Dividend STORAGEVAULT CANADA INC . ( " Storage Vault " or the " Corporation " ) ( SVI - TSX - V ) reported the Corporation's 2021 second quarter results and increases its dividend . Iqbal Khan , Chief Financial Officer , commented : " Strong fundamentals combined with the dedication from our amazing team resulted in exceptional same store performance , with 22.5 % year over year increase in revenue and 25.2 % increase in NOI in Q2 . We continue to focus on accretive acquisitions and have acquired or announced $ 140 million in acquisitions and are revising our acquisition outlook to $ 200 million for the year . The market continues to be extremely strong and we are well positioned to take advantage of this for the balance of the year . " 2021 Second Quarter Results Revenue for the second quarter of 2021 increased to $ 51.7 million compared to $ 37.4 million in Q2 2020 and net operating income ( “ NOI ” ) , a non - IFRS measure , grew to $ 35.0 million from $ 25.3 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 $ 27.3 million at the end of the quarter . The Q2 2021 net loss of $ 7.2 million ( net loss of $ 8.7 million for Q2 2020 ) is after $ 23.3 million of depreciation and amortization and deferred tax recovery recorded in the quarter of $ 2.0 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 22.5 % and 25.2 % , compared to the same period last year . In the midst of COVID - 19 , the Corporation still achieved 3.0 % Revenue and 3.1 % NOI growth for Q2 2020. Funds from operations ( “ FFO " ) , a non - IFRS measure , were $ 14.3 million for Q2 2021 compared to $ 9.7 million in Q2 2020 , a 47.5 % increase year over year . Adjusted funds from operations ( “ AFFO ” ) , a non - IFRS measure , were $ 16.6 million for Q2 2021 compared to $ 10.5 million in Q2 2020 , 57.0 % increase . Both the FFO and AFFO continue to be 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 Q2 2021 , these acquisitions reduced our FFO and AFFO by $ 0.3 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 11 through 16 of the Corporation's Management's Discussion & Analysis for the three and six months ended June 30 , 2021 filed on SEDAR at www.sedar.com . CAN : 37877077.1 2021 Six Months Year to Date Results Revenue for the six months ended June 30 , 2021 increased to $ 95.0 million from $ 73.3 million and NOI , a non - IFRS measure , grew to $ 62.4 million from $ 48.3 million , for the comparative period . For the six months ended June 30 , 2021 , cash flow from operations was $ 24.8 million and when combined with our financing and investing activities resulted in a cash balance of $ 27.3 million . The net loss of $ 18.6 million for the six months ended June 30 , 2021 ( net loss of $ 17.0 million for 2020 ) is after $ 45.4 million in depreciation and amortization ( $ 40.6 million in 2020 ) , which was offset by a deferred tax recovery of $ 4.2 million ; both non - cash items .