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For Release NEWS RELEASE November 2 , 2021 Toronto , Ontario Storage Vault Reports 2021 Third Quarter Results and Increases Dividend STORAGEVAULT CANADA INC . ( " StorageVault " or the " Corporation ” ) ( SVI - TSX - V ) reported the Corporation's 2021 third quarter results and increases its dividend . Iqbal Khan , Chief Financial Officer , commented : " We continue to benefit from strong fundamentals resulting in exceptional same store performance , achieving 23.3 % year over year increase in revenue and 25.3 % increase in NOI in Q3 . Our operational execution , combined with our disciplined acquisition strategy also led to an AFFO growth of 53.8 % in the quarter and places us in position to finish this fiscal year with over $ 200 million in revenues . As noted last quarter , we continue to experience strong growth and are expecting to close $ 130 million of acquisitions in Q4 . " 2021 Third Quarter Results Revenue for the third quarter of 2021 increased to $ 56.9 million compared to $ 40.1 million in Q3 2020 and net operating income ( “ NOI " ) , a non - IFRS measure , grew to $ 38.8 million from $ 27.5 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 $ 38.8 million at the end of the quarter . The Q3 2021 net loss of $ 4.3 million ( net loss of $ 6.3 million for Q3 2020 ) is after $ 23.3 million of depreciation and amortization and deferred tax recovery recorded in the quarter of $ 2.1 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 23.3 % and 25.3 % , compared to the same period last year . In the midst of COVID - 19 , the Corporation still achieved 3.1 % Revenue and 4.0 % NOI growth for Q3 2020 , significantly higher than our peers . Funds from operations ( “ FFO " ) , a non - IFRS measure , were $ 17.1 million for Q3 2021 compared to $ 11.6 million in Q3 2020 , a 47.4 % increase year over year . Adjusted funds from operations ( “ AFFO " ) , a non - IFRS measure , were $ 18.7 million for Q3 2021 compared to $ 12.2 million in Q3 2020 , a 53.8 % 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 Q3 2021 , these acquisitions reduced our FFO and AFFO by $ 0.1 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 nine months ended September 30 , 2021 filed on SEDAR at www.sedar.com . 2021 Nine Months Year to Date Results Revenue for the nine months ended September 30 , 2021 increased to $ 151.8 million from $ 113.3 million and NOI , a non - IFRS measure , grew to $ 101.2 million from $ 75.9 million , for the comparative period . For the nine months ended September 30 , 2021 , cash flow from operations was $ 43.1 million and when combined with our financing and investing activities resulted in a cash balance of $ 38.8 million . The net loss of $ 22.9 million for the nine months ended September 30 , 2021 ( net loss of $ 23.3 million for 2020 ) is