# StorageVault Q3 2026: Revenue Hits $94.2 Million as Same-Store NOI Rises 3.1% > Canada's largest storage platform posted another growth quarter on October 21, 2026, even as U.S. advertised rates slid 1.8% year over year in September. Same-store metrics trailed acquisition-driven totals, setting up a contrast with REIT earnings the week of October 26. - URL: https://www.yourcaio.co/news/storagevault-q3-2026-revenue-9-percent-same-store-october-2026 - Published: 2026-10-22 - Author: David Cartolano (https://www.yourcaio.co/about) - Category: Market Trends - Tags: StorageVault, Canada, Q3 2026, Same-Store Growth, AFFO - Source: [StorageVault Canada](https://www.storagevaultcanada.com/en/investor-news/storagevault-grows-ytd-revenue-9-0-increases-noi-8-7-and-affo-is-up-7-8-in-q3-2026-and-increases-dividend) ## Key Takeaways - StorageVault reported Q3 2026 revenue of $94.2 million on October 21, 2026, up from $88.5 million in Q3 2025, with NOI rising to $64.5 million from $60.2 million. - Same-store (Existing Self Storage) revenue and NOI increased 2.1% and 3.1% year over year in Q3 2026 across 210 stores totaling 11,545,239 square feet, per StorageVault's release. - For the nine months ended September 30, 2026, StorageVault revenue grew 9.0% to $270.5 million and AFFO per basic share rose 7.8%, while FFO per share increased 9.0%. - The company raised its Q4 2026 dividend 0.5% to $0.003051 per common share and reported 275 owned and operated locations across Canada as of the release date. - CFO Iqbal Khan cited disciplined revenue management and strong lead volumes despite a more challenging economic and competitive environment. **StorageVault Canada** (SVI-TSX) posted **Q3 2026 revenue of $94.2 million** on **October 21, 2026**, up from **$88.5 million** a year earlier, with **same-store NOI up 3.1%** on **210 Existing Self Storage locations**. The print lands one week before [U.S. REIT Q3 earnings](https://www.yourcaio.co/news/big-three-self-storage-reits-q3-2026-earnings-calendar-october-2026) and the same day [Yardi Matrix documented a 1.8% national advertised-rate decline](https://www.yourcaio.co/news/yardi-matrix-october-2026-advertised-rates-1-8-percent-september-2026) through September. --- ## What Did StorageVault Report for the Third Quarter? StorageVault's October 21 release stacks IFRS revenue against the non-IFRS metrics institutional investors track for Canadian storage platforms. | Metric (Q3 2026 vs Q3 2025) | Q3 2026 | Q3 2025 | Change | |-----------------------------|---------|---------|--------| | Revenue | $94.2M | $88.5M | +6.4% | | NOI (non-IFRS) | $64.5M | $60.2M | +7.1% | | FFO (non-IFRS) | $27.2M | $25.3M | +7.7% | | AFFO (non-IFRS) | $28.9M | $27.2M | +6.3% | | Existing Self Storage revenue | n/a | n/a | +2.1% YoY | | Existing Self Storage NOI | n/a | n/a | +3.1% YoY | FFO per basic share rose **7.4%** and AFFO per basic share rose **6.1%** in the quarter. Cash from operations increased year over year, and the company ended Q3 with **$19.0 million** of cash after financing and investing activity. The gap between total revenue growth and same-store growth tells you how much of the quarter still comes from [acquisition-driven expansion](https://www.yourcaio.co/news/storagevault-81-6-million-woodbourne-jv-acquisition-july-2026). Total revenue rose faster than the 2.1% same-store revenue line because StorageVault continues to add doors through purchases and integrations. --- ## How Should Operators Read the Same-Store Spread? StorageVault defines **Existing Self Storage** as stabilized stores owned or leased since the beginning of the prior fiscal year. In 2026 that cohort is **210 stores** and **11,545,239 square feet**. A **3.1%** same-store NOI gain is not a boom cycle print, but it is positive organic growth in a quarter when U.S. advertised benchmarks were still negative year over year. That aligns with [Bluebird's Canada supply-gap research](https://www.yourcaio.co/news/canada-self-storage-3-sq-ft-gap-bluebird-october-2026): national undersupply can support pricing even when macro housing turnover is soft. > "StorageVault delivered positive third quarter results, with year to date revenue up 9.0%, NOI up 8.7%, and AFFO per share up 7.8%. Customer demand remained strong, and our disciplined revenue management drove growth despite a more challenging economic and competitive environment." - **Iqbal Khan, Chief Financial Officer, StorageVault Canada** For U.S. operators benchmarking against REIT guidance, StorageVault's same-store line is closer to **ECRI math** than to street-web indices. The company is growing in-place revenue on stabilized assets, not chasing vacant-unit specials. --- ## What Drove the Net Loss Despite Higher FFO? StorageVault reported a **$6.4 million net loss** in Q3 2026 versus **$20.5 million** of net income in Q3 2025. The release flags **$30.9 million** of depreciation and amortization, **$2.0 million** of interest accretion and financing-cost amortization, **$1.8 million** of realized and unrealized derivative losses, and deferred tax effects. That pattern is normal for acquisitive storage REITs and non-traded platforms: AFFO and FFO rise while GAAP/IFRS net income swings on non-cash charges. Nine-month 2026 net loss was **$26.5 million** against **$88.8 million** of depreciation and amortization for the period. Investors watching [Public Storage's Canada integration](https://www.yourcaio.co/news/public-storage-canada-acquisition-closes-september-2026) should compare how North American platforms report organic growth versus acquisition contribution. StorageVault is still showing both engines running in Q3. --- ## How Does Year-to-Date Performance Look? For the **nine months ended September 30, 2026**: - Revenue: **$270.5 million**, up **9.0%** from **$248.3 million** - NOI: **$177.3 million**, up **8.7%** from **$163.1 million** - AFFO: **$73.7 million**, up **7.8%** from **$68.4 million** - AFFO per basic share: up **7.8%** - Existing Self Storage revenue and NOI: up **4.1%** and **4.4%** year over year Cash flow from operations reached **$83.8 million** for the nine-month period. StorageVault also increased its **Q4 2026 dividend by 0.5%** to **$0.003051** per common share. The YTD same-store revenue pace (**4.1%**) is stronger than the Q3 alone (**2.1%**), which can happen when seasonal move patterns or integration noise hit a single quarter. Operators should still treat **2% to 4%** organic growth as the realistic Canadian benchmark until year-end filings confirm a re-acceleration. --- ## What Should U.S. Buyers Take From a Canadian Earnings Beat? **Cross-border pricing signals still diverge.** StorageVault's positive same-store NOI does not repeal [Yardi's -1.8% U.S. advertised print](https://www.yourcaio.co/news/yardi-matrix-october-2026-advertised-rates-1-8-percent-september-2026). It does show that platform operators with revenue management discipline can grow NOI while street indices fall. **Acquisition math still dominates headline growth.** A **9.0%** YTD revenue increase with **4.1%** same-store revenue growth means roughly half the story is M&A and development contribution. Underwrite Canadian assets on local supply-per-capita, not on StorageVault's consolidated growth rate. **Earnings week context matters.** [Storable's Q3 Pulse](https://www.yourcaio.co/news/storable-q3-2026-industry-pulse-retention-october-2026) showed **78.1%** U.S. national occupancy with longer stays. StorageVault's quarter suggests Canadian operators can pair occupancy stability with modest pricing power when supply is tighter. --- ## The Numbers Worth Writing Down - **$94.2M:** Q3 2026 revenue (+6.4% YoY) - **$64.5M:** Q3 2026 NOI (+7.1% YoY) - **+3.1%:** Q3 same-store NOI on 210 Existing Self Storage properties - **+9.0% / +7.8%:** nine-month revenue and AFFO per share growth - **275:** storage locations operated across Canada (October 21, 2026) - **$0.003051:** Q4 2026 dividend per share (+0.5%) --- ## Organic Growth Still Has a Floor North of the Border StorageVault's Q3 2026 release is a reminder that **platform scale and revenue management** can produce positive same-store NOI even when U.S. advertised rates remain negative year over year. The company's acquisition engine is still running, but **2% to 3%** organic NOI growth on 11.5 million same-store square feet is the operational story investors should watch into 2027. U.S. REIT prints will test whether public portfolios can match that organic line. Until then, StorageVault's October 21 numbers are the clearest cross-border contrast available one week before the Big Three report. --- ## Sources - [StorageVault Grows YTD Revenue 9.0%, Increases NOI 8.7% and AFFO is up 7.8% in Q3 2026 and Increases Dividend](https://www.storagevaultcanada.com/en/investor-news/storagevault-grows-ytd-revenue-9-0-increases-noi-8-7-and-affo-is-up-7-8-in-q3-2026-and-increases-dividend), StorageVault Canada, October 21, 2026 - [U.S. Self Storage Rents Slide on Faltering Demand, Yardi Matrix Reports](https://www.yardi.com/news/press-releases/u-s-self-storage-rents-slide-on-faltering-demand-yardi-matrix-reports/), Yardi, October 21, 2026 - [Yardi Matrix October 2026 Advertised Rates](https://www.yourcaio.co/news/yardi-matrix-october-2026-advertised-rates-1-8-percent-september-2026), Your CAIO - [StorageVault $81.6 Million Woodbourne JV Acquisition](https://www.yourcaio.co/news/storagevault-81-6-million-woodbourne-jv-acquisition-july-2026), Your CAIO - [Canada Self-Storage 3 Sq Ft Gap](https://www.yourcaio.co/news/canada-self-storage-3-sq-ft-gap-bluebird-october-2026), Your CAIO ## Frequently Asked Questions ### What was StorageVault's Q3 2026 revenue? StorageVault reported Q3 2026 revenue of $94.2 million on October 21, 2026, compared with $88.5 million in Q3 2025. NOI, a non-IFRS measure, grew to $64.5 million from $60.2 million in the prior-year quarter. ### How fast did StorageVault same-store NOI grow in Q3 2026? Revenue and NOI from Existing Self Storage rose 2.1% and 3.1% year over year in Q3 2026. StorageVault defines that cohort as 210 stabilized stores representing 11,545,239 square feet owned or leased since the start of fiscal 2025. ### Why did StorageVault report a Q3 2026 net loss? StorageVault posted a Q3 2026 net loss of $6.4 million versus net income of $20.5 million in Q3 2025. The company attributed the swing primarily to $30.9 million of depreciation and amortization plus $2.0 million of interest accretion, derivative losses, and other non-cash items. ### How does StorageVault's quarter compare with U.S. street-rate data? Yardi Matrix's October 21, 2026 press release showed U.S. advertised self-storage rates down 1.8% year over year in September 2026. StorageVault's positive same-store NOI suggests Canadian portfolio pricing held better than U.S. advertised benchmarks in the same window. ### How many self-storage locations does StorageVault operate? StorageVault stated it owns and operates 275 storage locations across Canada, with 243 owned sites plus portable storage units representing more than 13.8 million rentable square feet on 802 acres, per its October 21, 2026 release. --- Cite as: David Cartolano, "StorageVault Q3 2026: Revenue Hits $94.2 Million as Same-Store NOI Rises 3.1%," YourCAIO.co, 2026-10-22, https://www.yourcaio.co/news/storagevault-q3-2026-revenue-9-percent-same-store-october-2026