05:34 PM EDT, 04/24/2024 (MT Newswires) -- StorageVault (SVI.TO), which owns and operates 244 storage locations in Canada, on Wednesday reported a higher net loss for Q1 2024, despite slightly higher revenue.

The company recorded a net loss of near $8 million for Q1 2024, compared with a loss of $2.9 million, the year before.

Revenue increased to $71.4 million, from $67.4 million in Q1 2023. Net operating income, a non-IFRS measure, rose to $44.2 million from $42.6 million last year.

StorageVault reported that funds from operations were $15.1 million, or $0.04 per share, compared with FFO of $14.8 million, or $0.04 per share, for the prior year period.

Adjusted funds from operations were $16.6 million, or $0.044 per share. The comparable figures for Q1 2023 were $15.76 million, and $0.042, respectively. On a per basic common share basis, FFO and AFFO rose by 3.3% and 6.6%, respectively.

StorageVault increased its dividend by 0.5%, to $0.002903 per common share.