VerticalScope Announces Second Quarter 2025 Financial Results
Unless otherwise stated, all amounts are in US dollars.
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TORONTO — VerticalScope Holdings Inc. ('VerticalScope' or the 'Company') (TSX: FORA; OTCQX: VFORF), a technology company that has built and operates a cloud-based digital platform for online enthusiast communities, today announced financial results for the second quarter ended June 30, 2025 ('Q2' or 'the quarter').
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'In Q2, our platform served 90 million MAUs and generated $14.5 million in revenue,' said Chris Goodridge, CEO of VerticalScope. 'The real story this quarter is the speed at which we've reshaped our teams and sharpened our focus to position the Company for long-term growth. Our profitable model and strong cash generation give us the firepower to invest decisively in high-impact initiatives, from expanding direct traffic to accelerating AI-powered innovation.'
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Mr. Goodridge added, 'The way people find and consume information is changing faster than ever, and that's creating new opportunities for platforms like ours. VerticalScope's communities deliver exceptional depth of expertise and engagement. As AI reshapes the digital landscape, we're focused on scaling what makes us unique — building stronger relationships with our large base of direct users, broadening how we monetize our audiences, and deploying AI to enhance user experience. We have the assets, the talent, and the strategy to capture meaningful growth in the years ahead.'
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Financial Highlights for the Three Months Ended June 30, 2025
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Revenue decreased 13% to $14.5M, primarily due to a decline in MAUs, which impacted programmatic advertising. This follows a period of record-high MAU in the prior year.
ARPU increased 17%, supported by a 41% year-over-year increase in e-commerce revenue.
Adjusted EBITDA was $4.3M, down 39%, representing a 30% margin (compared to 42% in Q2 2024), reflecting lower revenue and increased investments in AI and traffic diversification.
Operating Cash Flow increased 4% to $6.4M, inclusive of non-cash working capital changes from acquisitions.
Free Cash Flow totaled $3.7M, reflecting 87% conversion of Adjusted EBITDA.
Available Liquidity was $64.1M, comprised of $8.1M in unrestricted cash and $56.0M of undrawn revolver capacity.
Net loss was $1.8M, compared to net income of $0.4M in the prior year, primarily due to lower revenue and $1.6M in one-time personnel and acquisition costs, partially offset by income tax recovery.
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'Q2 demonstrated our ability to execute effectively while delivering a healthy Free Cash Flow conversion of 87% and a 30% Adjusted EBITDA margin,' said Vince Bellissimo, CFO of VerticalScope. 'Supported by a strong balance sheet and an efficient operating model, we continue to invest strategically in key initiatives that drive long-term value creation for our shareholders as we move into the second half of the year.'
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Earnings Conference Call and Webcast
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Management will host a conference call and webcast to discuss the Company's financial results at 7 a.m. ET on Wednesday, August 13, 2025.
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Live Call Registration and Webcast:
https://events.q4inc.com/attendee/407054365 Joining Live by Telephone:
Canada: 1 833 950 0062
United States: 1 833 470 1428
Participant Access code: 628663
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If you are unable to join live, an archived recording of the webcast will be available at: https://investors.verticalscope.com/.
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About VerticalScope Holdings Inc.
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Founded in 1999 and headquartered in Toronto, Ontario, VerticalScope is a technology company that has built and operates a cloud-based digital platform for online enthusiast communities in high consumer spending categories. VerticalScope's mission is to enable people with common interests to connect, explore their passions, and share knowledge about the things they love. Through targeted acquisitions and development, VerticalScope has built a portfolio of over 1,200 online communities and approximately 100 million monthly active users.
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Forward-Looking Statements
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This news release contains forward-looking information within the meaning of applicable securities legislation that reflects the Company's current expectations regarding future events. When used in this news release, words such as 'should', 'could', 'intended', 'expect', 'plan' or 'believe' and similar expressions indicate forward-looking statements. Forward-looking information, including the Company's plans for organic growth, deployment of capital, investments in our platform, the growth of revenue and MAU, information regarding our financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, plans and objectives, is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control. Although the Company believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurances can be given that actual results will be consistent with these forward-looking statements. Such risks and uncertainties include, but are not limited to, the implementation and effectiveness of the Company's capital allocation strategy, the availability of high-quality M&A opportunities, dependence on search algorithms and third-party traffic sources, potential disruption from artificial intelligence technologies, and the factors discussed under 'Risk Factors' in the Company's Annual Information Form dated March 31, 2025, which is available on the Company's profile on SEDAR Plus at https://sedarplus.ca. Actual results could differ materially from those projected herein. VerticalScope does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws.
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Non-IFRS Measures
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This press release references certain non-IFRS measures, including Adjusted EBITDA and Free Cash Flow, and Free Cash Flow Conversion as described below. This press release also makes reference to MAU, which is an operating metric used in our industry. These non-IFRS measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company's results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS.
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The Company uses non-IFRS measures including:
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'EBITDA' is calculated as net income (loss) excluding interest, income tax expense (recovery), and depreciation and amortization.
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'Adjusted EBITDA' is calculated as EBITDA adjusted for share-based compensation, share performance related bonuses, unrealized gains or losses from changes in fair value of derivative financial instruments, severance, adjustments to contingent consideration liabilities measured at fair value through profit and loss, gain or loss on sale of assets, gain or loss on sale of investments, foreign exchange loss (gain), realized and unrealized other loss (gain) and other charges that include direct and incremental business acquisition related costs.
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'Free Cash Flow' means Adjusted EBITDA less capital expenditures and income taxes paid during the period.
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'Free Cash Flow Conversion' is equal to Free Cash Flow for the period divided by Adjusted EBITDA for the period.
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'Monthly Active Users' ('MAU') is defined as the number of individuals who have visited our communities within a calendar month, based on data as measured by Google Analytics. To calculate average MAU in a given period, we sum the total MAU for each month in that period, divided by the number of months in that period.
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Related Links
http://www.verticalscope.com The following table sets forth a reconciliation of Adjusted EBITDA and Free Cash Flow to net income (loss):
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(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands of US dollars)
2025
2024
2025
2024
Net income (loss)
($1,792)
$423
($4,208)
($561)
Net interest and financing expense
816
1,075
1,563
2,238
Income tax expense (recovery)
(935)
556
(1,389)
431
Depreciation and amortization
4,830
4,501
9,254
9,066
EBITDA
2,918
6,555
5,220
11,173
Share-based compensation
(124)
368
1,128
789
Share performance related bonus (1)
—
—
—
(3)
Unrealized loss (gain) from changes in derivative fair value of financial instruments
(139)
19
(188)
75
Severance (2)
1,121
—
1,120
—
Other income
(2)
—
(2)
—
Gain on sale of assets
(3)
(1)
(3)
(5)
Gain on sale of investments
—
—
—
(16)
Foreign exchange loss
17
—
73
28
Realized other loss
26
—
94
—
Unrealized other loss
(26)
—
—
—
Other charges (3)
509
135
497
262
Adjusted EBITDA
4,299
7,076
7,940
12,302
Less capital expenditures
(266)
(399)
(711)
(834)
Income taxes received (paid)
(287)
(120)
(362)
258
Free Cash Flow
$3,746
$6,557
$6,866
$11,726
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(1)
Share performance related bonus is included in wages and consulting on the condensed consolidated interim statements of income (loss) and comprehensive income (loss).
(2)
Severance is included in wages and consulting on the condensed consolidated interim statements of income (loss) and comprehensive income (loss).
(3)
Other charges are included in wages and consulting and general and administrative on the condensed consolidated interim statements of income (loss) and comprehensive income (loss). For the three months ended June 30, 2025, these charges include direct and incremental business acquisition related costs.
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June 30,
December 31,
2025
2024
Assets
Current assets:
Cash
$8,143,612
$5,189,315
Restricted cash
102,967
97,244
Trade and other receivables
11,533,480
14,874,882
Lease receivable
49,302
326,267
Income taxes receivable
822,621
784,332
Prepaid expenses
886,005
761,652
Derivative instruments
43,140
—
21,581,127
22,033,692
Property and equipment
349,587
482,276
Right-of-use asset
1,288,772
1,564,687
Intangible assets
38,961,754
37,597,990
Goodwill
52,635,164
52,635,164
Other assets
144,288
154,497
Deferred tax asset
19,174,931
17,937,708
Total assets
$134,135,623
$132,406,014
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accrued liabilities
$8,574,197
$6,864,256
Income taxes payable
224,015
426,778
Derivative instruments
—
145,068
Deferred revenue
1,394,824
1,125,592
Current portion of long-term debt
646,004
687,875
Lease liability
683,650
946,626
11,522,690
10,196,195
Long-term debt
44,000,000
38,000,000
Lease liability
936,673
1,180,878
Deferred tax liability
7,585
315,607
Other long-term liabilities
26,612
26,612
Total liabilities
56,493,560
49,719,292
Shareholders' equity:
Share capital
158,703,767
163,250,013
Contributed surplus
22,552,185
25,413,119
Other comprehensive loss
(145,494)
(145,494)
Deficit
(103,468,395)
(105,830,916)
77,642,063
82,686,722
Total liabilities and shareholders' equity
$134,135,623
$132,406,014
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VERTICALSCOPE HOLDINGS INC.
Condensed Consolidated Interim Statements of Income (Loss) and Comprehensive Income (Loss)
(In U.S. dollars, except per share amounts)
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2025
2024
2025
2024
Revenue
$14,540,316
$16,687,516
$28,105,833
$31,410,960
Operating expenses:
Wages and consulting
8,276,004
6,822,678
15,438,208
13,762,711
Share-based compensation
(124,142)
367,575
1,127,851
788,816
Platform and technology
2,074,497
1,675,344
3,714,095
3,218,879
General and administrative
1,382,546
1,268,179
2,443,011
2,460,804
Depreciation and amortization
4,830,349
4,500,984
9,253,924
9,065,612
16,439,254
14,634,760
31,977,089
29,296,822
Operating income (loss)
(1,898,938)
2,052,756
(3,871,256)
2,114,138
Other expenses (income):
Other income
(1,824)
—
(1,824)
—
Gain on sale of assets
(2,601)
(1,098)
(2,941)
(4,718)
Net interest and financing expense
815,644
1,074,882
1,563,462
2,237,814
Gain on sale of investments
—
—
—
(16,398)
Foreign exchange loss
17,385
261
73,040
27,641
Realized other loss
26,453
—
94,030
—
Unrealized other loss
(26,453)
—
—
—
828,604
1,074,045
1,725,767
2,244,339
Income (loss) before income taxes
(2,727,542)
978,711
(5,597,023)
(130,201)
Income tax expense (recovery)
Current
(255,579)
163,747
155,905
252,365
Deferred
(679,785)
391,866
(1,545,241)
178,929
(935,364)
555,613
(1,389,336)
431,294
Net income (loss)
($1,792,178)
$423,098
($4,207,687)
($561,495)
Other comprehensive income (loss)
Items that may be reclassified to net income (loss):
Foreign currency differences on translation of foreign operations
—
(13,399)
—
12,846
Total comprehensive income (loss)
($1,792,178)
$409,699
($4,207,687)
($548,649)
Earnings (loss) per share:
Basic
($0.08)
$0.02
($0.19)
($0.03)
Diluted
(0.08)
0.02
(0.19)
(0.03)
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VERTICALSCOPE HOLDINGS INC.
Condensed Consolidated Interim Statements of Cash Flows
(In U.S. dollars)
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2025
2024
2025
2024
Cash provided by (used in):
Operating activities:
Net income (loss)
($1,792,178)
$423,098
($4,207,687)
($561,495)
Items not involving cash:
Depreciation and amortization
4,830,349
4,500,984
9,253,924
9,065,612
Net interest and financing expense
815,644
1,074,882
1,563,462
2,237,814
Gain on sale of assets
(2,601)
(1,098)
(2,941)
(4,718)
Gain on sale of investments
—
—
—
(16,398)
Unrealized loss (gain) in derivative instruments
(138,557)
19,035
(188,208)
74,703
Unrealized other gain
(26,453)
—
—
—
Income tax expense (recovery)
(935,364)
555,613
(1,389,336)
431,294
Share-based compensation
(124,142)
367,575
1,127,851
788,816
2,626,698
6,940,089
6,157,065
12,015,628
Change in non-cash operating assets and liabilities
4,792,347
414,915
5,027,900
1,858,879
Interest paid
(690,393)
(1,070,476)
(1,414,940)
(2,233,328)
Income taxes received (paid)
(287,300)
(119,557)
(362,330)
257,529
6,441,352
6,164,971
9,407,695
11,898,708
Financing activities:
Repayment of term loan
—
(625,000)
—
(1,250,000)
Proceeds from issuance of revolving loan
3,000,000
—
6,000,000
—
Repayment of revolving loan
—
(5,875,000)
—
(8,250,000)
Cash settlement for vested RSUs
(119,753)
—
(119,753)
—
Repurchase of share capital for cancellation
(1,845,070)
(435,859)
(1,845,070)
(669,085)
Lease payments
(232,372)
(340,661)
(555,651)
(701,643)
Proceeds from sublease
138,002
147,878
278,942
297,956
940,807
(7,128,642)
3,758,468
(10,572,772)
Investing activities:
Additions to property and equipment and intangible assets
(268,712)
(399,007)
(714,654)
(833,618)
Proceeds from sale of assets
2,601
1,967
2,941
6,081
Proceeds from sale of investments
—
—
—
16,398
Acquisitions
(4,038,028)
(200,178)
(9,494,430)
(200,178)
(4,304,139)
(597,218)
(10,206,143)
(1,011,317)
Increase (decrease) in cash
3,078,020
(1,560,889)
2,960,020
314,619
Cash, beginning of period
5,014,293
7,908,036
5,189,315
6,015,184
Change in restricted cash balances
(9,052)
(3,287)
(5,723)
979
Effect of movement of exchange rates on cash and restricted cash held
60,351
(22,881)
—
(9,803)
Cash, end of period
$8,143,612
$6,320,979
$8,143,612
$6,320,979
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The Share Redemption Program shall remain suspended as discussed above until such time, if any, as our board of directors may determine. Article content About Strategic Storage Trust VI, Inc. (SST VI): Article content SST VI is a public non-traded REIT that elected to qualify as a REIT for federal income tax purposes. SST VI's primary investment strategy is to invest in income-producing and growth self-storage facilities and related self-storage real estate investments in the United States and Canada. As of August 14, 2025, SST VI has a portfolio of 13 operating properties in the United States comprising approximately 9,015 units and 1,079,395 rentable square feet (including parking); 11 properties with approximately 10,205 units and 1,067,715 rentable square feet (including parking) in Canada, joint venture interests in four operational and one development property in two Canadian provinces (Ontario and Québec) and one wholly owned development property in Ontario. Article content About SmartStop Self Storage REIT, Inc. (SmartStop): Article content SmartStop Self Storage REIT, Inc. ('SmartStop') (NYSE:SMA), is a self-managed REIT with a fully integrated operations team of more than 600 self-storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self-storage programs. As of August 14, 2025, SmartStop has an owned or managed portfolio of 230 operating properties in 23 states, the District of Columbia, and Canada, comprising approximately 167,200 units and 18.7 million rentable square feet. SmartStop and its affiliates own or manage 44 operating self-storage properties in Canada, which total approximately 39,000 units and 3.9 million rentable square feet. Additional information regarding SmartStop is available at . Article content 2025 2024 2025 2024 Self storage rental revenue $ 7,612,852 $ 6,946,834 $ 14,916,493 $ 13,524,421 Ancillary operating revenue 57,788 49,554 103,505 88,878 Total revenues 7,670,640 6,996,388 15,019,998 13,613,299 Operating expenses: Property operating expenses 2,831,451 2,765,425 5,770,531 5,694,139 Property operating expenses – affiliates 1,331,452 1,287,048 2,571,719 2,567,643 General and administrative 1,678,129 1,593,060 3,381,937 3,147,798 Depreciation 3,280,079 3,172,390 6,398,481 6,347,622 Intangible amortization expense — 838,548 — 1,878,146 Acquisition expense – affiliates 104,656 135,630 212,532 314,053 Other property acquisition expenses 43,058 49,801 57,078 103,842 Total operating expenses 9,268,825 9,841,902 18,392,278 20,053,243 Operating loss (1,598,185 ) (2,845,514 ) (3,372,280 ) (6,439,944 ) Other income (expense): Interest expense (4,176,197 ) (4,532,579 ) (8,283,492 ) (9,242,874 ) Interest expense – debt issuance costs (180,518 ) (277,667 ) (668,915 ) (553,925 ) Derivative fair value adjustment – 147,357 (531,449 ) 1,763,673 Other income (expense) (9,829 ) 157,331 69,183 345,149 Equity in loss of unconsolidated real estate ventures (385,074 ) — (607,602 ) — Foreign currency adjustment 3,304,699 (1,151,535 ) 3,108,763 (3,357,638 ) Net loss (3,045,104 ) (8,502,607 ) (10,285,792 ) (17,485,559 ) Less: Distributions to preferred stockholders (3,122,671 ) (3,085,113 ) (6,211,027 ) (6,251,155 ) Net loss attributable to the noncontrolling interests in our Operating Partnership 60,396 202,777 213,131 428,150 Net loss attributable to Strategic Storage Trust VI, Inc. common stockholders $ (6,107,379 ) $ (11,384,943 ) $ (16,283,688 ) $ (23,308,564 ) Net loss per Class P share—basic and diluted $ (0.23 ) $ (0.50 ) $ (0.63 ) $ (1.06 ) Net loss per Class A share—basic and diluted $ (0.23 ) $ (0.50 ) $ (0.63 ) $ (1.06 ) Net loss per Class T share—basic and diluted $ (0.23 ) $ (0.50 ) $ (0.63 ) $ (1.06 ) Net loss per Class W share—basic and diluted $ (0.23 ) $ (0.50 ) $ (0.63 ) $ (1.06 ) Net loss per Class Y share—basic and diluted $ (0.23 ) $ (0.50 ) $ (0.63 ) $ (1.06 ) Net loss per Class Z share—basic and diluted $ (0.23 ) $ (0.50 ) $ (0.63 ) $ (1.06 ) Weighted average Class P shares outstanding—basic and diluted 11,409,948 11,163,181 11,385,103 11,150,159 Weighted average Class A shares outstanding—basic and diluted 3,409,389 3,369,755 3,399,741 3,360,831 Weighted average Class T shares outstanding—basic and diluted 5,405,833 5,322,378 5,396,180 5,291,281 Weighted average Class W shares outstanding—basic and diluted 712,450 695,344 709,961 687,983 Weighted average Class Y shares outstanding—basic and diluted 5,068,605 1,872,410 4,721,402 1,406,340 Weighted average Class Z shares outstanding—basic and diluted 480,721 143,445 424,038 114,803 Article content STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES Article content – Article content three months ended June 30, 2025 and 2024 Article content The following table sets forth operating data for our same-store facilities (stabilized and comparable properties that have been included in the consolidated results of operations since January 1, 2024) for the three months ended June 30, 2025 and 2024. We consider the following data to be meaningful as this allows for the comparison of results without the effects of acquisition, lease up, or development activity. Article content N/M Not meaningful (1) Revenue includes rental revenue, ancillary revenue, administrative and late fees. (2) Property operating expenses excludes corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization expense and acquisition expenses, but includes property management fees. (3) Of the total rentable square feet, parking represented approximately 199,780 and 247,900 square feet as of June 30, 2025 and 2024, respectively. On a same-store basis, for the same periods, parking represented approximately 43,000 square feet. (4) Determined by dividing the sum of the month-end occupied square feet for the applicable group of facilities for each applicable period by the sum of their month-end rentable square feet for the period. (5) Determined by dividing the aggregate realized rental income for each applicable period by the aggregate of the month-end occupied square feet for the period. Properties are included in the respective calculations in their first full month of operations, as appropriate. We have excluded the realized rental revenue and occupied square feet related to parking herein for the purpose of calculating annualized rent per occupied square foot. Article content Our increase in same-store revenue of approximately $0.2 million was primarily the result of decreased average physical occupancy of approximately 0.7% and an increase in revenue per occupied square foot of approximately 4.3% for the three months ended June 30, 2025 over the three months ended June 30, 2024. Article content Our same-store property operating expenses decreased by approximately $15,000 or 1.1% for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. Article content NOI is a non-GAAP measure that SST VI defines as net income (loss), computed in accordance with GAAP, generated from properties, before corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization, acquisition expenses and other non-property related expenses. SST VI believes that NOI is useful for investors as it provides a measure of the operating performance of its operating assets because NOI excludes certain items that are not associated with the ongoing operation of the properties. Additionally, SST VI believes that NOI is a widely accepted measure of comparative operating performance in the real estate community. However, SST VI's use of the term NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing this amount. Article content (1) Asset management fees are included in Property operating expenses – affiliates in the consolidated statements of operations. (2) Includes amortization of Advisor contract of approximately $0.3 million and $0.2 million for the three months ended June 30, 2025 and 2024, respectively. Article content Same-Store Facility Results Article content – Article content six months ended June 30, 2025 and 2024 Article content The following table sets forth operating data for our same-store facilities (stabilized and comparable properties that have been included in the consolidated results of operations since January 1, 2024) for the six months ended June 30, 2025 and 2024. We consider the following data to be meaningful as this allows for the comparison of results without the effects of acquisition, lease up, or development activity. Article content N/M Not meaningful (1) Revenue includes rental revenue, ancillary revenue, administrative and late fees. (2) Property operating expenses excludes corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization expense and acquisition expenses, but includes property management fees. (3) Of the total rentable square feet, parking represented approximately 199,780 and 247,900 square feet as of June 30, 2025 and 2024, respectively. On a same-store basis, for the same periods, parking represented approximately 43,000 square feet. (4) Determined by dividing the sum of the month-end occupied square feet for the applicable group of facilities for each applicable period by the sum of their month-end rentable square feet for the period. (5) Determined by dividing the aggregate realized rental income for each applicable period by the aggregate of the month-end occupied square feet for the period. Properties are included in the respective calculations in their first full month of operations, as appropriate. We have excluded the realized rental revenue and occupied square feet related to parking herein for the purpose of calculating annualized rent per occupied square foot. Article content Our increase in same-store revenue of approximately $0.4 million was primarily the result of decreased average physical occupancy of approximately 0.7% and an increase in revenue per occupied square foot of approximately 4.0% for the six months ended June 30, 2025 over the six months ended June 30, 2024. Article content Our same-store property operating expenses decreased by approximately $40,000 or 1.4% for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. Article content (1) Asset management fees are included in Property operating expenses – affiliates in the consolidated statements of operations. (2) Includes amortization of Advisor contract of approximately $0.5 million and $0.4 million for the six months ended June 30, 2025 and 2024, respectively. Article content Forward-Looking Statements Article content Certain of the matters discussed in this earnings release, other than historical facts, constitute forward-looking statements within the meaning of the federal securities laws, and we intend for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in such federal securities laws. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as 'may,' 'will,' 'expect,' 'intend,' 'anticipate,' 'estimate,' 'believe,' 'continue,' or other similar words, or the negative of such terms or other comparable terminology, or by discussions of strategy. We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements. Article content Such statements include, but are not limited to statements concerning our plans, strategies, initiatives, prospects, objectives, goals, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions and other information that is not historical information. Such statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those projected or anticipated, including, without limitation: Article content disruptions in the economy, including debt and banking markets and foreign currency, including changes in the Canadian Dollar ('CAD')/U.S. Dollar ('USD') exchange rate; significant transaction costs, including financing costs, and unknown liabilities; whether we will be successful in the pursuit of our business plan and investment objectives; changes in the political and economic climate, economic conditions and fiscal imbalances in the United States, and other major developments, including tariffs, wars, natural disasters, epidemics and pandemics, military actions, and terrorist attacks; changes in tax and other laws and regulations, including tenant protection programs and other aspects of our business; difficulties in our ability to attract and retain qualified personnel and management; the effect of competition at our self-storage properties or from other storage alternatives, which could cause rents and occupancy rates to decline; failure to close on pending or future acquisitions on favorable terms or at all; our reliance on information technologies, which are vulnerable to, among other things, attack from computer viruses and malware, hacking, cyberattacks and other unauthorized access or misuse; increases in interest rates; and failure to maintain our REIT status. Article content All forward-looking statements, including without limitation, management's examination of historical operating trends and estimates of future earnings, are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith, and we believe there is a reasonable basis for them, but there can be no assurance that management's expectations, beliefs and projections will result or be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this report is filed with the Securities and Exchange Commission (the 'SEC') and are not intended to be a guarantee of our performance in future periods. We cannot guarantee the accuracy of any such forward-looking statements contained in this earnings release, and we do not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Article content For further information regarding risks and uncertainties associated with our business, and important factors that could cause our actual results to vary materially from those expressed or implied in such forward-looking statements, please refer to the factors listed and described under 'Management's Discussion and Analysis of Financial Condition and Results of Operations' and the 'Risk Factors' sections of the documents we file from time to time with the SEC, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2024, as supplemented by the risk factors included in Part II, Item 1A of our Form 10-Qs, copies of which may be obtained from our website at Article content Article content Article content Contacts Article content David Corak Article content Article content Article content Article content
