Wilmington Capital Management Inc., a Canadian investment and asset-management company whose real estate investments include self-storage facilities, reported a net loss for the quarter ended March 31 of $281,000 compared to a net loss of $191,000 for the same period in 2014. The loss equated to $0.03 per share during the quarter compared to a loss of $0.02 per share last year.
The company’s three operating platforms are self-storage, private-equity funds and natural-gas assets. Wilmington owns 43 percent of Real Storage Private Trust, a portfolio of 23 self-storage facilities in Alberta, British Columbia and Ontario, Canada, comprising 961,421 square feet of rentable space.
Overall, the trust continued to show year-over-year improvement in occupancy, operating margins and rents, company officials said in a press release. Funds from operations was $386,000, a 64 percent increase from the same period last year. Same-store occupancy averaged 83 percent compared to 82 percent for the first quarter in 2014. Same-store operating margins for the quarter improved to 56 percent compared to 52 percent last year. The trust issued a quarterly distribution of $236,000, equal to 4 percent per annum on invested capital.
The trust acquired three self-storage facilities during the quarter for $25.6 million. The properties comprise 163,290 net rentable square feet including 6,290 square feet of office space.
As of March 31, Wilmington had assets under management in its operating platforms of approximately $170 million, with $57 million representing its share.
Sources:
- Yahoo Finance: Wilmington Announces 2015 First Quarter Results
