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 ending June 30 of $41,000 CAD compared to a net loss of $139,000 for the same period in 2012. The loss equated to $0.00 per share during the quarter compared to a loss of $0.02 per share last year.
For the six months ended June 30, the net loss attributable to shareholders was $98,000 ($0.01 per share) compared to a net loss of $463,000 ($0.05 per share) for the same period last year.
The company attributed its improvement to solidifying strategies within its three operating platformsself-storage, private-equity funds and natural-gas assets. Wilmington owns 44.78 percent of Real Storage Private Trust and invested $2.5 million into the trust in May to acquire three self-storage properties. The total cost of the facilities was $16 million. The assets include a 39,000-square-foot facility in Barrie, Ontario, with the capacity to add another 12,000 square feet, and two storage properties in Red Deer, Alberta, comprising 78,000 square feet of rentable space, records storage and 96 portable-storage units (totaling 11,000 square feet).
The trust now owns 20 self-storage facilities comprising 787,000 square feet of rentable space and one development property. During the second-quarter 2013, same-store occupancy averaged 82 percent compared to 77 percent year over year, and same-store operating margins were 58 percent compared to 55 percent during the same period last year.
As of June 30, Wilmington had assets under management in its operating platforms of approximately $135 million, with $66 million representing the company's share, officials said.
Sources:
- Yahoo Finance: Wilmington Announces 2013 Second Quarter Results
