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Canadian Self-Storage Investor Wilmington Capital Management Releases 3Q 2013 Financial Results

Article-Canadian Self-Storage Investor Wilmington Capital Management Releases 3Q 2013 Financial Results

<p>Wilmington Capital Management Inc., a Canadian investment and asset-management company whose real estate investments include self-storage facilities, reported a net income for the quarter ended Sept. 30 of $358,000 compared to a net loss of $123,000 for the same period in 2012. The earnings equated to $0.04 per share during the quarter compared to a loss of $0.01 per share last year.</p>

Wilmington Capital Management Inc., a Canadian investment and asset-management company whose real estate investments include self-storage facilities, reported a net income for the quarter ended Sept. 30 of $358,000 compared to a net loss of $123,000 for the same period in 2012. The earnings equated to $0.04 per share during the quarter compared to a loss of $0.01 per share last year.

For the nine months ended Sept. 30, the companys net income attributable to shareholders was $260,000 ($0.03 per share) compared to a net loss of $586,000 ($0.07 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, a portfolio of 20 self-storage facilities in western Canada comprising 787,000 square feet of rentable space.

During the third quarter, the portfolios same-store occupancy averaged 85 percent compared to 81 percent for the same period in 2012. Same-store operating margins for the quarter were 60 percent compared to 56 percent last year. The trust issued a quarterly distribution of $168,000, equal to 3 percent per annum on invested capital.

As of Sept. 30, Wilmington had assets under management in its operating platforms of approximately $138 million, with $55 million representing the company's share, company officials said.

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