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.
Sources:
- Yahoo Finance: Wilmington Announces 2013 Third Quarter Results
