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 Sept. 30 of $400,000 compared to a net gain of $100,000 for the same period in 2015. The loss equated to $0.04 per share during the quarter compared to an increase of $0.01 per share last year.

November 9, 2016

1 Min Read
Canadian Self-Storage Investor Wilmington Capital Management Releases 3Q 2016 Financial Results

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 Sept. 30 of $400,000 compared to a net gain of $100,000 for the same period in 2015. The loss equated to $0.04 per share during the quarter compared to an increase of $0.01 per share last year.

The company’s three operating platforms are self-storage, private-equity funds and natural-gas assets. Wilmington owns 42.5 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.

The trust generated net operating income of $2.3 million during the quarter, a 21 percent increase year over year. While its Ontario portfolio performed well, its facilities in Alberta experienced dips in occupancy and operating margins, which Wilmington attributed to an “ongoing downturn in the energy sector.”

In August, the trust exchanged a self-storage facility in Ottawa, Ontario, for one in London, Ontario, according to a press release. Since the quarter ended, the trust also received $100,000 in insurance proceeds for losses sustained at a facility in Fort McMurray, Alberta, which was closed in May due to wildfires.

The trust issued a quarterly distribution of $400,000, equal to 4 percent per annum on invested capital. This was an increase from $200,000 distributed during the third quarter last year.

As of Sept. 30, Wilmington had assets under management in its operating platforms of approximately $172 million, with $59 million representing its share.

Sources:

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