Wilmington Capital Management Inc., which owns self-storage facilities in Canada, announced net income for the three months ending June 30, 2010, of $79,000 compared to a net loss of $130,000 for the same period in 2009. Net income per class-A and class-B share for the three months was $0.01, compared to a net loss of $0.02 per share for the same period in 2009.
Wilmington recently completed the acquisition of a 45 percent indirect interest in a portfolio of 12 self-storage facilities in Southwestern Ontario through the acquisition of units in a newly formed private real estate investment trust. The cost of the self-storage portfolio was $20.7 million.
The company also holds an 8 percent fully diluted interest in Parkbridge Lifestyle Communities Inc., an owner and operator of manufactured-home and recreational communities, and leases land to commercial property owners in San Francisco.
Source: The Wall Street Journal,Wilmington Announces 2010 Second Quarter Results