Canadian Self-Storage Investor Wilmington Capital Management Releases 1Q 2014 Financial Results

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Wilmington Capital Management Inc., a Canadian investment and asset-management company whose real estate investments include self-storage facilities, reported a net loss of $191,000 for the quarter ended March 31 compared to a net loss of $57,000 for the same period in 2013. The loss equated to $0.02 per share during the quarter compared to a loss of $0.01 per share last year.

The company completed “strategic plans” within its three operating platforms—self-storage, private-equity funds and natural-gas assets—contributing to $583,000 in cash flow from operations and an unrealized gain of $405,000 on investments from its Network 2012 Fund, Wilmington officials said in a press release.

The company also received a quarterly distribution of $75,000 from Real Storage Private Trust, a portfolio of 20 self-storage facilities in western Canada comprising 787,000 square feet of rentable space. Wilmington owns 42.13 percent of the trust. The quarterly distribution is equal to 3 percent per annum on invested capital.

The trust declared a total distribution of $178,000 during the quarter and announced plans to increase net rentable space across the self-storage portfolio to more than 1 million square feet, Wilmington officials said.

During the first quarter, the portfolio’s same-store occupancy averaged 82 percent compared to 78 percent for the same period in 2013. Same-store operating margins for the quarter were 52 percent compared to 51 percent last year.

As of March 31, Wilmington had assets under management in its operating platforms of approximately $148 million, with $56 million representing the company's share, officials said.

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