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 $265,000 compared to a net loss of $2 million for the same period in 2013. The earnings equated to $0.03 per share during the quarter compared to a loss of $0.23 per share last year. For the nine months ended Sept. 30, the company’s net income attributable to shareholders was $247,000 ($0.03 per share) compared to a net loss of $2.3 million ($0.27 per share) for the same period last year.
During the third quarter, the company continued to focus on executing the strategic plans approved in early 2014 for each of its three operating platforms: self-storage, private-equity funds and natural-gas assets. Wilmington owns 42 percent of Real Storage Private Trust, a portfolio of 20 self-storage facilities in western Canada comprising 791,350 square feet of rentable space.
The company’s storage facilities, which were largely in lease-up in 2013, began to reach stabilized occupancy levels this year, according to a press release. Same-store occupancy averaged 86 percent compared to 85 percent for the same period in 2013. Same-store operating margins for the quarter improved to 63 percent compared to 60 percent last year. The trust issued a quarterly distribution of $605,000, equal to 3 percent per annum on invested capital.
As at Sept. 30, Wilmington had assets under management in its operating platforms of approximately $173 million, with $59 million representing its share.
- Market Wired: Wilmington Announces 2014 Third Quarter Results