Wilmington Capital Management Inc. (“Wilmington” or the “Corporation”) (TSX:WCM.A)(TSX:WCM.B) reported net income attributable to shareholders for the three months ended September 30, 2013 of $358,000 or $0.04 per share compared to a net loss of $123,000 or $(0.01) per share for the same period in 2012. For the nine months ended September 30, 2013, the Corporation generated a net income attributable to shareholders of $260,000 or $0.03 per share compared to a net loss of $586,000 or $(0.07) per share for the same period last year.
To view a full copy of the Corporation’s unaudited condensed financial results for the period ended September 30, 2013 including the Corporation’s unaudited condensed interim consolidated financial statements and accompanying MD&A, please refer to the SEDAR website www.sedar.com.
THIRD QUARTER 2013 HIGHLIGHTS
During the third quarter, the Corporation took further steps to solidify and build upon the foundation of its three operating platforms – self storage facilities, private equity funds and natural gas assets.
In July 2013, Wilmington invested $2.2 million to acquire a 36.5% ownership interest in Northpoint Resources Ltd. (“Northpoint”), a privately held natural gas producer with assets in the Altares region of Northeastern British Columbia. Northpoint produced 7,050 mcf/d (1,175 boe/d) during the third quarter and has proven plus probable reserves of 7,605 Mboe (45,630 Mmcfe).
In addition, the Corporation completed the divesture of its non-core assets with the sale of its commercial land in San Francisco, California, for cash proceeds of USD $983,000, the transfer of the USD $19 million secured debt and the settlement of certain loans payable.
As at September 30, 2013, Wilmington had assets under management in its operating platforms of approximately $138 million ($55 million representing Wilmington’s share).
Wilmington continues to execute it principal objectives of making investments capable of generating appreciation in value as opposed to current income and to maximize shareholder returns by investing its own capital alongside partners and co-investors in hard assets and private equity funds. These assets are managed through the Corporation’s operating platforms where Wilmington can add scale and improve valuations.
Real Storage Private Trust (“Trust”)
The Trust (44.78% owned) owns 20 self-storage facilities comprising 787,000 square feet of rentable area and one development property. The Trust recorded significant improvements in 2013 as the facilities in Western Canada, which were for the most part in the initial lease up stage, achieved stabilized occupancy levels. During the third quarter of 2013, same store occupancy levels averaged 85%, compared to 81% in 2012; same store operating margins for Q3 2013 of 60% compared to Q3 2012 margins of 56%.
During the third quarter, the Trust commenced quarterly distributions to its unitholders equivalent to 3% per annum on invested capital. The distribution for the third quarter was $168,000 (Corporation’s share – $75,000).
About Wilmington Capital Management Inc
Wilmington organizes its business into a number of distinct operating platforms which we develop and maintain to ensure that the underlying assets are effectively managed and their values are enhanced in the near to longer term timeframes. Wilmington holds a 44.78% interest in Real Storage Private Trust which owns 17 self-storage facilities containing 645,978 square feet of rentable area and one development property, located in Alberta, British Columbia and Southwestern Ontario. Wilmington believes the Trust is currently the sixth largest owner and operator of self-storage facilities in Canada. Wilmington’s shares are listed on the Toronto Stock Exchange under the trading symbols WCM.A and WCM.B. For current and prior year financial information, press releases, annual information circulars and other company information, please visit SEDAR. For more information, please visit: https://www.wilmingtoncapital.com