Wilmington Capital Management Inc Announces 2014 Second Quarter Results


    wilmingtonlogoLGWilmington Capital Management Inc. (“Wilmington” or the “Corporation”) (TSX:WCM.A)(TSX:WCM.B) reported a net income attributable to shareholders for the three months ended June 30, 2014 of $174,000 or $0.02 per share compared to a net loss of $41,000 or ($0.00) per share for the same period in 2013. For the six months ended June 30, 2014, the Corporation generated a net loss attributable to shareholders of $17,000 or ($0.00) per share compared to a net loss of $98,000 or ($0.01) per share for the same period in 2013. To view a full copy of the Corporation’s unaudited condensed interim financial results for the period ended June 30, 2014 including the Corporation’s unaudited condensed interim consolidated financial statements and accompanying Management Discussion and Analysis (“MD&A”), please refer to SEDAR’s website at www.sedar.com. SECOND QUARTER 2014 FINANCIAL HIGHLIGHTS During the second quarter 2014, the Corporation continued to focus on executing the strategic plans approved in early 2014 for each of its three operating platforms – self-storage facilities, private equity funds and natural gas assets. The principal focus continues to be centered on building upon the foundation in and adding scale to each of the operating platforms. Highlights for the second quarter 2014 were as follows:

    • Generated an operating netback of $1.93 per mcf from the Shackleton Partnership up from $1.77 per mcf for the comparable quarter in 2013;
    • Received $422,000 or 50% of the amount owing by the Shackleton Partnership to the Corporation;
    • Recorded an unrealized gain of $1.4 million on investments of Network 2012 Fund;
    • Realized continued improvement in the Trust’s occupancy levels and operating margins which averaged 85% and 60% respectively (82% and 58% in Q2 2013); and
    • Received a distribution of $75,000 from the Trust representing the Corporation’s share of a 3% per annum distribution on invested capital which is paid quarterly.
    As at June 30, 2014, Wilmington had assets under management in its operating platforms of approximately $153.5 million ($56.6 million representing Wilmington’s share). STRATEGIC PLAN Wilmington continues to advance its 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. OPERATIONS REVIEW Storage Facilities Real Storage Private Trust (“Trust”) The Trust (42.13% owned) owns 20 self-storage facilities comprising 791,350 square feet of rentable area and one development property. The Trust recorded significant period over period improvements in 2014 as the facilities in Western Canada, which were for the most part in the initial lease up stage in 2013, achieved stabilized occupancy levels. In addition, the Trust completed the expansion of a facility in Eastern Canada, adding 4,350 square feet of rentable area. During the second quarter of 2014, same store occupancy levels averaged 85% compared to 82% in 2013; same store operating margins improved to 60% in the second quarter of 2014 from 58% in the comparable quarter of 2013. During the third quarter 2013, the Trust commenced quarterly distributions to its unit holders equivalent to 3% per annum on invested capital. For the six months ended June 30, 2014, the Trust declared distributions of $356,000 (Corporation’s share – $150,000). Click Here to Read Full Report…

    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. For more information, please visit: www.realstorage.ca

    (via MarketWired)



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