Wilmington Capital Management Inc. reported a net loss attributable to shareholders for the three months ended March 31, 2014 of $191,000 or ($0.02) per share compared to a net loss of $57,000 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 March 31, 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.
FIRST QUARTER 2014 FINANCIAL HIGHLIGHTS
During the first quarter 2014, the Corporation completed strategic plans for each of its three operating platforms – self-storage facilities, private equity funds and natural gas assets and the focus is centered on building upon the foundation in and adding scale to each of the operating platforms. The Corporation achieved the following during the three months ended March 31, 2014:
Generated $583,000 in cash flow from operations;
Recorded an unrealized gain of $405,000 on investments of Network 2012 Fund;
Received a distribution of $75,000 from Real Storage Private Trust representing the Corporation’s share of a 3% per annum distribution on invested capital which is paid quarterly;
Generated an operating netback of $2.22 per mcf from the Shackleton Partnership 2011 LP; and
Brought on stream Northpoint Resources Ltd.’s first horizontal well with production levels of approximately 2,300 mcf per day.
As at March 31, 2014, Wilmington had assets under management in its operating platforms of approximately $148.0 million ($56.0 million representing Wilmington’s share).
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.
Real Storage Private Trust (“Trust”)
The Trust (42.13% owned) owns 20 self-storage facilities comprising 787,000 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, achieved stabilized occupancy levels. During the first quarter of 2014, same store occupancy levels averaged 82%, compared to 78% in 2013; same store operating margins improved to 52% in the first quarter of 2014 from 51% 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 three months ended March 31, 2014, the Trust declared a distribution of $178,000 (Corporation’s share – $75,000). During 2014, the Trust plans on increasing the net rentable area of its property portfolio to over 1.0 million square feet.
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