TORONTO, ONTARIO -- (Marketwired) -- 05/14/13 -- Wilmington Capital Management Inc. (TSX: WCM.A)(TSX: WCM.B) ("Wilmington" or the "Corporation") today announced a net loss attributable to shareholders for the three months ended March 31, 2013 of $57,000 or ($0.01) compared to a net loss attributable to shareholders of $324,000 or ($0.04) for the same period in 2012.
To view a full copy of the Corporation's audited financial results for the year ended December 31, 2012 including the Corporation's audited consolidated financial statements, accompanying MD&A and Annual Information Form, please refer to the SEDAR website www.sedar.com.
The Corporation's principal objectives are to make 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.
During the first quarter, the Corporation continued to take steps to solidify the foundation of its three newly formed operating platforms - self storage facilities, private equity funds and natural gas assets. As at May 14, 2013, Wilmington had assets under management in its operating platforms of approximately $148 million ($68 million representing Wilmington's share).
Investment in Real Storage Private Trust (the "Trust")
The Trust (44.78% owned) owns 17 self-storage facilities comprising 645,978 square feet of rentable area and one development property. The Trust showed significant improvements in 2013 as the five properties in western Canada, which were for the most part in the initial lease up stage, approached stabilized occupancy levels. During the first quarter of 2013, occupancy levels averaged 78%, compared to 75% in 2012. Operating margins in the first quarter of 2013 improved to 51% up from 43% for the comparable quarter in 2012.
Subsequent to March 31, 2013, the Trust acquired two self-storage facilities - one located in the western region in Red Deer, Alberta (the "Alberta Facility") and the other located in the eastern region in Barrie, Ontario (the "Ontario Facility"). The Alberta Facility is comprised of approximately 78,000 square feet of rentable area, a portable storage business and a file retention business. The Ontario Facility is comprised of approximately 39,000 square feet of rentable area with an additional 12,000 square foot expansion currently under construction. The two acquisitions were funded by two separate five-year, fixed-rate mortgages, an unsecured credit facility, equity of the Trust and available cash. Wilmington's cash contribution was $2.5 million bringing its total investment in the Trust to approximately $10 million.
Investment in Network Capital Management Inc. ("NCI") and Network 2012 Fund
Network Capital Management Inc. (50% owned) has funds under management now totalling approximately $50 million and the majority of Network's available capital has been successfully deployed in a strong mix of junior oil and gas and service companies. Wilmington committed $8 million of capital to the Network 2012 Fund.
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