November 9, 2012 [Equities] - Funds from operations were $17.6 million, nearly double the $9 million generated in the third quarter of 2011. Gains were primarily driven by the inclusion of financial results from the Danish petroleum storage business which was acquired in January 2012.
Tank utilization rates for the quarter averaged 88.0%, compared to 97.8% in the comparable period last year. Utilization rates were lower due to the addition of operating results from the Danish petroleum storage business (Ensted, Gulfhavn, Stigsnaes, Asnaes) and reduced demand for storage capacity at the Immingham terminal (East & West) in the United Kingdom.
During the quarter, two new condensate storage tanks and a heavy fuel oil tank were commissioned at the Immingham terminal, adding 75,000 barrels of capacity under long term contract. Construction was completed on schedule and under budget at a total capital cost of $13 million.
