SCOTTSDALE, Ariz.–(BUSINESS WIRE)–Westphalia Dev. Corp. (the “Corporation”) announced today its results for the fiscal year and fourth quarter ending December 31, 2022. The Corporation was formed in March 2012, for the development of a 310-acre Westphalia property located in Prince George’s County, Maryland, United States.
Development and Sales Activities
The key development and sales activities of the Corporation in the fourth quarter ending December 31, 2022, were:
- Woodyard Road / Pennsylvania Avenue Interchange TIF project construction continued and is scheduled to be substantially complete by Q2 2023.
- Presidential Parkway East TIF project is substantially complete; the contractor is working on punch list items and final surveys are being prepared.
- The Presidential Parkway West TIF project is scheduled for substantial completion in Q3 2023.
The advancement of preliminary engineering for the retail and multi-family space located on parcels A and B below is in process.
- Parcels C, D, & E are a part of the assets owned by the Corporation.
- The parcel labeled Central Park is 100 percent constructed and sold townhomes. This land was previously owned by the Corporation.
- The East parcel of land is currently being developed, with homes being sold. This land was previously owned by the Corporation.
- Parcels F, N & M are owned by the Corporation. These assets other than Parcel L (~5 acres), are under contract to sell to a third-party commercial developer.
- Parcel G, H, I, J, & K are owned by a related party of the Manager. Internal discussions are taking place related to the vision and future direction of this asset.
- The North Parcel is currently under contract with a large national home builder. This land is owned by a related party of the Manager, with the first closing projected to take place in 2023.
- Operating expenses for this quarter remained consistent with Q3 2022.
The Corporation’s audited consolidated financial statements and management’s discussion and analysis for the year ended December 31, 2022, are available under the Corporation’s SEDAR profile at www.sedar.com.
About Walton Global
Walton Global is a privately-owned, leading land asset management and global real estate investment company that concentrates on the research, acquisition, administration, planning, and development of land. With more than 44 years of experience, Walton has a proven track record of administering land investment projects within the fastest growing metropolitan areas in North America. The company manages and administers US$3.4 billion in assets on behalf of its global investors., builders and developer clients and industry business partners. Walton has more than 93,000 acres of land under ownership, management and administration in the United States and Canada with business lines ranging from exit-focused pre-development land investments, builder land financing and build-to-rent. For more information visit walton.com.
This news release, required by Canadian laws, does not constitute an offer of securities, and is not for distribution or dissemination outside Canada. This news release contains forward looking information, and actual future results may differ from what is disclosed in this news release. Forward-looking information is based on the current expectations, estimates and projections of the Corporation at the time the statements are made. They involve a number of known and unknown risks and uncertainties which would cause actual results or events to differ materially from those presently anticipated. The risks, uncertainties and other factors that could cause the Corporation’s actual results and performance in future periods to differ materially from the forward looking information contained in this news release include, among other things, the development of Westphalia Town Center, general economic and market factors, including interest rates, a decline in the real estate market, changes in government policies and regulations or in tax laws, changes in municipal planning strategies and whether certain development approvals are obtained and changes in the Canadian/U.S. dollar exchange rate, in addition to those factors discussed or referenced in documents filed with Canadian securities regulatory authorities and available online at www.sedar.com.
Except as otherwise noted, all amounts are in Canadian dollars, and are based on audited consolidated financial statements for the year ended December 31, 2022, and related notes, prepared in accordance with International Financial Reporting Standards.