SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Westphalia Dev. Corp. (the “Corporation”) announced today its results for the first quarter ending March 31, 2023. 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, Personnel and Sales Activities
The key development and sales activities of the Corporation in the first quarter ending March 31, 2023, were:
- Woodyard Road / Pennsylvania Avenue Interchange TIF project construction continued and is scheduled to be substantially complete by the end of the second quarter 2023.
- The Presidential Parkway East TIF project is substantially complete.
- The Presidential Parkway West TIF Project has crossed the major ravine, which moves the project forward to being complete in the late third quarter 2023 or early fourth quarter 2023.
- Rebecca Bruce has resigned as the CFO of the entity as of May 31, 2023. She has been a dedicated member to the Corporation, and we wish her well as she pursues the next chapter of her life.
- Justin Burch has been appointed as the Corporation’s CFO effective June 1, 2023. Justin Burch is a certified public accountant (CPA) with over 10 years of experience in public and private companies and assists in leading the financial strategy, accounting, and audit functions with a team of professional accountants. Prior to joining Walton in 2020 as accounting manager, Mr. Burch worked at a publicly traded real estate investment trust and was responsible for the accounting oversight of over $1.5 billion in commercial real estate acquisitions per year.
- The advancement of preliminary engineering for the retail and multi-family space located on parcels A and B shown on the map.
- Parcels C, D, E & L, shown on the map, are a part of the Corporation and there is great interest in these parcels, especially as Woodyard Crossing and The Presidential Parkway near completion.
- Parcel F & N, shown on the map, are owned by the Corporation, and are expected to close with the current third-party that has these parcels under contract.
- Parcel G, H, I, J, & K, shown on the map, are owned by a related party of the Manager. Discussions have taken place with third-party regional and national builders, with all home builders showing interest in these assets once approved for development.
- The North parcel, shown on the map, which is owned by a related party to the manager is under contract with a large national home builder and is projected to have its first closing in late June to late July 2023.
Financial Results
- Operating expenses for this quarter remained consistent with Q4 2022.
The Corporation’s unaudited consolidated interim financial statements and management’s discussion and analysis for the first quarter ending March 31, 2023, 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 interim financial statements for the quarter ended March 31, 2023, and related notes, prepared in accordance with International Financial Reporting Standards.