Walton Ontario Land L.P. 1 Reports First Quarter 2013 Results
Walton Ontario Land L.P. 1
Reports First Quarter 2013 Results
CALGARY, Alberta--(BUSINESS WIRE)-- Walton Ontario Land L.P. 1 (the "Partnership") and its general partner Walton Ontario Land 1 Corporation (the "General Partner") announced today the Partnership's results for first quarter of 2013.
First Quarter Financial Results
During the first quarter of 2013, the Partnership generated total revenues of $12,854 (March 31, 2012 - $16,895), total expenses of $245,961 (March 31, 2012 - $248,430) and a net loss of $233,107 (March 31, 2012 - $231,535).
The revenues for both the first quarter of 2013 and the first quarter of 2012 were comprised of rental revenue and interest revenue earned on the Partnership's cash balance. This was consistent with management's expectations because the Partnership is not expected to generate significant revenues, except during periods when property is sold. The Partnership's expenses are also expected to remain fairly constant throughout the life of the Partnership because the most significant expenses of the Partnership, being the management fees, servicing fees and director fees, are fixed over the life of their respective contracts.
The net loss incurred by the Partnership was also consistent with management's expectations because the Partnership is not expected to generate significant revenue, except during periods when property is sold.
Highlights for the First Quarter
During the first quarter of 2013, the Partnership:
- Continued with the execution of the concept planning phase of its overall investment strategy for the Ottawa Property.
- Continued to participate in the City of Ottawa's 2014 Official Plan review process to support and position the Property for future expansions, to and inclusion within, Ottawa's urban boundary. Management continues to believe that the Ottawa Property is well suited for an urban boundary expansion in 2014 from an employment perspective and is a logical initial phase in a regional southwest Ottawa development plan.
- Entered into a purchase and sales agreement with the City of Ottawa for 0.2623 acre to complete a roundabout at the intersection of Flewellyn and Eagleson roads that is replacing a stop sign controlled intersection. The purchase and sales agreement is expected to close in 2013.
Overall, the Partnership is performing as expected by management and consistent with the Partnership's intention of holding its interest in the Ottawa Property as an investment until time of sale.
Launched in January 2010, the Partnership's objective is to maximize returns to limited partners through the acquisition, management, concept planning, and eventual sale of two properties in Ontario; the Alliston Property, sold in October 2012 and which consisted of two parcels totaling 154.93 acres near the Toronto area in Alliston, and the Ottawa Property, which consists of 300 acres adjacent to the southwest boundary of Ottawa.
The Partnership is managed by Walton International Group Inc., part of the Walton Group.
Walton is a multinational group of real estate investment and development companies headquartered in Calgary, Alberta, Canada. As one of North America's leading land-based real estate investment and development firms, our expertise is in the research, acquisition, management and development of strategically located land in major growth corridors throughout Canada and the U.S. Walton currently manages over 74,000 acres, laying the foundation for communities where people can live, work and play, and creating wealth for our clients around the globe. Since 1979, Walton has returned over $1.4 billion CAD* in client distributions.
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. The risks, uncertainties and other factors that could influence results are described in the prospectus and other 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 unaudited financial statements for the three months ended March 31, 2013, and related notes, prepared in accordance with International Financial Reporting Standards.
*As of March 31, 2013, the amount returned is unaudited and consists of:
- Exit proceeds on sales of pre-development land
- Distributions, interest and principal repayment on development projects
- Interest and principal repayment on corporate bonds
Walton Ontario Land L.P.
Blair Nixon, 1.403.265.4255
KEYWORDS: North America Canada
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