CALGARY, AB, March 6, 2024 /CNW/ – Genesis Land Development Corp. (TSX:GDC) (the “Corporation” or “Genesis”) reported its financial and operating results for the three months (“Q4”) and year end December 31, 2023 (“YE”). Genesis is an integrated land developer and residential home builder with a strategy to grow its portfolio of well-located, entitled and unentitled primarily residential lands and serviced lots throughout the Calgary Metropolitan Area (“CMA”).
The following are highlights of Genesis financial results for the fourth quarter of 2023:
2023 Highlights (Q4 2023 and YE 2023)
$203.3 Million of Revenues in YE 2023: Genesis generated revenues of $203.3 million in YE 2023 up from $140.4 million achieved in YE 2022. Q4 2023 revenues of $71.6 million were higher when compared to $54.2 million generated in Q4 2022.
Net Earnings in YE 2023 were $14.5 Million: Net earnings were positive for the 23rd consecutive year with net earnings attributable to equity shareholders in YE 2023 of $14.5 million ($0.26 per share – basic and diluted), compared to $4.5 million ($0.08 per share – basic and diluted) in YE 2022. Net earnings attributable to equity shareholders in Q4 2023 were $8.0 million ($0.15 per share – basic and diluted) compared to $3.1 million ($0.05 per share – basic and diluted) in Q4 2022.
305 Lots Sold: In YE 2023, Genesis sold 305 residential lots (118 to third-party builders and 187 through its home building division, Genesis Builders Group Inc. (“GBG”), an increase of 29% from 236 lots in YE 2022 (144 to third-party builders and 92 through GBG). In Q4 2023, Genesis sold 95 residential lots (42 to third-party builders and 53 through GBG) compared to 106 lots in Q4 2022 (84 to third-party builders and 22 through GBG).
286 Homes Sold: In YE 2023, Genesis sold a record 286 homes, an increase of 69% from the 169 sold in YE 2022. In Q4 2023, Genesis sold 86 homes, compared to 57 sold in Q4 2022. During YE 2023, Genesis had 328 new home orders compared to 233 for YE 2022. Genesis had 247 outstanding new home orders on hand at December 31, 2023 (205 at December 31, 2022).
$16.2 Million of Development Land Sales: In YE 2023, Genesis sold four development land parcels for $16.2 million versus five parcels for $16.0 million in YE 2022. Genesis sold three development land parcels for $12.0 million in Q4 2023 versus two parcels for $6.3 million sold in Q4 2022.
Cash on Hand of $37.5 Million: On December 31, 2023, Genesis had $37.5 million in cash and cash equivalents.
Dividends of $0.17 per share in 2023: Total cash dividends of $9.7 million ($0.17 per share) were paid during the year ended December 31, 2023 of which $0.085 was declared and paid in Q4 2023.
Land Acquisitions: In Q4 2023, Genesis closed the acquisition of 460 acres of future residential development land in the southeast sector of the City of Calgary for $25.8 million.
Lewiston Lands Limited Partnership (“LLLP”): During the year ended December 31, 2023, Genesis sold a 20% ownership stake in LLLP to each of two Calgary based third party builders. The transaction closed on January 16, 2023, for total proceeds of $19.8 million, being $11.8 million cash with the balance being the assumption of debt by the purchasers.
Selected Financial Results and Operating Data:
Three months ended
December 31,
Year ended
December 31,
($000s, except for per share items or unless otherwise noted)
2023
2022
2023
2022
Key Financial Data
Total revenues
71,602