Walton Big Lake Development L.P.
Reports First Quarter 2013 Results
CALGARY, Alberta--(BUSINESS WIRE)-- Walton Big Lake Development L.P. (the "Partnership"), and its general partner Walton Big Lake Development Corporation announced today the Partnership's results for the first quarter of 2013.
First Quarter Financial Results
During the first quarter ending March 31, 2013, the Partnership generated a net loss of $319,392(March 31, 2012 - $164,810).
The net loss incurred during the first quarter ending March 31, 2013, was the result of other expenses of $319,392(March 31, 2012 - $164,810). The increase in other expenses during the first quarter of 2013 was primarily due to interest expense incurred during the first quarter of 2013 of $129,452 (March 31, 2012 - $nil). The interest expense incurred during the first quarter of 2013 was in respect of the Partnership's $5.0 million mezzanine loan with Walton Finance Ltd.
The amount of revenues and expenditures incurred by the Partnership to date are not, however, materially inconsistent with amounts originally anticipated by management, given the Project's current stage of development.
Highlights for the First Quarter
During the first quarter of 2013, the Partnership commenced:
- construction of the stormwater ponds in the central area of the project; and
- the engineering design for the Phase 2 of the project.
Due to the delays experienced in Phase 1 of the project, the timing of cash flows is not consistent with the timing of cash flows originally anticipated by management when preparing the prospectus. Despite the delays, management believes that the overall project remains on track for achieving its investment objectives.
Launched in 2010, the Partnership owns a 136.5-acre residential project in northwest Edmonton, Alberta. The project is being developed in three phases and marketed under the name "Hawk's Ridge at Big Lake."
The Partnership is managed by Walton Asset Management L.P. and the development of the properties is managed by Walton Development and Management (Alberta) LP, both of which are members 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 Big Lake Development L.P.
Blair Nixon, 1-403-265-4255
KEYWORDS: North America Canada
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