Article Excerpt:
TWST: Would you give us a brief historical sketch of the company and a picture of the things you're doing at the present time?Mr. Singh: Genesis Land Development Corp. is a publicly trading company on the Toronto Stock Exchange, based in Calgary, Alberta, Canada. We are a major land developer in the Calgary area and we create master plan communities. Our market cap is about $240 million based on cost base. The real value of our assets is significantly higher. We are very conservatively managed and we have the lowest debt-to-equity ratio in our business. Since 1992, Genesis Land Development Corp. has purchased thousands of acres of land, but what's relevant today is that it owns 12,000 single-family lots, 10,000 multi-family units, and about 200 acres of commercial land within its undeveloped inventory. The majority of this land is presently approved for future development. More than 70% of this inventory is located within the Calgary area, while the remaining inventory is spread out through the province of British Columbia, which is a neighboring province. Our primary business is developing master planned communities by servicing and selling lots to builders. However more recently through vertical integration we are now building both single and multi-family homes on the serviced lots. We have also developed a commercial division that now builds shopping centers within our communities. Presently we are in the process of developing approximately a million square feet of commercial area.
TWST: Had you done any shopping centers before?
Mr. Singh: We have developed shopping centers in the past, but at a smaller
scale and these would have included the smaller neighborhood type of shopping
centers offering 60,000-100,000 square feet of retail space. We generally sold
the larger shopping center sites to developers.
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