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 the third quarter of 2012.
Third Quarter Financial Results
During the third quarter of 2012, the Partnership generated total
revenues of $13,520, total expenses of $246,234 and a net loss of
$232,714. On a year-to-date basis, the Partnership generated total
revenues of $46,702, total expenses of $736,902 and a net loss of
$690,200.
The total revenues, expenses and net loss generated by the Partnership,
both during the third quarter of 2012 and on a year-to-date basis, was
comparable to the comparative period in the 2011 year. 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.
Overall, the Partnership is performing as expected by management and
consistent with the Partnership’s intention of holding its interest in
properties as an investment and to eventually dispose of its interest
prior to the physical development of the properties. The announced sale
of the Alliston Property and the subsequent closing of the transaction
on October 12, 2012, are consistent with the Partnership’s intention to
hold its interest in the properties and sell its interest prior to the
physical development of the properties.
Highlights For The Third Quarter
The Partnership’s holdings consist of two properties, the Alliston
Property, which was subsequently sold in October, near the Toronto area
in Alliston, Ontario, and the Ottawa Property in the southwest quadrant
Ottawa, Ontario.
Alliston Property
During the third quarter, the purchaser completed its due diligence and
waived conditions on the previously announced sale of the Alliston
Property. Subsequently, on October 12, 2012, the sale was closed and the
Partnership announced that unitholders would receive their first
distribution of $6.00 per unit. Subsequent to the third quarter, the
Partnership paid the distribution on November 15, 2012.
Ottawa Property
The Ontario Municipal Board (“OMB”) hearing regarding the City of
Ottawa’s Official Plan Amendment No. 76 has concluded. The first stage
of the OMB hearing, which dealt with how much land was included in
Ottawa’s urban area boundary, delivered its decision in June 2011, to
expand the urban area boundary from 230 hectares (568 acres) by 850
hectares (2,100 acres). The second stage of the hearing which opened in
January 2012 has determined the specific location of the additional 620
hectares (1,532 acres). A revised Urban Policy Plan has been updated in
the City of Ottawa’s Official Plan delineating the city’s expanded urban
area. The Ottawa Property is not included in the expanded urban area
boundary. The Partnership will continue to focus its efforts on
participating in the 2014 Official Plan review process to support and
position the Ottawa Property in future expansions to Ottawa’s urban
boundary. The exclusion of the Ottawa Property from the urban area
boundary is not anticipated to impact investment objectives and
management assumptions.
Additional Information
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, which prior to its sale consisted of two parcels totaling
154.93 acres near the Toronto area in Alliston, and the Ottawa Property,
which consists of 300 acres in the southwest quadrant of the City of
Ottawa.
The Partnership is managed by Walton International Group Inc., part of
the Walton Group.
The Walton Group is a multinational group of real estate investment and
development companies headquartered in Calgary, Alberta, Canada.
Walton’s expertise is the research, acquisition, management and
development of strategically located land in major North American growth
corridors. With more than 70,000 acres of land under management, the
Walton Group is one of North America’s premier land asset managers.
Walton manages and/or owns land assets in Phoenix, Austin, Dallas,
Atlanta, Charlotte, the Washington D.C. region, Ottawa, Toronto,
Edmonton and Calgary.
For more information about the Walton Ontario Land L.P. 1, please visit www.sedar.com.
For more information about Walton, visit www.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. 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 period ended
September 30, 2012, and related notes, prepared in accordance with
International Financial Reporting Standards.
