From the 2022 Management Circular on SEDARDuring the three months ended June 30, 2022, the Corporation closed the acquisition of approximately 157 acres of future residential development land in the City of Calgary for $29,150 pursuant to a binding agreement entered into in 2021. During the six months ended June 30, 2022, the Corporation entered into a binding agreement to acquire 62 residential lots in the Calgary Metropolitan Area for $11,131. The Corporation paid non-refundable deposits of $2,219, with the balance of $8,912, due on closing which is scheduled between September 2022 and December 2023. As at June 30, 2022, the amount included in accounts payable and accrued liabilities related to residential lot purchases is $16,272 (December 31, 2021 - $9,600)
Note 3 from the 2Q SEDAR filing. Hard to believe all these land acquisitions from less than arm's lenght actors when we already have so much land in inventory and we make about zero margin on it after tax. Seems like they have to be using the public equtiy to privatize their gains on the land sales to Genesis. Otherwise you put the business in runoff and just sell the remaining assets and get your $4 of equity out.