RE:AGM Bucket ListHi longrun86, some good topics. The NCIB is definitely worth asking about. Was 2022 a fluke where a particular large shareholder wanted out and sold blocks into the NCIB? Or does management see a good prospect of completing the next NCIB and the one after that?
I would like some colour on their total land inventory. There is so much capital tied up in that, and only a small fraction is developed each year. We get plenty of details about land under development, but I am in the dark about the remaining raw land. For example, are there patches that once looked promising but now look as though they will never be developed? And if this is the case, why are these landholdings not being written down? Overall, has the value of the land purchased over past decades merely held its value, or is it worth much more than the purchase price?
On a somewhat related note, I am wondering what it would take to boost margins on Canadian lot sales. If the land value has appreciated since it was purchased, why do we struggle to make a juicy margin and thereby earn a respectable return on equity?