Sale of Heron Bay for 40M$ gain, 30M$ gain on APR REIT.
Equity increased by 21.5% and operating income by 19.4% during the year.
BVPS now at 20.51$ vs. 16.56$ in 2020. We are still trading at a nice discount for the regular business not factoring more lucrative land sales.
On October 8, 2021, the Company sold Heron Bay Golf Club for net proceeds of $40,235,000 (US$31,736,000). A gain of $39,425,000 (US$31,661,000) was recorded on the sale. This represents the vast majority of the total gain on property, plant and equipment recorded for the year.
At December 31, 2021, the Company recorded unrealized gains of $30,360,000 on investment in marketable securities (December 31, 2020 - loss of $7,311,000). This gain is attributable to the Company's investment in Automotive Properties REIT. The Company also recorded unrealized gains of $9,311,000 (December 31, 2020 - nil) on real estate fund investments in relation to Florida and southeastern US real estate.
https://seekingalpha.com/pr/18704179-twc-enterprises-limited-announces-2021-year-end-results-and-eligible-cash-dividend