benzinga35d ago
CALGARY, AB, March 5, 2026 /CNW/ - Genesis Land Development Corp. (TSX:GDC) (the "Corporation" or "Genesis") reported its financial and operating results for the three months ("Q4") and year ended December 31, 2025 ("YE"). Genesis is an integrated land developer and residential home builder with a strategy to grow its portfolio of well-located, entitled and unentitled primarily residential lands and serviced lots throughout the Calgary Metropolitan Area ("CMA"). The following are highlights of Genesis financial results for the fourth quarter of 2025:2025 Highlights (Q4 2025 and YE 2025)$381.2 Million of Revenues in YE 2025: Genesis generated revenues of $381.2 million in YE 2025 up from $361.1 million achieved in YE 2024. Q4 2025 revenues of $134.6 million were higher when compared to $104.6 million generated in Q4 2024.$39.2 Million of Net Earnings in YE 2025: Net earnings attributable to equity shareholders in YE 2025 were $39.2 million ($0.69 net earnings per share - basic and diluted), compared to net earnings attributable to equity shareholders of $39.6 million ($0.70 net earnings per share - basic and diluted) in YE 2024. Net earnings attributable to equity shareholders in Q4 2025 were $17.9 million ($0.31 net earnings per share - basic and diluted), compared to net earnings attributable to equity shareholders of $12.6 million ($0.22 net earnings per share - basic and diluted) in Q4 2024.760 Lots Sold: In YE 2025, Genesis sold 760 residential lots, an increase of 5% from 726 lots in YE 2024. In Q4 2025, Genesis sold 328 residential lots compared to 157 lots in Q4 2024.405 Homes Sold: In YE 2025, Genesis sold 405 homes, an increase of 1% from the 401 sold in YE 2024. In Q4 2025, Genesis sold 121 homes, compared to 107 sold in Q4 2024.302 New Home Orders: During YE 2025, Genesis had 302 new home orders compared to 419 for YE 2024 reflecting a return to more historical levels. During Q4 2025, Genesis had 81 new home orders compared to 107 for Q4 2024. Genesis had 162 outstanding new home orders on hand at December 31, 2025 (265 at December 31, 2024).Dividend of $0.215 per share in 2025: Total cash dividends of $12.2 million ($0.215 per share) were paid during YE 2025 of which $0.11 per share was declared and paid in Q4 2025. Total cash dividends of $11.1 million ($0.195 per share) were paid during YE 2024 of which $0.10 per share was declared and paid in Q4 2024.Land Servicing Activity: In YE 2025, land servicing activity amounted to $55.0 million compared to $66.9 million in YE 2024. Genesis is actively servicing four communities.Hazel Lands Limited Partnership ("HZLP"): During YE 2025, Genesis sold a 40% ownership stake in HZLP to two Calgary based third party builders. The transaction closed on December 17, 2025, for total proceeds of $19.1 million, being $13.7 million cash with the balance being the assumption of debt by the purchasers.New $105 Million Secured Revolving Credit Facility: On February 11, 2026, Genesis entered into a Credit Agreement for a $105 million secured revolving credit facility with a syndicate of Canadian financial institutions for an initial term of three years. The facility is comprised of a $100 million revolving loan for general corporate purposes including purchases of land, serviced lots, and land servicing activities and a $5 million letter of credit sub-facility.Genesis maintains financial discipline by prudently managing its balance sheet and opportunistically allocating its cash resources among the following:maintaining a strong balance sheet;acquiring and developing land either directly or through land development entities;acquiring builder positions in third party communities and constructing homes; andreturning cash to shareholders by paying dividends and/or buying back its common shares.Financial Highlights:Three months ended December 31,Year endedDecember 31,($000s, except for per share items or unless otherwise noted)2025202420252024Consolidated Operating HighlightsFull story available on Benzinga.com
