Peter Hodson
Genesis Land Development Corp.
GDC-T
TOP PICK
Feb 01, 2006
A land developer primarily in Alberta. They accumulate land and turn it into residential properties. A different way of playing the oil space in Alberta. Warning! One fund is about to be wound up so there will be a big block of this coming out one of these days.
Trading was halted when they were inadvertently late filing their results. Expected to resume June 22. Moving onto a home building and commercial property-building platform. Have tremendous land assets.
(A Top Pick Apr 20/06. Up 3.5%.) Trading was stopped due to delinquency in filing. Reasons for this were legitimate. They are turning on to house development where previously it was land sales. Earnings reported were all right. A must hold.
Feels they have no interest in turning themselves into a REIT. Land portfolio is good. The way housing is going in Calgary, it will probably be very good.
Has been affected by the general market correction as well as the kind of tiredness that occurs after a story has been in place for a long time. One of the 2 or 3 core real estate companies in the burgeoning west. Could be an entry point at the current price, as he sees nothing wrong with it.