- Approximately 12,000 new lots have been developed since
November 2018. Phase 2 construction
is underway with 6,000 new lots expected to be developed by the end
of 2020
TORONTO, March 5, 2020 /CNW/ - Park Lawn Corporation (TSX:
PLC) ("PLC" or the "Company") is pleased to provide an update on
the continuing development of the 78-acre Eternal Sunset Memorial
Park and Cemetery in Lafayette, New
Jersey. Since November 2018,
PLC has developed and opened approximately 12,000 new lots in
inventory, having sold lots to multiple associations and hundreds
of families. The Company has also begun development of
another 6,000 lots, with an anticipated completion date of
December 31, 2020.
"The progress we've made at Eternal Sunset is one of PLC's
biggest success stories over the past 18 months demonstrating our
team's ability to drive organic growth by effectively condensing
three years of construction into one," said Jay Dodds, Chief Operating Officer of PLC.
"Given its New Jersey location and
close proximity to New York
city—one of North America's most
densely populated and diverse markets—Eternal Sunset is an
important piece of the PLC portfolio. I thank our team on the
ground for their work in not only expediting its development, but
for positioning this property for continuing revenue growth through
2020 and beyond."
Highlights of the growth and development of Eternal Sunset
Memorial Park and Cemetery:
- In October 2018, PLC's
New Jersey affiliated cemetery,
Restland Memorial Park Association ("PLC/Restland"), completed its
purchase of 78 acres of land for the expansion of Restland Memorial
Park. The new property was named the Eternal Sunset Memorial Park
and Cemetery and opened in the fourth quarter of 2018.
- PLC/Restland has invested significantly in creating new
inventory and continues to support the full build out of the
property. Since Q4, 2018 PLC/Restland has developed approximately
12,000 new lots, having sold lots to multiple associations and
individual families. Approximately 2,260 additional sales of the
original inventory are anticipated to be completed by the end of
Q1, 2020.
- Sales to associations can result in an accelerated use of lots
in comparison to pure retail sales to individuals. Sales to
associations also accelerate funding into the permanent maintenance
and preservation trust funds resulting in permanently enhanced cash
flow to the cemetery.
- The next phase of development to create an additional 6,000
lots is already underway and this phase will also include
construction of storm water systems and an office. Construction of
the lots is expected to be completed by the end of this year; the
office is expected to be completed by 2021.
About Park Lawn Corporation
PLC provides goods and services associated with the disposition
and memorialization of human remains. Products and services are
sold on a pre-planned basis (pre-need) or at the time of a death
(at-need). PLC and its subsidiaries own and operate businesses
including cemeteries, crematoria, funeral homes, chapels, planning
offices and a transfer service. PLC has a North American wide
platform with operations in five Canadian provinces and fifteen
U.S. States.
Cautionary Statement Regarding Forward‐Looking
Information
This news release contains forward-looking statements (within
the meaning of applicable securities laws) relating to the business
of PLC and the environment in which it operates. Forward-looking
statements are identified by words such as "believe", "anticipate",
"project", "expect", "intend", "plan", "will", "may", "estimate",
"pro-forma" and other similar expressions. These statements are
based on PLC's expectations, estimates, forecasts and projections
and include, without limitation, statements regarding the
anticipated completion date of lot development, anticipated sales
of developed lots and continuing revenue growth at Eternal Sunset,
Park Lawn's continued success, sales
and revenue growth and the execution of its growth strategy.
The forward-looking statements in this news release are based on
certain assumptions, including that the ongoing development of the
cemetery will generate additional revenue to the cemetery, sales of
the newly developed inventory will continue at a similar pace,
there will be no significant and unexpected delay or expense
occurring in connection with the continuing development of the
property, as well as those regarding present and future business
strategies, the environment in which the Company will operate in
the future, expected revenues, expansion plans and the Company's
ability to achieve its goals.
Forward-looking statements are not guarantees of future
performance and involve risks and uncertainties that are difficult
to control or predict. A number of factors could cause actual
results to differ materially from the results discussed in the
forward-looking statements, including, but not limited to, the
factors discussed under the heading "Risk Factors" in PLC's Annual
Information Form available at www.sedar.com. There can be no
assurance that forward-looking statements will prove to be accurate
as actual outcomes and results may differ materially from those
expressed in these forward-looking statements. Readers, therefore,
should not place undue reliance on any such forward-looking
statements. Further, these forward-looking statements are made as
of the date of this news release and, except as expressly required
by applicable law, PLC assumes no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
SOURCE Park Lawn Corporation