Westphalia Dev. Corp. Reports Third Quarter 2023 Fiscal Results

Westphalia Dev. Corp. (the “Corporation”) announced today its results for the third quarter ending September 30, 2023. The Corporation was formed in March 2012, for the development of a 310-acre Westphalia property located in Prince George’s County, Maryland, United States. The Corporation is managed by Walton Global (the “Manager”).

Development and Sales Activities

The key development and sales activities of the Corporation in the third quarter ending September 30, 2023, were:

• The Westphalia Interchange TIF project located at the intersection of Pennsylvania Avenue (Route 4) and Woodyard Route (Route 223) is undergoing a final pave, with the expectation that this will be complete by year end.
• The Presidential Parkway East TIF project is substantially complete. We are in discussions with the local County for final acceptance.
• The Presidential Parkway West TIF project has work remaining, which will likely be completed in Q1, 2024.
• The Manager is engaged with a number of builders interested in developing and building out the retail and/or residential pods shown above. Offers to purchase are expected on these parcels imminently.
• The Manager continues to work proactively with Prince George’s County to attain approvals for our retail commercial, mixed use commercial and residential pods shown as Parcel “A” & “B”, above, which is expected in late Q4, 2023, or early Q1, 2024.

Financial Results

• Management has determined the substantial completion date of Phase 1 to be June 30, 2023, at which point carrying costs, including interest, financing costs and property taxes, will no longer be capitalized and are now expensed. Otherwise, other operating expenses for this quarter remained consistent with Q2 2023.

The Corporation’s unaudited consolidated interim financial statements and management’s discussion and analysis for the third quarter ending September 30, 2023, are available under the Corporation’s SEDAR profile at www.sedar.com.

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