Park Lawn Corporation Accelerates Development of the Eternal Sunset Memorial Park and Cemetery
- 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
Joseph Leeder, Chief Financial Officer & Director, (416) 231-1462; Lindsay Forrest, Corporate Secretary, (416) 231-1462 x235
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