MIAMI, April 05, 2022 (GLOBE NEWSWIRE) -- Community Redevelopment (OTC: CRDV) ("the Company"), a real estate firm focused on community-oriented development in urban and suburban markets, with an expertise in all aspects of the real estate development life-cycle, today announced consolidated financial results for its Fiscal Year ending December 31, 2021. This is the first public disclosure of the strategic acquisitions undertaken by the company in last year’s fiscal ending December 31st.
Community Redevelopment Year End Highlights
- Finalized a Merger Agreement with Red Hills Capital Advisors, LLC
- Acquired six properties in the Washington D.C. metropolitan region
- Assets increased by $18.47 million
- Cash increased by more than $1 million
Charles Arnold, Chief Executive Officer of Community Redevelopment, said, "Fiscal 2021 kicked off our first full year as a public company. We plan to access the capital markets to enhance our ability to address our stated goals for land acquisition and development, planned product expansion, and several large-scale development projects. Market conditions have created exciting opportunities for homebuilders. Community Redevelopment has acquired membership interests in six properties that provide the Company an excellent base to grow from.”
Mr. Arnold added, "Over the last year, we set the stage for advancing our business plan towards becoming an all-inclusive finance and real estate company investing in the future of urban and suburban communities in the U.S."
Summary Fourth Quarter And Year End 2021 Results
Assets: Total Assets increased to $18.47 million for the Fiscal Year ending December 31, 2021. This was attributed to the acquisition of Red Hills Capital Advisors, LLC for shares of the Company’s stock. As a result of this acquisition, the Company has now acquired a portfolio of membership interests in six commercial retail, multifamily and mixed-use properties, in the Washington, D.C. Metro area.
The primary utilization for these properties are retail stores, apartment buildings, and centers which are either owned or held under long-term operating leases.
Community Redevelopment owns membership interests in six properties in the Washington D.C. metropolitan region, which are comprised of retail, multifamily and mixed-use development projects. Our acquisition strategy is based on acquiring quality, well positioned real estate in markets with robust growth and demographics, anchored by strong tenants. The Washington D.C. metropolitan area remains strong as a result of increased government spending. These properties are located in a market that is thriving and generating robust job growth with significant demand for housing.
As disclosed in our Audited Financials, the Company now has over $18.47 million dollars in land acquisitions and is currently holding over $1 million in cash. For the specifics of our year end financial performance, please read Community Redevelopment’s entire Form 10-K Annual Report as filed with the SEC this past Friday https://www.sec.gov/Archives/edgar/data/1084551/000168316822002262/0001683168-22-002262-index.htm.
About Community Redevelopment
Community Redevelopment affords potential investors a significant opportunity to participate in the process of identifying and redeveloping entire communities and regional areas, via a publicly traded company. Community Redevelopment Inc. is a full-service real estate company with a management team that has extensive experience in acquiring, developing, constructing, and managing high-quality multifamily, and retail properties in attractive markets throughout the Mid-Atlantic and Southeastern United States, as well as capital markets. The Company is focused on all aspects of the real estate development cycle including land development, design build, property operations, and site redevelopment. In addition to the ownership of our operating property portfolio, Community Redevelopment plans to develop and build desirable properties for its own account and through joint ventures with affiliated and unaffiliated partners.
Community Redevelopment Inc. is focused on community development in urban and suburban markets and our mission is to integrate our proprietary business model by providing sustainable, long-term value to investors as we strive to provide opportunities to improve neighborhoods with residential, commercial, and industrial development projects while designing architecturally pleasing, clean, energy efficient communities and commercial structures. For more information on Community Redevelopment Inc., please contact us at (954) 233-1481, or (800) 210-9438 for those outside of the calling area. You may also visit our website at www.comredev.com.
Forward-Looking Statements
This announcement contains forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements include but are not limited to statements identified by words such as "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," "projects" and similar expressions. The statements in this release are based upon the current beliefs and expectations of our company's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Numerous factors could cause or contribute to such differences, including, but not limited to, results of clinical trials and/or other studies, the challenges inherent in new product development initiatives, the effect of any competitive products, our ability to license and protect our intellectual property, our ability to raise additional capital in the future that is necessary to maintain our business, changes in government policy and/or regulation, potential litigation by or against us, any governmental review of our products or practices, as well as other risks discussed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, our latest 10-Q Report filed on November 16, 2021. We undertake no duty to update any forward-looking statement or any information contained in this press release or in other public disclosures at any time. Finally, the investing public is reminded that the only announcements or information about Community Redevelopment Inc. which are condoned by the Company must emanate from the Company itself and bear our name as its Source.
For Investor Relations, please contact:
David Kugelman
(800) 210-9438 extension 5
(404) 281-8556 Mobile and WhatsApp
Skype: kugsusa
ir@comredev.com
