Halmont Properties Corporation First Quarter Results
TORONTO, May 28, 2024 (GLOBE NEWSWIRE) -- HALMONT PROPERTIES CORPORATION (TSX-V: HMT) (“Halmont” or the “Company”) announced today that net income to shareholders for the three months ended March 31, 2024, was $4,114,000 as compared to net income of $2,333,000 for the three months ended March 31, 2023.
| (thousands, except per share amount) | Three months ended | |||||||||
| March 31, 2024 | March 31, 2023 | |||||||||
| Revenue | $ | 8,770 | $ | 3,807 | ||||||
| Net income - total | 4,114 | 2,333 | ||||||||
| - for common shareholders | 3,788 | 2,043 | ||||||||
| Net income per share for common shareholders | 2.75 | ¢ | 1.57 | ¢ | ||||||
In response to the deterioration in lease rates for heritage office buildings, proactive measures were taken in recent years to adapt to the evolving market realities. On February 21, 2024, we completed the sale of our remaining heritage office building. The proceeds from this sale, together with the funds previously received from the earlier sale of three other buildings, are expected to be reinvested in institutionally occupied buildings and forest properties.
In April 2024, we completed the purchase of a 50% equity interest in 25 Dockside Drive, Toronto, ON in partnership with George Brown College. Situated adjacent to the College’s two other premier waterfront buildings, this acquisition effectively doubled the size of its waterfront campus.
The fully diluted book value of Halmont’s common shares, assuming the conversion of its capital notes and convertible preferred shares, increased to 82¢ per common share compared to 72¢ in March 2023.
Halmont Properties Corporation invests directly in real assets including commercial, forest, and residential properties.
This news release includes certain forward-looking statements including management’s assessment of the Company’s future plans and operations based on current views and expectations. All statements other than statements of historic facts are forward-looking statements. These statements contain substantial known and unknown risks and uncertainties, some of which are beyond the Company’s control. The Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements. Readers should not place undue reliance on these forward-looking statements which represent estimates and assumptions only as of the date on which such statements are made. The Company undertakes no obligation to publicly revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.
For additional information:
Heather M. Fitzpatrick
President
T: 647-448-7147
