Halmont Properties Corporation Third Quarter Results
TORONTO, Nov. 29, 2024 (GLOBE NEWSWIRE) -- HALMONT PROPERTIES CORPORATION (TSX-V: HMT) (“Halmont” or the “Company”) announced today that net income to shareholders for the nine months ended September 30, 2024, was $10,346,000 as compared to net income of $7,873,000 for the nine months ended September 30, 2023.
| (thousands, except per share amount) | Nine months ended | ||||||
| September 30, 2024 | September 30, 2023 | ||||||
| Revenue | $20,959 | $12,990 | |||||
| Net income | - total | 10,346 | 7,873 | ||||
| - for common shareholders | 9,338 | 6,667 | |||||
| Net income per share for common shareholders | 6.61 | ¢ | 4.46 | ¢ | |||
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. In February 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, in partnership with George Brown College. Situated adjacent to the College’s two other premier waterfront buildings, this acquisition effectively doubles the size of its waterfront campus.
As at September 30, 2024, the fully diluted book value of the Company’s common shares, assuming the conversion of its capital notes and convertible preferred shares, increased by 13% to 85¢ per common share compared to 75¢ in September 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
