Halmont Properties Corporation First Quarter Results
25 May 2023 - 9:17AM
HALMONT PROPERTIES CORPORATION (TSX-V: HMT)
(“Halmont” or the “Company”) announced today that net income for
the three months ended March 31, 2023, was $2,333,000 as compared
to net income of $1,250,000 for the three months ended March 31,
2022.
(thousands) |
Three months ended |
|
March 31, 2023 |
|
|
March 31, 2022 |
|
|
|
|
|
|
|
Revenue |
$ |
3,807 |
|
|
$ |
2,993 |
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
- total |
|
2,333 |
|
|
|
1,250 |
|
- for shareholders |
|
2,043 |
|
|
|
1,086 |
|
|
|
|
|
|
|
Diluted Net Income per Common Share |
|
1.25 |
¢ |
|
|
0.67 |
¢ |
|
|
|
|
|
|
Given the deteriorating outlook for low-rise
commercial office space over the past two years, we have taken
proactive measures to adapt to the changing market conditions. As a
result, we successfully completed the sale of three office
properties and have entered into a sale agreement to sell a fourth
property, scheduled to close in December 2023.
The completion of these property sales will
generate approximately $80 million in capital, and our plan is to
allocate this capital towards investments in the forestry sector.
As for commercial office properties, we intend to defer further
investment until they are available at significant discounts
compared to their replacement cost or are subject to favorable
lease step-ups in line with inflation or other attractive
terms.
The fully diluted book value, including the
conversion of the capital notes and preferred shares, together with
net income in the first quarter, increased to 72¢ per common share
compared to 67¢ as at March 2022.
Halmont revalues its principal assets each year
in accordance with IFRS accounting principles, considering
available market information and the relevant terms of its
joint-venture and partnership agreements. As a result, the common
share book value approximates their realizable values.
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 |
|
|
|
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