TORONTO, April 29, 2024 (GLOBE NEWSWIRE) -- HALMONT PROPERTIES CORPORATION (TSX-V: HMT) ("Halmont" or the "Company") announced today that net income for the year ended December 31, 2023, was $18.49 million as compared to $10.67 million for the year ended December 31, 2022.
| (millions, except per share amount) | Year Ended | ||||||
| December 31, 2023 | December 31, 2022 | ||||||
| Revenue | $27.97 | $19.51 | |||||
| Net income | - total | 18.49 | 10.67 | ||||
| - diluted to shareholders | 17.26 | 9.82 | |||||
| Diluted net income per share for common shareholders | 12.69 | ¢ | 6.68 | ¢ | |||
Given the deterioration in lease rates for heritage office buildings, we undertook proactive measures during the past two years to adapt to the changed market realities. The proceeds we received from the sale of four of our five office buildings are currently designated for reinvestment in larger institutionally occupied buildings and forest properties.
In December 2023 we agreed with George Brown College to acquire 25 Dockside Drive, Toronto, adjacent to the College's two other waterfront buildings, thereby effectively doubling the size of its waterfront campus. This purchase was successfully completed on April 15, 2024.
The prospects for our present forestry sector investments are proving to be even more attractive than previously expected. During the year, Haliburton Forest acquired an additional 145,000 acres of Ontario forest lands, financed by our subscription for preferred shares of Haliburton Forest, to bring our effective equity ownership interest to 49%.
Halmont's fully diluted book value of our common shares, assuming the conversion of the capital notes and preferred shares, increased to 80¢ per common share, compared to 71¢ at December 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, and the TSX-V's final approval of the Articles of Amendment. 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. Readers are encouraged to review the Company's risks outlined in its public disclosure documents available on SEDAR+ (https://www.sedarplus.ca). 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
