Halmont Properties' year-end results published by Investing.com



Toronto, April 29, 2024 (GLOBE NEWSWIRE) — Halmont Properties (TSX: HMT) (Halmont or the Company) today announced net income of $18.49 million for the year ended December 31, 2023, compared with net income of $10.67 million for the year ended December 31, 2022.

(Millions, except per share amounts) end year
December 31, 2023 December 31, 2022
income $27.97 $19.51
net income – all 18.49 10.67
– Dilution to shareholders 17.26 9.82
Diluted net income per share for ordinary shareholders 12.69 6.68

Given the deterioration in historical office leasing rates, we have taken proactive steps over the past two years to adapt to changing market realities. Proceeds from the sale of four of our five office buildings are currently earmarked for reinvestment in larger institutionally occupied buildings and forest properties.

In December 2023, we reached an agreement with George Brown College to acquire 25 Dockside Drive in Toronto, adjacent to the college's two other waterfront buildings, effectively doubling the size of its waterfront campus. This acquisition was successfully completed on April 15, 2024.

Our current investment prospects in the forestry sector are proving to be more attractive than previously anticipated. During the year, Haliburton Forest Company acquired an additional 145,000 acres of Ontario forestland with funds from the subscription of Haliburton Forest Company preferred shares, bringing our effective equity ownership to 49%.

Assuming conversion of capital notes and preferred stock, Halmont's fully diluted book value of common stock increases to 80 cents per common share compared with 71 cents in December 2022.

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Halmont reassesses its major assets annually in accordance with IFRS accounting principles, taking into account current market information and the relevant terms of joint venture and partnership agreements. Therefore, the book value of common stock is close to its realizable value.

Halmont Properties invests directly in real estate, including commercial, forestry and residential properties.

This press release contains certain forward-looking statements, including management's assessment of the Company's future plans and operations based on its current views and expectations and the final approval of the revised terms by the TSX-V. All statements other than statements of historical fact are forward-looking statements. These statements involve numerous known and unknown risks and uncertainties, some of which are beyond the Company's control. The Company's actual results, performance or achievements may differ materially from those expressed 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 such statements are made. Readers are encouraged to review the Company's risks as outlined in public disclosure documents 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 more information: Heather M. Fitzpatrick, President Tel: 647-448-7147





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