Halmont Properties Corporation Year-end Results

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TORONTO, April 29, 2024 (GLOBE NEWSWIRE) — HALMONT PROPERTIES CORPORATION (TSX-V:HMT) (“Halmont” or the “Company”) today announced that net income for the year ended December 31, 2023 was $18.49 million, compared to $10.67 million for the year ended December 31, 2023 Year ending 2022.

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Given the deterioration in rental rates for listed office buildings, we have taken proactive measures over the last two years to adapt to changing market conditions. Proceeds from the sale of four of our five office buildings are currently earmarked for reinvestment in larger institutional buildings and forest land.

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

The prospects for our current investments in the forestry sector are proving to be even more attractive than previously expected. During the year, Haliburton Forest acquired an additional 145,000 acres of timberland in Ontario, funded through our subscription to Haliburton Forest preferred shares, increasing our effective equity interest to 49%.

Halmont’s fully diluted carrying value of our common stock increased to 80 cents per common share, assuming conversion of the capital notes and preferred stock, compared to 71 cents in December 2022.

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Halmont revalues ​​its principal assets each year in accordance with IFRS accounting principles, taking into account available market information and the relevant terms of its joint venture and partnership agreements. As a result, the book value of the common shares approaches their realizable value.

Halmont Properties Corporation invests directly in real assets, including commercial, forest 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 current views and expectations and the final approval of the Articles of Association by the TSX-V. All statements, other than statements of historical fact, are forward-looking statements. These statements involve significant 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 only estimates and assumptions as of the date such statements are made. Readers are encouraged to consider the Company’s risks as set forth in its 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 more information:
Heather M. Fitzpatrick, President
T: 647-448-7147

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