Zoned Properties Reports Strong Third Quarter 2023 Financial Results Posting Positive Net Income and Revenue Growth of 17%

Robust Balance Sheet Enables Investment Portfolio Scaling

SCOTTSDALE, AZ / ACCESSWIRE / November 14, 2023 / Zoned Properties, Inc. ("Zoned Properties" or the "Company") (OTCQB:ZDPY), a leading real estate development firm for emerging and highly regulated industries, including legalized cannabis, today announced its third quarter financial results and operational highlights. The following results pertain to the three and nine months ended September 30, 2023.

Financial Highlights:

• Revenues were $720,450 for the quarter ended September 30, 2023, compared to revenues of $614,988 for the quarter ended September 30, 2022, representing an increase of 17.2%.
• Revenues were $2,181,091 for the nine months ended September 30, 2023, compared to revenues of $2,052,341 for the nine months ended September 30, 2022, representing an increase of 6.3%.
• The Company reported net income of $114,523 for the quarter ended September 30, 2023, as compared to a net loss of $77,328 for the quarter ended September 30, 2022.
• The Company reported a net loss of $152,966 for the nine months ended September 30, 2023, compared to a net loss of $142,087 for the nine months ended September 30, 2022.
• Operating expenses were $671,338 for the quarter ended September 30, 2023, compared to $660,251 for the quarter ended September 30, 2022, representing an increase of 1.7%.
• The Company had cash on hand of $3.01 million as of September 30, 2023, compared to cash on hand of $3.28 million as of June 30, 2023.

Management Commentary:

"We are delighted to report outstanding operating and financial performance for the third quarter whilst contending with challenging market conditions. As we move through the remainder of the year into 2024, we see our underlying business trends as extremely positive with our market strategy producing steady revenue growth, positive cash flow, and net profitability. With a focus on direct-to-consumer real estate that is leased to the best-in-class cannabis retailers in the industry, we have the balance sheet to support our near-term expansion objectives and plan to remain active. Maintaining a strong balance sheet in this market environment positions us extremely well to deploy capital on more favorable terms. We continue using our nationwide services network and property technology to provide the Company with a competitive edge when identifying excellent investment prospects. We have a full pipeline of acquisitions, and we continue to utilize our extremely disciplined capital allocation approach. Since we have a clear view of the properties we are pursuing, we anticipate further capital deployment over the near term," said Bryan McLaren, Chief Executive Officer of Zoned Properties.