Halmont Properties Corporation First Nine Months Results

TORONTO, Nov. 15, 2023 (GLOBE NEWSWIRE) -- HALMONT PROPERTIES CORPORATION (TSX-V: HMT) (“Halmont” or the “Company”) announced today that the diluted net income for the nine months ended September 30, 2023, amounted to $7,873,000 compared to $11,196,000 in 2022. Excluding fair value changes related to a property sale, net income for the nine months ended September 30, 2022 was $4,790,000.

(millions, except per share amount)		Nine months ended
		September 30, 2023		September 30, 2022
Revenue		$12.99		$18.77
Net income	- total	7.87		11.19
	- diluted to shareholders	6.67		10.61
Diluted net income per share for common shareholders		3.59	¢	5.71	¢

Given the deteriorating rental market for low-rise commercial office space that occurred over the past two years, we undertook proactive measures to adapt to the changing market conditions. These included the sale of three office properties, while a fourth property is scheduled to close in December 2023 for a gain of $12.8 million. On completion of these property sales, we will have generated approximately $80.0 million in capital, to reinvest in institutionally occupied properties.