TORONTO, April 20, 2022 (GLOBE NEWSWIRE) — HALMONT PROPERTIES CORPORATION (TSX-V: HMT) (“Halmont” or the “Company”) announced today that net income to common shareholders for the year ended December 31, 2021, was $5.89 million as compared to net income of $4.82 million for the year ended December 31, 2020.
| (millions, except per share amounts) | Year Ended | |||
| December 31, 2021 | December 31, 2020 | |||
| Revenue | $13.49 | $11.21 | ||
| Net income – total | 7.25 | 6.10 | ||
| – for common shareholders | 5.89 | 4.82 | ||
| Net income per share for common shareholders | 4.76 | ¢ | 4.28 | ¢ |
Notable investment initiatives undertaken during 2021 include:
- Purchase of a commercial property located at 321 Lakeshore Road for approximately $7.6 million.
- Investment of $61.0 million in property loans.
- Issuance of $25.0 million Series II subordinated Convertible Capital Notes.
The diluted book value of each common share increased to 64¢ at December 31, 2021 compared to 60¢ at December 31, 2020, assuming the conversion of the outstanding preferred shares and capital notes. 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.
With respect to the impact of COVID-19, our businesses overall performed well throughout with the exception of rental revenues received from our commercial properties. Initiatives have been undertaken to mitigate the loss of rental revenues.
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. 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. 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 l T: 647-448-7147
