TORONTO, April 28, 2025 (GLOBE NEWSWIRE) -- HALMONT PROPERTIES CORPORATION (TSX-V: HMT) ("Halmont" or the "Company") announced today that net income for the year ended December 31, 2024, was $18.39 million as compared to $18.49 million for the year ended December 31, 2024.
| (millions, except per share amount) | Year Ended December 31, 2024 | Year Ended December 31, 2023 | ||||
| Revenue | $ 32.02 | $ 27.97 | ||||
| Net Income - total | 18.39 | 18.49 | ||||
| Net Income - diluted to shareholders | 17.06 | 17.26 | ||||
| Diluted net income per common share | 12.52 | ¢ | 12.69 | ¢ | ||
In 2024, Halmont substantially completed the transition of its commercial property and forest asset portfolio, a process initiated four years ago. Over this period, the Company has more than doubled its equity base, increasing the fully diluted book value of its common shares by 53%, from 60¢ to 92¢ per share.
Major transactions in the year included:
- The acquisition of a 50% interest in 25 Dockside Drive, Toronto, through a joint venture with George Brown College, expanding the College's waterfront campus.
- The acquisition of a 37.5% interest in 2 Queen East, Toronto, through a joint operation with Toronto Metropolitan University and Brookfield Property Partners.
The Company also expanded its investments in forest properties by subscribing for an additional $21.7 million in participating preferred shares of Haliburton Forest, increasing its effective ownership to 59%. In addition, Haliburton Forest acquired the Murry Bros. Lumber Company sawmill and associated crown land harvesting rights, reinforcing its long-term growth strategy.
In the capital markets, Halmont completed the issuance of $50 million of Series II convertible preferred shares, providing additional capital to pursue future investment opportunities.
At year-end, Halmont revalued its real estate and other investments in accordance with IFRS. The fully diluted book value of common shares increased to 92¢ per share at December 31, 2024, compared to 80¢ at December 31, 2023. The Company remains committed to enhancing shareholder value, and should common shares trade at meaningful discounts to their book value for an extended period, Halmont intends to continue repurchasing shares through normal course issuer bids.
Halmont Properties Corporation invests directly in real assets including commercial, forest, and industrial 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, and the TSX-V's final approval of the Articles of Amendment. 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. Readers are encouraged to review the Company's risks outlined in its public 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 additional information:
Heather M. Fitzpatrick, President
T: 647-448-7147
