TORONTO, ONTARIO–(Marketwired – May 30, 2017) – HALMONT PROPERTIES CORPORATION (TSX VENTURE:HMT) announced today that the net income to common shareholders for the three months ended March 31, 2017 was $380 thousand as compared to net income of $350 thousand for the three months ended March 31, 2016.
| Three months ended | |||||
| (in thousands except per share amounts) | March 31, 2017 | March 31, 2016 | |||
| Revenue | $ | 1,148 | $ | 1,025 | |
| Net income | |||||
| – total | $ | 488 | $ | 522 | |
| – for common shareholders | $ | 380 | $ | 350 | |
| Net income per share for common shareholders | 0.51¢ | 0.47¢ | |||
During the quarter, the Company acquired a commercial office property located at 22 College Street in the Discovery District of Toronto for approximately $19.5 million. In addition to being within 50-metres of a subway station, seven major high-rise residential properties are either under way or are planned to be constructed in close proximity to the building acquired.
Subsequent to quarter end, an agreement was reached subject to necessary approvals, to increase the Company’s interest in 51 Yonge Street, Toronto from 75% to 100% in exchange for 2,740,000 Class A common shares.
The book value of each common share, based on the Company’s December 31, 2016 IFRS appraisals and including the net income earned in the first quarter, increased to 44.5¢ per share as at March 31, 2017.
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.
Michelle S. Kielb
Chief Financial Officer
647-448-7147