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TORONTO, April 28, 2023 (GLOBE NEWSWIRE) — HALMONT PROPERTIES CORPORATION (TSX-V: HMT) (“Halmont” or the “Firm”) introduced at this time that web earnings to shareholders for the 12 months ended December 31, 2022, was $9.57 million as in comparison with web earnings of $7.10 million for the 12 months ended December 31, 2021.

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Given the deterioration over the previous two years within the outlook for low-rise business workplace house, Halmont accomplished the sale of a 3rd workplace property in 2022. We have now additionally entered a sale settlement to promote a fourth property, which is at present scheduled to shut in December 2023.

The completion of those property gross sales will generate roughly $80 million of capital, which we plan to put money into the forestry sector and defer additional funding in business workplace properties till they change into obtainable at significant reductions to their alternative value or are topic to inflation or different enticing lease step-ups.

Happily, on the present time we’re uniquely positioned to extend our investments within the forestry sector by subscribing for extra shares of Haliburton Forest, which owns and manages roughly 250,000 acres of unencumbered freehold timberlands in Ontario. Halmont additionally holds a 7% toe-hold funding in Acadian Timber Corp., the proprietor of roughly 1,100,000 acres of forest lands in New Brunswick and Maine. Collectively, these corporations handle over 3,000,000 acres of Crown Forest.

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The diluted e-book worth of every widespread share elevated to 71¢ at December 31, 2022 in comparison with 64¢ at December 31, 2021, assuming the conversion of the excellent most popular shares and capital notes. Halmont revalues its principal property every year in accordance with IFRS accounting rules, contemplating obtainable market info and the related phrases of its joint-venture and partnership agreements. In consequence, the widespread share e-book worth approximates their realizable values.

Halmont Properties Company invests straight in actual property together with business, forest, and residential properties.

This information launch contains sure forward-looking statements together with administration’s evaluation of the Firm’s future plans and operations based mostly on present views and expectations. All statements apart from statements of historic details are ahead wanting statements. These statements comprise substantial identified and unknown dangers and uncertainties, a few of that are past the Firm’s management. The Firm’s precise outcomes, efficiency or achievement might differ materially from these expressed in, or implied by, these forward-looking statements. Readers shouldn’t place undue reliance on these forward-looking statements which symbolize estimates and assumptions solely as of the date on which such statements are made. The Firm undertakes no obligation to publicly revise or replace any forward-looking statements, whether or not on account of new info, future occasions or in any other case.

For added info:
Heather M. Fitzpatrick                                       
President l T: 647-448-7147