HMT Halmont Properties Corp

HALMONT PROPERTIES CORPORATION (TSX-V: HMT) announced today that net income to common shareholders for the year ended December 31, 2020 was $4.82 million as compared to net income of $6.48 million for the year ended December 31, 2019.

		Year ended
(in millions)		December 31, 2020			December 31, 2019
Revenue		$	11.21		$	13.47
Net income	- total		6.10			7.07
	- for common shareholders		4.82			6.48
Net income per share for common shareholders			4.28	¢		5.88	¢

Excluding the sale of a commercial property in 2019, net income for the previous year was $3,715,000 and net income attributable to common shareholders was $2,595,000.

Excluding the sale of the commercial property, the increase in the Company’s earnings is principally due to additional capital invested in 2020 in loans receivable and forest properties.

With respect to the impact of COVID-19, our businesses overall performed well with the exception of our commercial properties and we are working to mitigate the consequences.

Notable investment initiatives undertaken during 2020 include:

• Collection of a mortgage receivable on a student housing residency resulting in an after-tax gain of $1.3 million.
• Further funding of $16 million on residential developments located in Oakville, Ontario.
• Delivery of the first units of the Muskoka Resort development project with registration and handover to the condo corporation in January 2021.
• Redemption of the subordinated convertible capital notes by issuing Class B common shares to note holders.

The book value of each common share increased to 60¢ at December 31, 2020 compared to 57¢ in 2019.

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.

Halmont Properties Corporation invests directly in real estate and securities of companies holding property, energy, and infrastructure.

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                                                President647-448-7147