TORONTO, Aug. 21, 2023 (GLOBE NEWSWIRE) -- HALMONT PROPERTIES CORPORATION (TSX-V: HMT) ("Halmont" or the "Company") announced today that the diluted net income attributable to shareholders for the six months ended June 30, 2023, was $4.24 million as compared to $10.16 million for the six months ended June 30, 2022.

Given the deteriorating rental market for low-rise commercial office space that has occurred over the past two years, we took proactive measures to adapt to the changing market conditions. This included the sale of three office properties, while a fourth property is scheduled to close in December 2023 for a gain of $12.8 million. On completion of these property sales, we will have generated approximately $80.0 million in capital, which we plan to reinvest in institutionally occupied properties.

The prospects for our two investments in the forest property sector are proving to be more attractive than previously projected. During the past quarter, Haliburton Forest acquired an additional 150,000 acres of forest lands, financed partly by our subscription for an additional $15.0 million participating preferred shares, which brought our effective equity ownership interest of this best-in-class forest sector company to 49%.

The attractiveness of our toe-hold investment in Acadian Timber Corp. has also advanced significantly with its recent registration of carbon credits on a small section of their 1.1 million acres of freehold forest lands.

The fully diluted book value, including the conversion of the capital notes and preferred shares, together with net income in the second quarter, has increased to 73¢ per common share at June 30, 2023, and is expected to reach 80¢ by December 31, 2023.

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 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
T: 647-448-7147