Parkit Enterprise announces second quarter 2022 results

Parkit Enterprise announces second quarter 2022 results

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Toronto, Ontario – (Newsfile Corp. – August 8, 2022) – Parkit Enterprise Inc. (TSX-V: PKT) (“Parkit” or the “Company”), today announced the company’s results for the second quarter of 2022. Parkit Chairman Steve Scott commented:

“To date, Parkit has completed $57.3 million in value-added acquisitions and continues to advance its leasing activity by completing another renewal with significant rental growth. The company continues to build the foundation for growth by continuing its operations and remaining disciplined on acquisitions. Looking ahead, we expect to grow our revenue, NRI and FFO by maximizing occupancy and providing quality property and asset management.”

SECOND QUARTER 2022 RESULTS AND RECENT BUSINESS HIGHLIGHTS

  • Revenue and Net Rental Income. Revenue and net rental income increased as we onboarded and integrated additional investment properties. Investment property income for the three and six months ended June 30, 2022 increased to $2,691,836 and $4,802,291, respectively, compared to $1,327,495 and $1,922,191 for the three and six months ended June 30, 2021. Net rental income (“NRI”), increased to $1,374,181 and $2,242,216 for the three and six months ended June 30, 2022 compared to $799,573 and $1,161,846 for the three and six months ended June 30, 2021.
  • Significant liquidity position. Parkit has cash on hand of $21,271,211 with $17,500,000 available in undrawn credit facilities and unencumbered investment properties with a market value of approximately $47,784,000.
  • Change in cash flow. Cash flow from operations increased by $2,271,956 for the six months ended June 30, 2022 compared to an increase of $629,300 for the six months ended June 30, 2021. Parkit used $51,690,400 of net cash in investing activities for the six months ended June 30, 2022, compared to cash of $38,166,628 from investing activities for the six months ended June 30, 2021. Parkit received net cash of $48,894,446 from financing activities…



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