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Halmont Properties Corporation Second Quarter Results

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TORONTO, Aug. 29, 2018 (GLOBE NEWSWIRE) -- HALMONT PROPERTIES CORPORATION (TSX-V: HMT) announced today that net income to common shareholders for the six months ended June 30, 2018 was $944,000 as compared to net income of $795,000 for the six months ended June 30, 2017.

                                  Six months ended  
(in millions) June 30, 2018   June 30, 2017  
         
Revenue $ 3,221   $ 2,472  
         
Net income                          - total   1,201     1,011  
                                            - for common shareholders   944     795  
         
Net income per share for common shareholders    0.91 ¢   0.96 ¢

During the quarter, Halmont purchased a leasehold interest in a downtown commercial office building located at 221 Yonge Street in Toronto, Ontario for $5.5 million.

Subsequent to June 30, 2018, Halmont acquired a $14 million participating mortgage maturing July 2021.

At the Company's June 27, 2018 shareholder meeting, shareholders approved a proposed consolidation of the Company's outstanding Class A and Class B common shares on a one-for-five basis. Since this would result in our board lots falling below those required by the Toronto Venture Exchange, the implementation of the share consolidation is being deferred until a broader distribution is achieved.

The book value of each common share, based on the Company's December 31, 2017 IFRS appraisals and including the net income earned in the second quarter, was 48¢ per share as at June 30, 2018.

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

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

Halmont Properties Corporation
51 Yonge Street, Suite 400
Toronto, ON M5E 1J1
Telephone:   647-448-7147

 

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