Parkit Enterprise Reports Q2 2025 Results

Core Viewpoint - Parkit Enterprise Inc. reported strong performance in Q2 2025, with significant achievements including asset sales, strategic investments, and improved financial metrics, indicating a positive outlook for revenue and cash flow growth in the upcoming year [1][2]. Financial Performance - The company completed the sale of six industrial properties in Winnipeg for proceeds of $96.5 million, receiving $40 million in the form of units of PROREIT [2]. - Investment properties revenue increased by 22% year-over-year to $7,750,540 for Q2 2025, while net rental income rose by 24% to $5,263,513 [2][9]. - Stabilized Comparative Properties NOI increased by 9% to $3,226,667 for Q2 2025, reflecting effective lease renewals and occupancy maximization [2][14]. - Funds from operations (FFO) grew by 51% to $2,272,169 for Q2 2025, driven by higher net rental income and additional dividend income from the PROREIT investment [2][10]. Leasing Activity - Parkit successfully renewed 97,400 square feet of leases at rates 47% higher than previous terms and signed a new lease for 22,000 square feet [1][2]. Liquidity and Cash Flow - The company maintained a strong liquidity position with cash and cash equivalents exceeding $11.1 million at the end of the period, alongside unencumbered assets and significant credit facility availability [2]. - Cash flow from operations increased to $8,393,224 for the six months ended June 30, 2025, compared to $7,134,985 for the same period in 2024 [2]. Net Income and Loss - Parkit reported net income of $18,159,326 for Q2 2025, a significant turnaround from a net loss of $445,893 in Q2 2024, attributed to gains from property sales and increased rental income [9][10]. - The net parking loss for the period was $7,403,186, reflecting impairments in parking assets due to reduced travel [9].