Business
Parkit Enterprise Reports 2021 Third Quarter Results
Toronto, Ontario--(Newsfile Corp. - November 15, 2021) - ‎Parkit Enterprise Inc.  ...
About this update from Parkit Enterprise Inc.
[{"type":"text","content":"Parkit Enterprise Reports 2021 Third Quarter ResultsToronto, Ontario--(Newsfile Corp. - November 15, 2021) - ‎Parkit Enterprise Inc. (TSXV: PKT) (\"Parkit\" or the \"Company\") reported the Company's third quarter results. Steven Scott, Chair, commented:\"Parkit has continued its transition into an industrial real estate platform as it grows its revenues and net rental income, advances its development properties, and continues to find accretive industrial asset acquisitions. Parkit has completed a total of $120 million of industrial assets acquisitions over the past 12 months and looks to continue this strength into the balance of 2021 and beyond.\"2021 Third Quarter Results and Recent Business HighlightsRevenues and net rental income. Revenues and net rental income continued to increase as we onboard and integrate additional investment properties. The investment properties revenue for the three months ended September 30, 2021 rose to $1,741,371 compared to nil for the three months ended October 31, 2020. Net rental income for the three months ended September 30, 2021 rose to $1,046,586, compared to nil for the three months ended September 30, 2020.Significant liquidity position. Cash and cash equivalents were $56,305,690 for the quarter ended September 30, 2021, compared to $588,635 for the quarter ended October 31, 2020.Parking operations continues to be impacted by COVID-19. Parkit's parking joint ventures reported a small loss of $6,547 for the 3 months ended September 30, 2021, compared to a loss of $4,054,601 for the 3 months ended October 31, 2020. The Company expects the parking results to continue to improve as the effects of the pandemic diminish.Loss for the period. The Company had a loss for the three months ended September 30, 2021 of $678,310, or a basic and diluted loss per share of $0.00, compared to a loss for the three months ended October 31, 2020 of $4,356,008, or a basic and diluted loss per share of $0.12. The loss for the quarter ended September 30, 2021 resulted from one-time transaction costs incurred on acquisitions, depreciation (non-cash item) and financing costs offset by rising net rental income from its investment properties.Funds from operations (\"FFO\") increased for the period. Parkit had positive FFO, a non-IFRS measure‎, of $624,431 for the three months ended Sept...