Business
Parkit Enterprise Reports Fiscal 2022 Annual Results; Highlighting Acquisitions; Provides 2023 Outlook
Toronto, Ontario--(Newsfile Corp. - March 28, 2023) - Parkit Enterprise Inc.  (TSXV: PKT)&...
About this update from Parkit Enterprise Inc.
[{"type":"text","content":"Parkit Enterprise Reports Fiscal 2022 Annual Results; Highlighting Acquisitions; Provides 2023 OutlookToronto, Ontario--(Newsfile Corp. - March 28, 2023) - Parkit Enterprise Inc. (TSXV: PKT) (\"Parkit\" or the \"Company\"), today reported the Company's full year 2022 audited results. Steve Scott, Chair of Parkit, commented:\"In fiscal 2022, Parkit continued to build the foundation for growth by executing on operations and by closing on $57.9 million in disciplined accretive acquisitions. Looking ahead, we started fiscal 2023 by closing on a portfolio of 10 industrial properties in Winnipeg and Saskatchewan for $90.3 million. Throughout the year we expect to continue to add to our industrial portfolio, and to increase our revenue, NRI and FFO, through maximizing occupancy and by delivering quality property and asset management.\"2022 Q4 and Full Year Results and Recent Business HighlightsRevenues and net rental income. Revenues and net rental income increased as the Company onboarded and integrated additional investment properties. Investment properties revenue for the three months and year ended December 31, 2022 rose to $3,420,394 and $11,069,394, respectively, compared to $2,115,089 and $5,778,651 for the three months and year ended December 31, 2021. Net rental income (\"NRI\"), increased to $2,051,634 and $5,883,709 for the three months and year ended December 31, 2022 compared to $1,114,129 and $3,322,561 for the three months and year ended December 31, 2021. The increase in revenue and NRI from investment properties is due to the acquisitions made by Parkit. Parkit's stabilized property margins continued to improve quarter over quarter for the year ended December 31, 2022 as the Company streamlined operations and signed new leases.Significant liquidity position. The Company maintained a strong liquidity position with cash and cash equivalents totaling $19,471,763 for the year ended December 31, 2022, compared to $21,797,256 for the year ended December 31, 2021. Cash flows. Parkit increased its cash flow received from operating activities excluding changes in working capital to $4,203,641 for the year ended December 31, 2022, compared to cash flow received of $2,218,208 for the year ended December 31, 2021. Parkit used net cash of $39,654,054 in investing activities for the year ended December 31, 2021, compared t...