Business
Parkit Enterprise Reports Q1 2025 Results
Toronto, Ontario--(Newsfile Corp. - May 8, 2025) - Parkit Enterprise Inc. (TSXV: PKT) ("Parkit" ...
About this update from Parkit Enterprise Inc.
[{"type":"text","content":"Parkit Enterprise Reports Q1 2025 ResultsToronto, Ontario--(Newsfile Corp. - May 8, 2025) - Parkit Enterprise Inc. (TSXV: PKT) (\"Parkit\" or the \"Company\"), today reported the Company's first quarter 2025 results. Steven Scott, Chair of Parkit, commented:\"Parkit started the year with an acquisition of a new property in Boisbriand, Quebec and continued its strong financial performance. We grew our net rental income and margins in Q1 2025, resulting in a year over year same property NOI growth of 10% and FFO growth of 25%. We renewed 68,000 square feet of leases at 24% higher rates and signed new leases on 43,000 square feet of space. We continue to maintain a strong balance sheet with 94% of our debt being fixed, and will continue to be disciplined on acquisitions, and we expect to increase revenue, NRI and FFO in the upcoming year.\"2025 Q1 Results and Recent Business HighlightsAcquisitions and Industrial Operations. Parkit acquired an industrial property for $10.3 million consisting of 62,680 gross square feet on 2.5 acres during the three months ended March 31, 2025. With this acquisition, Parkit continued to grow its portfolio and add to its presence in key markets.Investment properties revenue and net rental income. Investment properties revenue and net rental income increased as the Company increased its investment properties, signed new leases and streamlined operations. Investment properties revenue for the three months ended March 31, 2025 increased by 18% to $7,121,141, compared to $6,058,520 for the three months ended March 31, 2024. Net rental income (\"NRI\"), increased by 21% to $4,886,036, for the three months ended March 31, 2025 compared to $4,030,416 for the three months ended March 31, 2024. Stabilized Comparative Properties NOI. Stabilized Comparative Properties NOI, a Non-IFRS Measure, increased by 10%, to $4,368,553, for the three months ended March 31, 2025 compared to $3,978,322, for the three months ended March 31, 2024, as the Company executed renewals with tenants and maximized occupancy.Leasing at market rental spreads. During the three months ended March 31, 2025, Parkit renewed 68,000 square feet with three tenants at 24% higher rates and signed new leases for 43,000 square feet with two tenants at market rates. Funds from operations (\"FFO\") increased for the period. The FFO, a Non-IFRS Measure...