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Yahoo
14-05-2025
- Business
- Yahoo
H&R REIT Reports First Quarter 2025 Results
TORONTO, May 14, 2025 /CNW/ - H&R Real Estate Investment Trust ("H&R" or "the REIT") (TSX: is pleased to announce its financial results for the three months ended March 31, 2025. Tom Hofstedter, Executive Chair and Chief Executive Officer said "During 2024, we sold $429.0 million of real estate assets and sold a further $59.9 million during the first quarter of 2025. While we would like to see more transaction volume, we are very pleased with our first quarter's operating results for 2025. Overall occupancy was at 95.6%, total Same-Property net operating income (cash basis) grew by 4.4% and FFO was $0.30 per unit." (1) At the REIT's proportionate share. Refer to the "Non-GAAP Measures" section of this news release. (2) June 30, 2021 has been used as a benchmark since H&R's Strategic Repositioning Plan was announced prior to the release of H&R's Q3 2021 results. (3) Excludes the Bow and 100 Wynford, which were legally sold in October 2021 and August 2022, respectively. (4) Includes four office properties advancing through the process of rezoning into residential properties FINANCIAL HIGHLIGHTSMarch 31 December 31 December 31 2025 2024 2023 Total assets (in thousands) $10,460,327 $10,620,487 $10,777,643 Debt to total assets per the REIT's Financial Statements(1) 33.8 % 33.4 % 34.2 % Debt to total assets at the REIT's proportionate share(1)(2) 44.1 % 43.7 % 44.0 % Debt to Adjusted EBITDA at the REIT's proportionate share(1)(2)(3) 9.3x 9.4x 8.5x Unitholders' equity (in thousands) $5,192,448 $5,278,743 $5,192,375 Units outstanding (in thousands) 262,566 262,016 261,868 Exchangeable units outstanding (in thousands) 17,424 17,974 17,974 Unitholders' equity per Unit $19.78 $20.15 $19.83 Net Asset Value ("NAV") per Unit(2)(4) $20.62 $20.92 $20.75 Three months ended March 31 (in thousands except for per Unit amounts) 2025 2024 Rentals from investment properties $205,639 $209,521 Net operating income $82,963 $94,187 Same-Property net operating income (cash basis)(5) $126,469 $121,183 Net income (loss) from equity accounted investments ($10,082) $12,550 Fair value adjustment on real estate assets ($52,698) ($44,167) Net income (loss) ($52,018) $31,792 Funds from Operations ("FFO")(5) $83,098 $83,066 Adjusted Funds from Operations ("AFFO")(5) $68,013 $68,787 Weighted average number of Units and exchangeable units 279,990 279,847 FFO per basic and diluted Unit(2) $0.297 $0.297 AFFO per basic and diluted Unit(2) $0.243 $0.246 Cash distributions per Unit $0.150 $0.150 Payout ratio as a % of FFO(2) 50.5 % 50.5 % Payout ratio as a % of AFFO(2) 61.7 % 61.0 % (1) Debt includes mortgages payable, debentures payable, unsecured term loans, lines of credit and liabilities classified as held for sale. (2) These are non-GAAP ratios. Refer to the "Non-GAAP Measures" section of this news release. (3) Adjusted EBITDA is based on the trailing 12 months and is defined in the "Debt" section of this news release. (4) See page 9 of this news release for a detailed calculation of NAV per Unit. (5) These are non-GAAP measures. Refer to the "Non-GAAP Measures" section of this news release. SUMMARY OF SIGNIFICANT Q1 2025 ACTIVITY 2025 Net Operating Income HighlightsThree months ended March 31 (in thousands of Canadian dollars) 2025 2024 % Change Operating Segment:Same-Property net operating income (cash basis) - Residential(1) $44,483 $42,340 5.1 % Same-Property net operating income (cash basis) - Industrial(1) 17,181 16,435 4.5 % Same-Property net operating income (cash basis) - Office(1) 39,358 38,883 1.2 % Same-Property net operating income (cash basis) - Retail(1) 25,447 23,525 8.2 % Same-Property net operating income (cash basis)(1) 126,469 121,183 4.4 % Net operating income (cash basis) from Transactions at the REIT's proportionate share(1)(2) 28,874 36,645 (21.2) % Realty taxes in accordance with IFRIC 21 at the REIT's proportionate share(1)(3) (49,194) (43,821) 12.3 % Straight-lining of contractual rent at the REIT's proportionate share(1) 3,658 4,976 (26.5) % Net operating income from equity accounted investments(1) (26,844) (24,796) 8.3 % Net operating income per the REIT's Financial Statements $82,963 $94,187 (11.9) % (1) These are non-generally accepted accounting principles ("GAAP") measures. Refer to the "Non-GAAP Measures" section of this news release. (2) Transactions includes acquisitions, dispositions, and transfers of investment properties to or from properties under development during the 15-month period ended March 31, 2025. (3) Realty taxes in accordance with IFRS Interpretations Committee Interpretation 21, Levies ("IFRIC 21") relates to the timing of the liability recognition for U.S. realty taxes. By excluding the impact of IFRIC 21, U.S. realty tax expenses are evenly matched with realty tax recoveries received from tenants throughout the period. Transaction Highlights Property Dispositions In January 2025, H&R sold its ownership interests in three Canadian retail properties and its 50% interest in four Canadian retail properties, which were classified as held for sale as at December 31, 2024, totalling 336,695 square feet for gross proceeds of $49.8 million. In March 2025, H&R sold one automotive-tenanted retail property in Puyallup, WA, which was classified as held for sale as at December 31, 2024, totalling 10,102 square feet for approximately $10.1 million (U.S. $7.0 million). Leasing Update On March 7, 2025, Hudson's Bay Company ("HBC") applied for protection from their creditors under the Companies' Creditors Arrangement Act (Canada). HBC is only a tenant at one REIT property, being 100 Metropolitan Rd., an industrial property in Toronto, ON, where HBC currently occupies 369,051 square feet at H&R's 50% ownership interest. HBC's base rent is currently $5.25 per square foot and market rent is approximately $14 per square foot. Development Update Canadian Properties under Development In January 2024, H&R received approval from the City of Mississauga to replace the existing 104,689 square foot office building at 6900 Maritz Drive in Mississauga, ON with a new 122,367 square foot industrial building. Construction commenced in 2024 and practical completion is expected in Q2 2025. The property will include sustainability elements such as EV charging stations and solar panel readiness and is targeted to achieve LEED Gold certification. As at March 31, 2025, the total development budget for this property was approximately $43.6 million with costs remaining to complete the new building of approximately $5.5 million. Equity Accounted Investments H&R has a 50% managing ownership interest in 560 & 600 Slate Drive, a 26.6 acre land site in Mississauga, ON, located next to Toronto Pearson International Airport and in close proximity to access points on the 410, 401 and 407 Highways. In 2024, construction commenced on two single storey industrial buildings totalling 309,727 square feet and 160,485 square feet, respectively at the 100% level. Both buildings have been designed with flexibility such that they can accommodate either single or multiple tenants. Both will include sustainability elements such as EV charging stations and solar panel readiness and are targeted to achieve LEED Gold certification. As at March 31, 2025, the total budget for 560 & 600 Slate Drive was approximately $66.3 million with costs remaining to complete of $20.7 million, all at H&R's ownership interest. The yield on cost for the overall project is expected to be approximately 6.6% with completion expected in Q3 2025. In February 2025, the partnership owning the site obtained a $32.5 million construction financing facility, at H&R's ownership interest. As at March 31, 2025, the available balance was approximately $26.5 million, at H&R's ownership interest. In February 2024, the REIT created Lantower Residential Real Estate Development Trust (No. 1) (the "REDT") which completed an initial public offering in April 2024. The REDT raised U.S. $52.0 million of equity capital from investors to acquire an interest in and fund the development of two residential development projects (the "REDT Projects") in Florida totalling 601 residential rental units. The REIT contributed the land to Lantower Residential REDT (No.1) JV LP ("REDT JV LP"), in exchange for a 29.1% ownership interest in the REDT JV LP. The REIT is accounting for its ownership interest in the REDT Projects as an equity accounted investment. H&R is earning a development fee of 4% of the total hard and soft costs of the REDT Projects (excluding land and financing costs) and is expecting to earn a 1% asset management fee on gross proceeds raised by the REDT. H&R will also be entitled to 20% of the distribution proceeds over and above its pro-rata share of the equity after investors receive an 8% internal rate of return and 30% after investors receive a 15% internal rate of return. As at March 31, 2025, H&R's share of the total budget for the REDT Projects was approximately $87.8 million (U.S. $61.0 million) with costs remaining to complete of $57.4 million (U.S. $39.8 million), all at H&R's ownership interest. The REDT Projects are expected to be completed in mid-2026. Debt & Liquidity Highlights Liquidity As at March 31, 2025, H&R had cash and cash equivalents of $69.9 million, $803.3 million available under its unused lines of credit and an unencumbered property pool of approximately $4.5 billion. As at March 31, 2025, debt to total assets per the REIT's Financial Statements was 33.8% compared to 33.4% as at December 31, 2024. As at March 31, 2025, debt to total assets at the REIT's proportionate share (a non-GAAP ratio, refer to the "Non-GAAP Measures" section of this news release) was 44.1% compared to 43.7% as at December 31, 2024. MONTHLY DISTRIBUTION DECLARED H&R today declared a distribution for the month of May scheduled as follows: Distribution per Unit Annualized Record date Distribution date May 2025 $0.05 $0.60 May 30, 2025 June 13, 2025 CONFERENCE CALL AND WEBCAST Management will host a conference call to discuss the financial results of the REIT on Thursday, May 15, 2025 at 9.30 a.m. Eastern Time. Participants can join the call by dialing 1‐800‐717‐1738 or 1‐289‐514‐5100. For those unable to participate in the conference call at the scheduled time, a replay will be available approximately one hour following completion of the call. To access the archived conference call by telephone, dial 1‐289‐819‐1325 or 1‐888‐660‐6264 and enter the passcode 05267 followed by the "#" key. The telephone replay will be available until Thursday, May 22, 2025 at midnight. A live audio webcast will be available through Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. The webcast will be archived on H&R's website following the call date. The investor presentation is available on H&R's website at 2025 ANNUAL UNITHOLDERS' MEETING H&R will host its annual Unitholders' meeting on Friday, June 27, 2025 at 10.30 a.m. Eastern Time (by virtual meeting only via live audio webcast at About H&R REIT H&R REIT is one of Canada's largest real estate investment trusts with total assets of approximately $10.5 billion as at March 31, 2025. H&R REIT has ownership interests in a Canadian and U.S. portfolio comprised of high-quality residential, industrial, office and retail properties comprising over 25.6 million square feet. H&R's strategy is to create a simplified, growth-oriented business focused on residential and industrial properties in order to create sustainable long-term value for unitholders. H&R plans to sell its office and retail properties as market conditions permit. H&R's target is to be a leading owner, operator and developer of residential and industrial properties, creating value through redevelopment and greenfield development in prime locations within Toronto and high growth U.S. sunbelt and gateway cities. Forward-Looking Disclaimer Certain information in this news release contains forward‐looking information within the meaning of applicable securities laws (also known as forward‐looking statements) including, among others, statements relating to H&R's objectives, beliefs, plans, estimates, targets, projections and intentions and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts, including with respect to H&R's future plans and targets, the REIT's strategic repositioning plan to create sustainable long-term value for unitholders, H&R's strategy to grow its exposure to residential assets in U.S. sunbelt and gateway cities, H&R's expectations with respect to the activities of its development properties, including the building of new properties and the redevelopment of existing properties, the use of such properties, the timing of construction and completion, expected construction plans and costs, yield on cost, anticipated square footage, future intensification opportunities, expectations with respect to the REDT and the REDT Projects, management's expectations regarding future distributions by the REIT, and management's expectation to be able to meet all of the REIT's ongoing obligations. Forward‐looking statements generally can be identified by words such as "outlook", "objective", "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans", "project", "budget" or "continue" or similar expressions suggesting future outcomes or events. Such forward‐looking statements reflect H&R's current beliefs and are based on information currently available to management. Forward‐looking statements are provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements are not guarantees of future performance and are based on H&R's estimates and assumptions that are subject to risks, uncertainties and other factors including those risks and uncertainties discussed in H&R's materials filed with the Canadian securities regulatory authorities from time to time, which could cause the actual results, performance or achievements of H&R to differ materially from the forward‐looking statements contained in this news release. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward‐looking statements include assumptions relating to the general economy, including the continuing effects of inflation; debt markets continue to provide access to capital at a reasonable cost; and assumptions concerning currency exchange and interest rates. Additional risks and uncertainties include, among other things, risks related to: real property ownership; the current economic environment, including the impact of any tariffs and retaliatory tariffs on the economy; strategic transformational repositioning plan; credit risk and tenant concentration; lease rollover risk; interest rate and other debt-related risks; inflation risk; development risks; residential rental risk; capital expenditure risk; currency risk; liquidity risk; cyber security risk; financing credit risk; ESG and climate change risk; risks associated with disease outbreaks; co-ownership interest in properties; general uninsured losses; joint arrangement and investment risks; dependence on key personnel and succession planning; potential acquisition, investment and disposition opportunities and joint venture arrangements; potential undisclosed liabilities associated with acquisitions; competition for real property investments; potential conflicts of interest; litigation and regulatory risk; Unit prices; availability of cash for distributions; credit ratings; ability to access capital; dilution; unitholder liability; redemption right; investment eligibility; debentures; statutory remedies; tax risk; and additional tax risks applicable to the REIT and to unitholders. H&R cautions that these lists of factors, risks and uncertainties are not exhaustive. Although the forward‐looking statements contained in this news release are based upon what H&R believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward‐looking statements. Readers are also urged to examine H&R's materials filed with the Canadian securities regulatory authorities from time to time as they may contain discussions on risks and uncertainties which could cause the actual results and performance of H&R to differ materially from the forward‐looking statements contained in this news release. All forward‐looking statements contained in this news release are qualified by these cautionary statements. These forward‐looking statements are made as of May 14, 2025 and the REIT, except as required by applicable Canadian law, assumes no obligation to update or revise them to reflect new information or the occurrence of future events or circumstances. Non‐GAAP Measures The unaudited condensed consolidated financial statements of the REIT and related notes for the three months ended March 31, 2025 (the "REIT's Financial Statements") were prepared in accordance with International Financial Reporting Standards ("IFRS"). However, H&R's management uses a number of measures, including NAV per Unit, FFO, AFFO, FFO and AFFO per basic and diluted Unit, payout ratio as a % of FFO, payout ratio as a % of AFFO, debt to total assets at the REIT's proportionate share, debt to Adjusted EBITDA at the REIT's proportionate share, Same‐Property net operating income (cash basis) and the REIT's proportionate share, which do not have meanings recognized or standardized under IFRS or GAAP. These non‐GAAP measures and non‐GAAP ratios should not be construed as alternatives to financial measures calculated in accordance with GAAP. Further, H&R's method of calculating these supplemental non‐GAAP measures and ratios may differ from the methods of other real estate investment trusts or other issuers, and accordingly may not be comparable. H&R uses these measures to better assess H&R's underlying performance and provides these additional measures so that investors may do the same. For information on the most directly comparable GAAP measures, composition of the measures, a description of how the REIT uses these measures and an explanation of how these measures provide useful information to investors, refer to the "Non‐GAAP Measures" section of the REIT's management's discussion and analysis as at and for the three months ended March 31, 2025 available at and on the REIT's profile on SEDAR at which is incorporated by reference into this news release. Financial Position The following table reconciles the REIT's Statement of Financial Position from the REIT's Financial Statements to the REIT's proportionate share (a non-GAAP measure):March 31, 2025 December 31, 2024 (in thousands of Canadian dollars) REIT's Financial Statements Equity accounted investments REIT's proportionateshare REIT's Financial Statements Equity accounted investments REIT's proportionateshare Assets Real estate assets Investment properties $7,955,321 $2,242,671 $10,197,992 $7,996,810 $2,275,559 $10,272,369 Properties under development 995,298 224,564 1,219,862 1,010,648 208,898 1,219,5468,950,619 2,467,235 11,417,854 9,007,458 2,484,457 11,491,915 Equity accounted investments 1,253,232 (1,253,232) — 1,275,549 (1,275,549) — Assets classified as held for sale 4,777 — 4,777 59,880 — 59,880 Other assets 181,847 34,960 216,807 177,246 34,758 212,004 Cash and cash equivalents 69,852 28,028 97,880 100,354 41,000 141,354$10,460,327 $1,276,991 $11,737,318 $10,620,487 $1,284,666 $11,905,153 Liabilities and Unitholders' Equity Liabilities Debt $3,533,076 $1,194,204 $4,727,280 $3,537,384 $1,199,391 $4,736,775 Exchangeable units 175,113 — 175,113 166,800 — 166,800 Deferred Revenue 895,619 — 895,619 906,363 — 906,363 Deferred tax liability 405,638 — 405,638 413,186 — 413,186 Accounts payable and accrued liabilities 258,433 62,142 320,575 304,978 64,744 369,722 Liabilities classified as held for sale — — — 13,033 — 13,033 Non-controlling interest — 20,645 20,645 — 20,531 20,5315,267,879 1,276,991 6,544,870 5,341,744 1,284,666 6,626,410 Unitholders' equity 5,192,448 — 5,192,448 5,278,743 — 5,278,743$10,460,327 $1,276,991 $11,737,318 $10,620,487 $1,284,666 $11,905,153 Debt to Adjusted EBITDA at the REIT's Proportionate Share The following table provides a reconciliation of Debt to Adjusted EBITDA at the REIT's proportionate share (a non-GAAP ratio):March 31 December 31 (in thousands of Canadian dollars) 2025 2024 Debt per the REIT's Financial Statements(1) $3,533,076 $3,550,417 Debt - REIT's proportionate share of equity accounted investments(1) 1,194,204 1,199,391 Debt at the REIT's proportionate share(1) 4,727,280 4,749,808(Figures below are for the trailing 12 months) Net loss per the REIT's Financial Statements (203,524) (119,714) Net income from equity accounted investments (within equity accounted investments) (555) (430) Finance costs - operations 295,101 296,538 Fair value adjustments on financial instruments and real estate assets 567,144 491,319 Loss on sale of real estate assets, net of related costs 12,543 12,156 Gain on foreign exchange (within equity accounted investments) (856) (856) Income tax recovery (59,050) (58,951) Non-controlling interest 1,253 1,256 Adjustments: The Bow and 100 Wynford non-cash rental income adjustments (93,940) (93,736) Straight-lining of contractual rent (16,938) (18,256) IFRIC 21 - realty tax adjustment 5,373 — Fair value adjustment to unit-based compensation 245 (1,791) Adjusted EBITDA at the REIT's proportionate share $506,796 $507,535 Debt to Adjusted EBITDA at the REIT's proportionate share(1) 9.3x 9.4x (1) Debt includes mortgages payable, debentures payable, unsecured term loans, lines of credit and liabilities classified as held for sale. RESULTS OF OPERATIONS The following table reconciles the REIT's Results of Operations from the REIT's Financial Statements to the REIT's proportionate share (a non-GAAP measure):Three months ended March 31, 2025 Three months ended March 31, 2024 (in thousands of Canadian dollars) REIT's Financial Statements Equity accounted investments REIT's proportionateshare REIT's Financial Statements Equity accounted investments REIT's proportionateshare Rentals from investment properties $205,639 $41,566 $247,205 $209,521 $37,975 $247,496 Property operating costs (122,676) (14,722) (137,398) (115,334) (13,179) (128,513) Net operating income 82,963 26,844 109,807 94,187 24,796 118,983 Net income (loss) from equity accounted investments (10,082) 10,136 54 12,550 (12,621) (71) Finance costs - operations (52,009) (12,388) (64,397) (53,514) (12,320) (65,834) Finance income 3,190 222 3,412 2,346 115 2,461 Trust expenses (7,237) (2,045) (9,282) (6,414) (1,831) (8,245) Fair value adjustment on financial instruments (22,105) (96) (22,201) 18,890 (22) 18,868 Fair value adjustment on real estate assets (52,698) (23,885) (76,583) (44,167) 2,340 (41,827) Gain (loss) on sale of real estate assets, net of related costs (1,103) 1,592 489 866 10 876 Net income (loss) before income taxes and non-controlling interest (59,081) 380 (58,701) 24,744 467 25,211 Income tax (expense) recovery 7,063 (19) 7,044 7,048 (103) 6,945 Net income (loss) before non-controlling interest (52,018) 361 (51,657) 31,792 364 32,156 Non-controlling interest — (361) (361) — (364) (364) Net income (loss) (52,018) — (52,018) 31,792 — 31,792 Other comprehensive income (loss): Items that are or may be reclassified subsequently to net income (loss) (62) — (62) 98,578 — 98,578 Total comprehensive income (loss) attributable to unitholders ($52,080) $— ($52,080) $130,370 $— $130,370 Same-Property net operating income (cash basis) The following table reconciles net operating income per the REIT's Financial Statements to Same-Property net operating income (cash basis) (a non-GAAP measure):Three months ended March 31 (in thousands of Canadian dollars) 2025 2024 Change Rentals from investment properties $205,639 $209,521 ($3,882) Property operating costs (122,676) (115,334) (7,342) Net operating income per the REIT's Financial Statements 82,963 94,187 (11,224) Adjusted for:Net operating income from equity accounted investments 26,844 24,796 2,048 Straight-lining of contractual rent at the REIT's proportionate share (3,658) (4,976) 1,318 Realty taxes in accordance with IFRIC 21 at the REIT's proportionate share 49,194 43,821 5,373 Net operating income (cash basis) from Transactions at the REIT's proportionate share (28,874) (36,645) 7,771 Same-Property net operating income (cash basis) $126,469 $121,183 $5,286 NAV per Unit (a non-GAAP Ratio) The following table reconciles Unitholders' equity per Unit to NAV per Unit: Unitholders' Equity per Unit and NAV per Unit March 31 December 31 (in thousands except for per Unit amounts) 2025 2024 Unitholders' equity $5,192,448 $5,278,743 Exchangeable units 175,113 166,800 Deferred tax liability 405,638 413,186 Total $5,773,199 $5,858,729Units outstanding 262,566 262,016 Exchangeable units outstanding 17,424 17,974 Total 279,990 279,990 Unitholders' equity per Unit(1) $19.78 $20.15 NAV per Unit $20.62 $20.92 (1) Unitholders' equity per Unit is calculated by dividing unitholders' equity by Units outstanding. Funds from Operations and Adjusted Funds from Operations The following table reconciles net income (loss) per the REIT's Financial Statements to FFO and AFFO (non-GAAP measures): FFO AND AFFO Three months ended March 31 (in thousands of Canadian dollars except per Unit amounts) 2025 2024 Net income (loss) per the REIT's Financial Statements ($52,018) $31,792 Realty taxes in accordance with IFRIC 21 45,354 40,221 FFO adjustments from equity accounted investments 27,110 1,272 Exchangeable unit distributions 2,614 2,696 Non-cash loss on mortgages receivable 268 — Fair value adjustments on financial instruments and real estate assets 74,803 25,277 Fair value adjustment to unit-based compensation 1,514 (522) (Gain) loss on sale of real estate assets, net of related costs 1,103 (866) Deferred income tax recovery applicable to U.S. Holdco (7,495) (7,387) Incremental leasing costs 589 615 The Bow and 100 Wynford non-cash rental income and accretion adjustments (10,744) (10,032) FFO $83,098 $83,066 Straight-lining of contractual rent (3,612) (4,829) Rent amortization of tenant inducements 1,150 1,130 Capital expenditures (10,357) (8,583) Leasing expenses and tenant inducements (657) (215) Incremental leasing costs (589) (615) AFFO adjustments from equity accounted investments (1,020) (1,167) AFFO $68,013 $68,787 Basic and diluted weighted average number of Units and exchangeable units (in thousands of Units)(1) 279,990 279,847 FFO per basic and diluted Unit $0.297 $0.297 AFFO per basic and diluted Unit $0.243 $0.246 Cash distributions per Unit $0.150 $0.150 Payout ratio as a % of FFO 50.5 % 50.5 % Payout ratio as a % of AFFO 61.7 % 61.0 % (1) For the three months ended March 31, 2025 and 2024, included in the weighted average and diluted weighted average number of Units are the weighted average number exchangeable units of 17,473,075 and 17,974,186, respectively. Additional information regarding H&R is available at and on SOURCE H&R Real Estate Investment Trust View original content to download multimedia: Sign in to access your portfolio
Yahoo
14-05-2025
- Business
- Yahoo
Wishpond Announces Date for First Quarter 2025 Financial Results Video Conference Call
VANCOUVER, BC, May 14, 2025 /CNW/ - Wishpond Technologies Ltd. (TSXV: WISH) (OTCQX: WPNDF) (the "Company" or "Wishpond"), a provider of marketing-focused online business solutions, is pleased to announce that it expects to release its First Quarter Financial Statements and corresponding management's discussion and analysis for the three months ended March 31, 2025 before market open on Thursday, May 22nd, 2025. The Company will also host a conference call to discuss the results on the same day at 10:00 am PT (1:00 pm ET). The call will be hosted by: Ali Tajskandar, Chairman and Chief Executive Officer; and Adrian Lim, Chief Financial Officer. Webinar Details: Date: May 22, 2025 Time: 10:00 am PT (1:00 pm ET) Webinar Registration: Dial-in: +1 778 907 2071 (Vancouver local)+1 647 374 4685 (Toronto local) Meeting ID #: 817 0014 9291 Please connect 5 minutes prior to the conference call to ensure time for any software download that may be required. Wishpond Technologies "Ali Tajskandar"Founder, Chairman and Chief Executive OfficerWishpond Technologies Ltd. About Wishpond Technologies Ltd. Wishpond is a Vancouver-based provider of AI-enabled marketing and sales solutions that help businesses grow more efficiently. The Company's vision is to create a fully autonomous AI-enabled platform that streamlines the entire customer acquisition journey, from lead generation and engagement to deal closure, enabling businesses to scale cost-effectively while driving higher conversions. Wishpond offers an all-in-one marketing suite that integrates AI-driven tools such as an AI Website Builder, AI Email Automation, and SalesCloser AI, a conversational AI-based virtual sales agent that leverages generative AI to conduct personalized sales calls and product demos, increasing efficiency, reducing costs, and enhancing customer satisfaction. With a focus on innovation, Wishpond has filed multiple patent applications in conversational AI, reinforcing its leadership in AI-enabled marketing automation. The Company serves small-to-medium-sized businesses across various industries, providing a powerful yet cost-effective alternative to fragmented marketing solutions. Wishpond employs a Software-as-a-Service (SaaS) business model, generating most of its revenue from subscription-based recurring revenue, which ensures strong revenue predictability and cash flow visibility while continuously expanding its AI capabilities. Wishpond is listed on the TSX Venture Exchange under the ticker "WISH", and on the OTCQX Best Market under the ticker "WPNDF". For further information, visit: Cautionary & Forward-Looking Statements Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. While the Company expects to release its financial results for the quarter ended March 31, 2025, on May 22, 2025, and host a conference call on the same day, such statements are forward-looking information within the meaning of applicable Canadian securities legislation. The Company will use commercially reasonable efforts to meet such disclosed timelines, however, extenuating circumstances such as delays in accounting review, the availability of employees and consultants, other pressing business or regulatory requirements which may divert management attention and other factors may cause the Company to not be able to meet such deadlines. Readers are cautioned not to place undue reliance on forward-looking information. The forward-looking information contained in this press release is expressly qualified by this cautionary statement and is made as of the date hereof. The Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. View original content to download multimedia: SOURCE Wishpond Technologies Ltd. View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Hamilton Spectator
14-05-2025
- Business
- Hamilton Spectator
Titan Mining Reports 37% Revenue Growth and Lower Costs in Q1 2025
VANCOUVER, British Columbia, May 14, 2025 (GLOBE NEWSWIRE) — Titan Mining Corporation (TSX: TI, OTCQB: TIMCF) ('Titan' or the 'Company') today announced its financial and operating results for the quarter ended March 31, 2025. The Company delivered a 37% year-over-year revenue increase and a 4% reduction in all-in sustaining costs ('AISC'), supported by higher production and strong operational execution at the Empire State Mine ('ESM'). Q1 25 HIGHLIGHTS: (1) (1) All amounts disclosed in this news release are in U.S. dollars unless otherwise stated. Don Taylor, Chief Executive Officer of Titan, commented, ' We started 2025 with good momentum, achieving strong production and lowering unit costs. This performance reflects the strength of our team and the efficiency of the Empire State Mine, which continues to deliver consistent, high-quality results. The quarter's exploration results, including a high-grade intercept over 1,700 feet outside our current mineral resource model, point to meaningful mineral resource expansion and long-term potential across the district' . Rita Adiani, President of Titan commented: ' Titan's Q1 results reinforce our strategy to grow responsibly while maintaining cost discipline. With zinc operations delivering robust cash flow and our graphite project advancing rapidly, we are executing on our dual-commodity growth plan and positioning Titan as a reliable U.S. supplier of critical minerals.' TABLE 1 Financial and Operating Highlights Note: The sum of the quarters in the table above may not equal the full-year amounts disclosed elsewhere due to rounding. C1 Cash Cost, All-In Sustaining Cost ('AISC') and Net Debt are non-GAAP measures. Accordingly, these financial measures are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. These financial measures have been calculated on a basis consistent with historical periods. Information explaining these non-GAAP measures is provided below under 'Non-GAAP Performance Measures'. For further details the reader is directed to the Company's Q1 2025 Financial Statements and Management Discussion and Analysis available on the Company's website and . OPERATIONS REVIEW Mining activity in Q1 2025 focused on the Mahler, New Fold, and Mud Pond zones in the #4 mine. Deepening of the Mahler ramp enabled access to higher-grade ore, while long hole stoping in New Fold exceeded grade and tonnage targets. Production from the N2D zone is set to commence at 250 tons/day in Q2, increasing to 500 tons/day in Q3. Titan has begun implementing production expansion from 1,750 to 2,250 tons/day anticipated for completion by year-end. Equipment purchases and workforce training are underway, with rehabilitation advancing to support increased output. GRAPHITE UPDATE The Kilbourne Graphite Project, located within ESM's active permit area, continues to progress on schedule. Following positive Phase III metallurgy results, engineering for the commercial demonstration facility is nearing completion. The facility is expected to produce 1,000–1,200 tonnes of graphite concentrate per year. Subject to demand, funding and positive economic studies, the Company is targeting increasing graphite concentrate production to 40,000 tonnes per year. This will be the first fully integrated natural flake graphite production in the U.S. since 1956. EXPLORATION UPDATE As part of the underground drilling campaign, 22 holes totaling 9,213 feet were drilled in Q1, targeting Mahler, New Fold, and Mud Pond zones. A notable intercept from hole UX24-036 (11.6 ft at 13.7% Zn) was intersected approximately 1,750 ft outside the current mineral resource model along strike, indicating the potential to meaningfully expand the current mineral resource estimate. Figure 1: Map showing the intercept in UX24-036 relative to the current resource model extents. Quality Assurance and Quality Control Core drilling was completed using ESM owned and operated drills which produced AWJ (1.374 in) size drill core. All core was logged by ESM employees. The core was washed, logged, photographed, and sampled. All core samples were cut in half, lengthwise, using a diamond saw with a diamond-impregnated blade and sampled on 5 ft intervals with adjustments made to match geological contacts. After a sample is cut, one half of the core was returned to the original core box for reference and long-term storage. The second half was placed in a plastic or cloth sample bag, labeled with the corresponding sample identification number, along with a sample tag. All sample bags were secured with staples or a draw string, weighed and packed in shipping boxes. Shipping boxes are placed on pallets and shipped by freight to ALS Geochemistry ('ALS'), an independent ISO/IEC accredited lab located in Sudbury, Ontario, Canada. ALS prepares a pulp of all samples and sends the pulps to their analytical laboratory in Vancouver, B.C., Canada, for analysis. ALS analyzes the pulp sample by an aqua regia digestion (ME-ICP41 for 35 elements) with an ICP – AES finish including Cu (copper), Pb (lead), and Zn (zinc). All samples in which Cu (copper), Pb (lead), or Zn (zinc) are greater than 10,000 ppm are re-run using aqua regia digestion (Cu-OG46; Pb-OG46; and Zn-OG46) with the elements reported in percentage (%). Silver values are determined by an aqua regia digestion with an ICP-AES finish (ME-ICP41) with all samples with silver values greater than 100 ppm repeated using an aqua regia digestion overlimit method (Ag-OG46) calibrated for higher levels of silver contained. Gold values are determined by a 30 g fire assay with an ICP-AES finish (Au-ICP21). Mr. Taylor has a fulsome staff of experts on-site that thoroughly review and verify ESM technical data on a regular basis, as described above. For this reason, Mr. Taylor has relied entirely on such verification procedures for verifying the scientific and technical data in this news release. Mr. Taylor has not identified any legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources disclosed herein. Qualified Person The scientific and technical information contained in this news release has been reviewed and approved by Donald R. Taylor, MSc., PG, Chief Executive Officer of the Company. Mr. Taylor is a qualified person for the purposes of NI 43-101. Mr. Taylor has more than 25 years of mineral exploration and mining experience and is a Registered Professional Geologist through the SME (Registered Member #4029597). Non-GAAP Performance Measures This document includes non-GAAP performance measures, discussed below, that do not have a standardized meaning prescribed by IFRS. The performance measures may not be comparable to similar measures reported by other issuers. The Company believes that these performance measures are commonly used by certain investors, in conjunction with conventional GAAP measures, to enhance their understanding of the Company's performance. The Company uses these performance measures extensively in internal decision-making processes, including to assess how well the Empire State Mine is performing and to assist in the assessment of the overall efficiency and effectiveness of the mine site management team. The tables below provide a reconciliation of these non-GAAP measures to the most directly comparable IFRS measures as contained within the Company's issued financial statements. C1 Cash Cost Per Payable Pound Sold C1 cash cost is a non-GAAP measure. C1 cash cost represents the cash cost incurred at each processing stage, from mining through to recoverable metal delivered to customers, including mine site operating and general and administrative costs, freight, treatment and refining charges. The C1 cash cost per payable pound sold is calculated by dividing the total C1 cash costs by payable pounds of metal sold. All-in Sustaining Costs AISC measures the estimated cash costs to produce a pound of payable zinc plus the estimated capital sustaining costs to maintain the mine and mill. This measure includes the C1 cash cost and capital sustaining costs divided by pounds of payable zinc sold. AISC does not include depreciation, depletion, amortization, reclamation and exploration expenses. Net Debt Net debt is calculated as the sum of the current and non-current portions of long-term debt, net of the cash and cash equivalent balance as at the balance sheet date. A reconciliation of net debt is provided below. About Titan Mining Corporation Titan is an Augusta Group company which produces zinc concentrate at its 100%-owned Empire State Mine located in New York state. Titan's goal is to deliver shareholder value through operational excellence, development and exploration. We have a strong commitment towards developing critical minerals assets which enhance the security of the domestic supply chain. For more information on the Company, please visit our website at Contact For further information, please contact: Investor Relations: Email: info@ Cautionary Note Regarding Forward-Looking Information Certain statements and information contained in this new release constitute 'forward-looking statements', and 'forward-looking information' within the meaning of applicable securities laws (collectively, 'forward-looking statements'). These statements appear in a number of places in this news release and include statements regarding our intent, or the beliefs or current expectations of our officers and directors, including the potential for significant expansion of the mineral resource estimate; the Kilbourne graphite project for commercial demonstration facility; that Titan will be positioned as a reliable U.S. supplier of critical minerals; production from the N2D zone is set to commence at 250 tons/day in Q2, increasing to 500 tons/day in Q3; Titan has begun implementing production expansion from 1,750 to 2,250 tons/day anticipated for completion by year-end; the facility is expected to produce 1,000–1,200 tonnes of graphite concentrate per year; subject to demand, funding and positive economic studies, the Company is targeting increasing graphite concentrate production to 40,000 tonnes per year; Procurement and assembly for the facility is expected to begin in H2 2025; and that this will be the first fully integrated natural flake graphite production in the U.S. since 1956.. When used in this news release words such as 'to be', 'will', 'planned', 'expected', 'potential', and similar expressions are intended to identify these forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to vary materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in the Company's periodic filings with Canadian securities regulators. Such forward-looking statements are based on various assumptions, including assumptions made with regard to the ability to advance exploration efforts at ESM; the results of such exploration efforts; graphite demand; results of economic studies; the ability to secure adequate financing (as needed); the Company maintaining its current strategy and objectives; and the Company's ability to achieve its growth objectives. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Except as required by applicable law, we assume no obligation to update or to publicly announce the results of any change to any forward-looking statement contained herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If we update any one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. You should not place undue importance on forward-looking statements and should not rely upon these statements as of any other date. All forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
Yahoo
30-04-2025
- Business
- Yahoo
SMART SAND, INC. ANNOUNCES TIMING OF FIRST QUARTER 2025 EARNINGS RELEASE
YARDLEY, Pa., April 30, 2025 /PRNewswire/ -- Smart Sand, Inc. (NASDAQ: SND) ("Smart Sand" or the "Company") announced today that it will release its first quarter 2025 financial results after the market closes on Tuesday, May 13, 2025. Investors are invited to view the Company's Earnings Release, Financial Statements, and Investor Presentations at As always, we welcome calls or emails to the Company's CFO, Lee Beckelman, with any specific questions. About Smart Sand: Smart Sand is a fully integrated frac and industrial sand supply and services company, offering complete mine to wellsite proppant and logistics solutions to our frac sand customers, and a broad offering of products for industrial sand customers. The Company produces low-cost, high quality Northern White sand, which is a premium sand used as a proppant to enhance hydrocarbon recovery rates in the hydraulic fracturing of oil and natural gas wells. The Company's sand is also a high-quality product used in a variety of industrial applications, including glass, foundry, building products, filtration, geothermal, renewables, ceramics, turf & landscaping, retail, recreation and more. The Company offers logistics solutions to its customers through in-basin transloading terminals and its SmartSystems™ wellsite storage and sand management capabilities. Smart Sand owns and operates premium sand mines and related processing facilities in Wisconsin and Illinois, which have access to four Class I rail lines, allowing the Company to deliver products throughout the United States and Canada. For more information, please visit Contact: Lee BeckelmanPhone: (281) 231-2660Email: lbeckelman@ View original content to download multimedia: SOURCE Smart Sand, Inc. Sign in to access your portfolio
Cision Canada
30-04-2025
- Business
- Cision Canada
ORVANA SUBSIDIARY IN BOLIVIA REPORTS Q2 FY2025 FINANCIAL RESULTS
This news release does not constitute an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration. There will be no public offering of any of the securities mentioned in this news release in the United States. TORONTO, April 30, 2025 /CNW/ - Orvana Minerals Corp. (TSX: ORV) (the "Company" or "Orvana") announces the filing at the Bolivian stock market by its subsidiary, Empresa Minera Paitií, S.A. ("EMIPA"), of its unaudited Financial Statements for the second quarter of the fiscal year 2025 ("Q2 FY2025"). In September 2023, Autoridad de Supervisión del Sistema Financiero ("ASFI"), Bolivia's financial regulator, approved and registered EMIPA as an eligible bond issuer on the Bolivian stock market. As a registered bond issuer on the Bolivian stock market, EMIPA is required to file its quarterly financial statements with ASFI. The unaudited Financial Statements for the period ended March 31, 2025 for EMIPA can be viewed at the following ASFI landing page (the "ASFI Page"): To search for EMIPA's financial statements, select the following at the ASFI Page: Buscar: Empresa Minera Paitití, S.A. EMIPA Ver: Estados Financieros Orvana's consolidated Q2 FY2025 financial highlights will be released with the second quarter financials, expected mid-May, 2025 ABOUT ORVANA – Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing El Valle and Carlés gold-copper-silver mines in northern Spain, the Don Mario gold-silver property in Bolivia, and the Taguas property located in Argentina. Additional information is available at Orvana's website ( Certain statements in this presentation constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, potentials, future events or performance (often, but not always, using words or phrases such as "believes", "expects", "plans", "estimates" or "intends" or stating that certain actions, events or results "may", "could", "would", "might", "will", "are projected to" or "confident of" be taken or achieved) are not statements of historical fact, but are forward-looking statements. The forward-looking statements herein relate to, among other things, Orvana's ability to achieve improvement in free cash flow; the ability to maintain expected mining rates and expected throughput rates at El Valle Plant; the potential to extend the mine life of El Valle and Don Mario beyond their current life-of-mine estimates including specifically, but not limited to, Orvana's ability to optimize its assets to deliver shareholder value; estimates of future production (including without limitation, production guidance), operating costs and capital expenditures; mineral resource and reserve estimates; statements and information regarding future feasibility studies and their results; future transactions; future metal prices; the ability to achieve additional growth and geographic diversification; and future financial performance, including the ability to increase cash flow and profits; future financing requirements; mine development plans; the possibility of the conversion of inferred mineral resources to mineral reserves. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies, which includes, without limitation, as particularly set out in the notes accompanying the Company's most recently filed financial statements. The estimates and assumptions of the Company contained or incorporated by reference in this news release, which may prove to be incorrect, include, but are not limited to the various assumptions set forth herein and in Orvana's most recently filed Management's Discussion & Analysis and Annual Information Form in respect of the Company's most recently completed fiscal year (the "Company Disclosures") or as otherwise expressly incorporated herein by reference as well as: there being no significant disruptions affecting operations, whether due to labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; permitting, development, operations, expansion and acquisitions at El Valle, Don Mario and Taguas being consistent with the Company's current expectations; political developments in any jurisdiction in which the Company operates being consistent with its current expectations; certain price assumptions for gold, copper and silver; prices for key supplies being approximately consistent with current levels; production and cost of sales forecasts meeting expectations; the accuracy of the Company's current mineral reserve and mineral resource estimates; labour and materials costs increasing on a basis consistent with Orvana's current expectations; and the availability of necessary funds to execute the Company's plan. Without limiting the generality of the foregoing, this news release also contains certain "forward-looking statements" within the meaning of applicable securities legislation, including, without limitation, references to the results of the Company's exploration activities, including but not limited to, drilling results and analyses, mineral resource estimation, conceptual mine plan and operations, internal rate of return, sensitivities, taxes, net present value, potential recoveries, design parameters, operating costs, capital costs, production data and economic potential; the timing and costs for production decisions; permitting timelines and requirements; exploration and planned exploration programs; and the Company's general objectives and strategies. A variety of inherent risks, uncertainties and factors, many of which are beyond the Company's control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward looking statements. Some of these risks, uncertainties and factors include: the potential impact of global health and global economic conditions on the Company's business and operations, including: our ability to continue operations; and our ability to manage challenges presented by such conditions; the general economic, political and social impacts of the continuing conflict between Russia and Ukraine, our ability to support the sustainability of our business including through the development of crisis management plans, increasing stock levels for key supplies, monitoring of guidance from the medical community, and engagement with local communities and authorities; fluctuations in the price of gold, silver and copper; the need to recalculate estimates of resources based on actual production experience; the failure to achieve production estimates; variations in the grade of ore mined; variations in the cost of operations; the availability of qualified personnel; the Company's ability to obtain and maintain all necessary regulatory approvals and licenses; Orovalle's ability to complete the permitting process of the El Valle Tailings Storage Facility increasing the storage capacity; Orovalle's ability to complete the stabilization project of the legacy open pit wall; the Company's ability to use cyanide in its mining operations; risks generally associated with mineral exploration and development, including the Company's ability to continue to operate the El Valle and/or ability to resume operations at the Carlés Mine; the Company's ability to successfully implement an acid leaching circuit and ancillary facilities to process the current oxides stockpiles at Don Mario; the Company's ability to successfully carry out development plans at Taguas; sufficient funding to carry out exploration and development plans at Taguas and to process the oxides stockpiles at Don Mario; EMIPA's ability to finalize the OSP financial model and subsequently complete the required funding for the OSP; the Company's ability to acquire and develop mineral properties and to successfully integrate such acquisitions; the Company's ability to execute on its strategy; the Company's ability to obtain financing when required on terms that are acceptable to the Company; challenges to the Company's interests in its property and mineral rights; current, pending and proposed legislative or regulatory developments or changes in political, social or economic conditions in the countries in which the Company operates; general economic conditions worldwide; the challenges presented by global health conditions; fluctuating operational costs such as, but not limited to, power supply costs; current and future environmental matters; and the risks identified in the Company's disclosures. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements and reference should also be made to the Company's Disclosures for a description of additional risk factors. Any forward-looking statements made herein with respect to the anticipated development and exploration of the Company's mineral projects are intended to provide an overview of management's expectations with respect to certain future activities of the Company and may not be appropriate for other purposes. Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions and, except as required by law, the Company does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. Readers are cautioned not to put undue reliance on forward-looking statements. The forward-looking statements made in this information are intended to provide an overview of management's expectations with respect to certain future operating activities of the Company and may not be appropriate for other purposes.
