CORRECTING and REPLACING Zoned Properties Reports Second Quarter 2022 Financial Results
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The updated release reads:
ZONED PROPERTIES REPORTS SECOND QUARTER 2022 FINANCIAL RESULTS
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Zoned Properties®, Inc. (“Zoned Properties” or the “Company”) (OTCQB: ZDPY), a leading real estate development firm for emerging and highly regulated industries, including legalized cannabis, today announced its financial results for the second quarter ended
“The Zoned Properties team has positioned the Company for national scale and growth, and we continue to execute on our full-spectrum of real estate services for both independent clients and our own development projects. We are focused on investing in the growth and diversity of our top line revenue while maintaining positive cash flow from operations, and we view these metrics as some of the most important financial indicators for investors and shareholders to follow,” commented
“We believe we have developed the right business mix of real estate services to effectively scale
Six Months and Second Quarter Ended
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Revenues were
for the six months ended$1,437,353 June 30, 2022 , compared to for the six months ended$895,909 June 30, 2021 , an increase of60.4% . -
Operating expenses were
for the six months ended$1,437,039 June 30, 2022 , compared to for the six months ended$799,624 June 30, 2021 , an increase of79.7% . -
The Company reported a net loss of
for the six months ended$64,759 June 30, 2022 , as compared to net income of for the six months ended$41,259 June 30, 2021 . -
Revenues were
for the second quarter ended$498,652 June 30, 2022 , compared to for the second quarter ended$550,064 June 30, 2021 , a decrease of9.3% . -
Operating expenses were
for the second quarter ended$507,856 June 30, 2022 , compared to for the second quarter ended$410,411 June 30, 2021 , an increase of23.7% . -
The Company reported a net loss of
for the second quarter ended$39,063 June 30, 2022 , as compared to net income of for the second quarter ended$112,594 June 30, 2021 . -
The Company had cash of
as of$891,244 June 30, 2022 , compared to as of$1,191,940 December 31, 2021 , primarily reflecting a investment in tenant improvements related to the Company’s Chino Valley Cultivation Facility, and a$500,000 investment in equity securities related to the Company’s AnamiTech investment. The Company reported net cash provided by operating activities of$50,000 for the six months ended$270,968 June 30, 2022 .
Management Discussion and Company Highlights
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Zoned Properties has developed a full spectrum of integrated growth services to support its commercial real estate development model; the Company’s Property Technology (“PropTech”), Advisory Services, Commercial Brokerage, and Investment Portfolio collectively cross-pollinate within the model to drive project value associated with complex real estate projects.-
Zoned Properties Property Technology: PropTech platforms have the opportunity to bring service and data solutions to complex markets at national scale.
Zoned Properties is in the process of investing in, partnering with, and securing various property technology platforms to establish a robust tech-stack to service the regulated cannabis industry and support the Company’s full spectrum of real estate services. InApril 2022 , the Company’s project team launched the Rezone Beta platform into the marketplace. Rezone will focus on democratizing commercial real estate intelligence, developing the capabilities to provide hundreds of thousands of service professionals, business operators, and real estate investors with GIS mapping data and information. InJuly 2022 , the Company invested in another PropTech company, AnamiTech, alongside the launch of its flagship PropTech platform, GreenSpace Pro. AnamiTech has focused its PropTech platform on project management tools and solutions for the cannabis operators, regulators, and project teams. - We expect our Property Technology division to create efficient and effective pathways for the national scale of our real estate services and investment opportunities.
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Zoned Properties Advisory Services: The Company continues to expand its advisory services team and client-base in new state markets across the country, strengthening the
Zoned Properties network that specializes in commercial real estate solutions for the regulated cannabis industry. - We expect our Advisory Services division to continue to engage with a wide range of Multi-State Operators (MSOs), Social Equity Operators (SEOs), and real estate operators; strengthening our client roster as we scale nationally into existing and new state markets.
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Zoned Properties Commercial Brokerage: We launched our in-house licensed brokerage in
June 2021 . In its first year of operations, the brokerage team has created brokerage partnerships and served clients across the nation, closing more than worth of real estate transactions earning nearly$50 million in commission revenue. Our brokerage team has been engaged on listing projects representing more than 1.5 million square feet of commercial real estate for cannabis dispensaries, cultivation, processing, and warehouse facilities across the nation.$1 million -
We expect our Commercial Brokerage division to execute on its nation growth strategy to establish
Zoned Properties brokerage partnerships or brokerage offices in multiple new state markets creating service access to the national cannabis marketplace. -
Zoned Properties Investment Portfolio:
Zoned Properties owns properties within its Investment Portfolio that are leased to regulated cannabis operators. As ofJune 2022 , the Company’s stabilized property portfolio produces annually in triple-net, passive rental revenue, and is expected to yield over$1.83 million in cash flow over the life of its contracted lease agreements. In$30 million July 2022 , the Company secured an initial debt facility of creating buying power for new property acquisitions to expand our Investment Portfolio. It will become increasingly important for the Company to focus on raising access to capital and buying power to align with our strong pipeline of acquisition and investment opportunities.$4.5 million -
We expect our Investment Portfolio to grow commensurate with our buying power over the next few months and quarters as the
Zoned Properties team proceeds with prospective acquisition offers for both stabilized properties with operating tenants and pre-operating development projects. The Company believes a balance of both debt and equity in buying power, and also stabilized properties and development projects in acquisition targeting will create the most opportune risk-reward profile forZoned Properties and its shareholders.
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Zoned Properties Property Technology: PropTech platforms have the opportunity to bring service and data solutions to complex markets at national scale.
About
Headquartered in
Twitter: @ZonedProperties
LinkedIn: @ZonedProperties
Safe Harbor Statement
This press release contains forward-looking statements. All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as "believe," "expect," "anticipate," "plan," "potential," "continue" or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks and uncertainties are discussed in the Company's filings with the
View source version on businesswire.com: https://www.businesswire.com/news/home/20220811005138/en/
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