Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSXV: PKT), 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 Highlights

• Acquisitions 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, for the three months ended March 31, 2025 increased by 22%, or 25% per common share, to $1,681,551, compared to FFO of $1,379,969, respectively for the three months ended March 31, 2024. The increase in FFO was a result of additional NRI from investment properties offset by higher financing costs.

• Liquidity position. The Company maintained a strong liquidity position with cash and cash equivalents of over $3,100,000 at the end of the period. The Company has unencumbered assets and significant availability on its credit facilities to fund future acquisitions.

• Cash flows. Parkit’s cash flow from operations was $4,399,171 for the three months ended March 31, 2025, compared to $3,051,907 received for the three months ended March 31, 2024. The increase in cash from operating activities is a result of increased revenues and an increase in cash provided by working capital. Parkit used net cash of $10,915,067 in investing activities for the three months ended March 31, 2025, compared to cash used of $378,887 from investing activities for the three months ended March 31, 2024. The higher net cash outflow is a result of investment property acquisition during this period compared to none in the same comparative period. Parkit received net cash of $4,177,299 from financing activities for the three months ended March 31, 2025, compared to cash used of $2,051,746 for the three months ended March 31, 2024. The increase in cash used was a result of proceeds from debt financing less amounts paid for Company shares purchased under its Normal Course Issuer Bid, repayment of debt, interest paid and debt issuance costs.

• Net (loss) income for the period. The Company had a net loss of $1,520,800 for the three months ended March 31, 2025, compared to net income of $164,871, for the three months ended March 31, 2024. The change is a result of an increase in net rental income, offset by net parking loss, unrealized losses from derivative financial instruments, depreciation and finance costs.

• Net parking (loss) income for the period. Net parking income includes parking properties income and the share of loss from equity accounted investees. The net parking loss was $196,701 for the three months ended March 31, 2025, compared to income of $58,993 for the three months ended March 31, 2024. The quarterly losses are a result of seasonality from operations, additional depreciation from property and equipment, a decline in air travel, and an increased financing cost. The results should improve with seasonality, though the economic environment remains uncertain.

Parkit is focused on growing and maximizing cash flows on its industrial portfolio, while streamlining operations of its parking properties.

Further Information

For comprehensive disclosure of Parkit’s performance for the three months ended March 31, 2025 and its financial position as at such date, please see Parkit’s Condensed Consolidated Interim Financial Statements and Management’s Discussion and Analysis for the three months ended March 31, 2025 filed on SEDAR+ at www.sedarplus.ca.

Non-IFRS Measures

Management uses both IFRS and Non-IFRS Measures to assess the financial and operating performance of the Company’s operations. These Non-IFRS Measures are not recognized measures under IFRS, do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other companies. The Non-IFRS Measures referenced in this news release include the following:

Funds from Operations (“FFO”) is a Non-IFRS Measure of operating performance as it focuses on cash flow from operating activities. REALPAC is the national industry association dedicated to advancing the long-term vitality of Canada’s real property sector. REALPAC defines FFO as net income (calculated in accordance with IFRS), adjusted for, among other things, depreciation, transaction costs, gains and losses from property dispositions, foreign exchange, as well as other non-cash items. The Company believes that FFO can be a beneficial measure, when combined with primary ‎IFRS measures, to assist in the evaluation of the Company’s ability to generate cash and ‎evaluate its return on investments as it excludes the effects of real estate amortization and ‎gains and losses from the sale of real estate, all of which are based on historical cost ‎accounting and which may be of limited significance in evaluating current performance.

FFO should not be viewed as an alternative to, in isolation from, or superior to, net income or cash flow from operations, or results from Parkit’s comprehensive operations, respectively, or other measures calculated in accordance with IFRS. FFO should not be interpreted as an indicator of cash generated from operating activities and is not indicative of cash available to fund operating expenditures, or for the payment of cash distributions. FFO is simply an additional measure of operating performance which highlight trends in Parkit’s core business that may not otherwise be apparent when relying solely on IFRS financial measures. Parkit’s management also uses this Non-IFRS Measure in order to facilitate operating performance comparisons from period to period and to prepare operating budgets. In addition, while Parkit’s methods of calculating FFO comply with REALPAC recommendations, FFO may differ from and not be comparable to FFO used by other companies.

The following table indicates how Parkit reconciles FFO to the nearest IFRS measure.

“Stabilized Comparative Properties NOI” is a non-IFRS financial measure used by management in evaluating the performance of properties fully owned by the Company in the current and prior year comparative periods. Stabilized Comparative Properties NOI enables investors to evaluate our operating performance, especially to assess the effectiveness of our management of properties generating NOI growth from existing properties. Stabilized Comparative Properties NOI is not defined by IFRS Accounting Standards, does not have a standard meaning and may not be comparable with similar measures presented by other issuers.

Net operating income (“NOI”) is a non-IFRS measure commonly used as a measurement tool in real estate businesses. NOI is equal to net rental income (“NRI”) presented in the Corporation’s Financial Statements. NRI is defined as investment properties revenue less investment properties operating costs. NRI does not include interest expense or income, depreciation and amortization, corporate administrative costs, share-based compensation costs or taxes. NRI assists management in assessing profitability and valuation from principal business activities.

Both Stabilized Comparative Properties NOI and NOI should not be viewed as alternatives to, in isolation from, or superior to, net income or cash flow from operations, or results from Parkit’s comprehensive operations, respectively, or other measures calculated in accordance with IFRS. Both Stabilized Comparative Properties NOI and NOI should not be interpreted as indicators of cash generated from operating activities and neither are indicative of cash available to fund operating expenditures, or for the payment of cash distributions. Both Stabilized Comparative Properties NOI and NOI are simply additional measures of operating performance which highlight trends in Parkit’s core business that may not otherwise be apparent when relying solely on IFRS financial measures. In addition, Parkit’s definition of, and use of, both Stabilized Comparative Properties NOI and NOI, respectively, may differ from, and not be comparable to, Stabilized Comparative Properties NOI and NOI used by other companies.

When comparing the Stabilized Comparative Properties NOI on a year-over-year basis for the three and twelve months, the Company excludes investment properties acquired on or after the beginning of the prior year period. For the three months ended March 31, 2025 and March 31, 2024, the Company excludes investment properties acquired on or after January 1, 2024. The Stabilized Comparative Properties NOI is calculated by taking NOI and excluding the impact of NOI from acquisitions, NOI from straight-line rent and NOI from unstabilized properties.

The Company reconciles the Stabilized Comparative Properties NOI to net rental income as follows:

About Parkit Enterprise Inc.

Parkit Enterprise is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key urban markets in Canada. In addition, Parkit has parking assets across various markets in the United States of America. Parkit’s Common Shares are listed on TSX-V (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott:

Investor Relations

Contact Number: 1-888-627-9881

Email: ir@parkitenterprise.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the ‎policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.‎

Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information in relation to: Parkit continuing to be disciplined on acquisitions, and Parkit’s expectations to increase revenue, NRI and FFO for 2025; Parkit’s focus on growing and maximizing cash flows on its industrial portfolio, while streamlining operations of its parking properties; and Parkit’s focus on the acquisition, growth and management of strategically located industrial properties across key urban markets in Canada. This forward-looking information reflects Parkit’s current beliefs and is based on information currently ‎available to Parkit and on assumptions Parkit believes are reasonable. These assumptions ‎include, but are not limited to: the level of activity in the industrial real estate business and the economy generally; continued consumer interest in Parkit’s services and products; Parkit’s continued ability to ‎acquire properties that are in-line with its strategic focus, including prioritizing environmental investments; ‎Parkit’s continuing ability to grow its portfolio of investment properties; and Parkit’s past results ‎continuing to be an indicator of future results. ‎Forward-looking information is subject to known and unknown risks and uncertainties that may cause the actual results, performance or developments to differ materially from those contained in or implied by such forward-looking information. These risks, uncertainties, and factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions ‎and market prices for securities; delay or failure to receive board of directors, third party or regulatory approvals; the actual ‎results of Parkit’s future operations; competition; changes in legislation, including environmental ‎legislation, affecting Parkit; the timing and availability of external financing on acceptable terms; ‎conclusions of economic evaluations and appraisals; the lack of qualified, skilled labour or loss of key individuals; and the impact that the imposition of trade tariffs, particularly from the United States, may have on the global economy, and the economy in Canada in particular. A description of ‎additional risk factors that may cause actual results to differ materially from forward-looking information can ‎be found in Parkit’s disclosure documents on the SEDAR+ website at www.sedarplus.ca. ‎Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of risks, uncertainties and factors is not exhaustive. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Parkit as of the date of this news release and, accordingly, is subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

The expectations to continue to be disciplined on acquisitions and to increase Parkit’s revenue, NRI and FFO for 2025 contained in this news release may be considered a financial outlook as defined by applicable securities legislation. Such information and any other financial outlooks contained in this news release have been approved by management of Parkit as of the date hereof. Such financial outlooks are provided for the purpose of presenting information about management’s current expectations and goals relating to the future business of Parkit. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

Toronto, Ontario–(Newsfile Corp. – March 20, 2025) – PARKIT ENTERPRISE INC. (TSXV: PKT) (“Parkit” or the “Corporation“) is pleased to announce that it has received conditional acceptance from the TSX Venture Exchange to renew its Normal Course Issuer Bid (“NCIB“) to purchase for cancellation, during the 12-month period starting March 28, 2025, up to ‎11,088,361‎ of the outstanding common shares of the Corporation (the “Common Shares“), representing 5% of the Common Shares outstanding. The program will end on March 27, 2026 unless the maximum amount of Common Shares is purchased before then or Parkit provides earlier notice of termination.

The purchase and payment for the Common Shares will be made by Parkit through the facilities of the TSX Venture Exchange or alternative trading systems. National Bank Financial Inc. has been selected as Parkit’s agent for the NCIB. The price paid for the Common Shares will be, subject to NCIB pricing rules contained in securities laws, the prevailing market price of such Common Shares on the TSX Venture Exchange at the time of such purchase. Parkit intends to fund the purchases out of available cash.

Parkit believes that the market price of its Common Shares may not reflect their underlying value and the Board of Directors has authorized this initiative because, in the Board’s opinion, the proposed purchase of Common Shares pursuant to the NCIB constitutes an appropriate use of Parkit’s funds, and the repurchase of its Common Shares is one way of creating shareholder value.

To the knowledge of Parkit, no director, senior officer or other insider of the Parkit currently intends to sell any Common Shares under the NCIB. However, sales by such persons through the facilities of the TSX Venture Exchange may occur if the personal circumstances of any such person changes or any such person makes a decision unrelated to these NCIB purchases. The benefits to any such person whose Common Shares are purchased would be the same as the benefits available to all other holders whose Common Shares are purchased.

Parkit conducted a previous NCIB for up to 11,394,158 Common Shares, through the facilities of ‎the TSX Venture Exchange and alternative trading systems, which NCIB will end on March 27, 2025. Pursuant to the previous NCIB, ‎up to March 17, 2025, Parkit purchased an aggregate of ‎5,819,130‎ Common Shares. ‎

About Parkit Enterprise Inc.
Parkit Enterprise is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key urban markets in Canada. In addition, Parkit has parking assets across various markets in the United States of America. Parkit’s Common Shares are listed on TSX-V (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott:

Investor Relations
Contact Number: 1-888-627-9881
Email: ir@parkitenterprise.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information regarding: the NCIB, including the purchase of Common Shares under the NCIB, the amount of Common Shares that are potentially purchased and the commencement and end date of the NCIB. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects Parkit’s current beliefs and is based on information currently available to Parkit and on assumptions Parkit believes are reasonable. These assumptions include, but are not limited to: the underlying value of Parkit and its Common Shares; the ability of Parkit to complete purchases under the NCIB and final TSX Venture Exchange acceptance of the NCIB; the level of activity in the industrial real estate industry and the economy generally; competition and Parkit’s competitive advantages; ‎trends in the industrial real estate industry; the availability of ‎attractive and financially competitive ‎acquisitions in the future; and the potential closing of previously announced ‎acquisitions, if any, ‎continuing to proceed as they have progressed to date. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Parkit to be materially different from those expressed or implied by such forward-looking information. Such risks, uncertainties and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive board of directors, third party or regulatory approvals; the actual results of Parkit’s future operations; competition; changes in legislation, including environmental legislation, affecting Parkit; the timing and availability of external financing on acceptable terms; conclusions of economic evaluations and appraisals; and lack of qualified, skilled labour or loss of key individuals. A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in Parkit’s disclosure documents on the SEDAR+ website at www.sedarplus.ca. Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of risks, uncertainties and factors is not exhaustive. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Parkit as of the date of this news release and, accordingly, is subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSXV: PKT), today reported the Company’s full year 2024 audited results. Steven Scott, Chair of Parkit, commented:

“Parkit continued to grow its net rental income and margins in 2024, resulting in a Stabilized Comparative Properties NOI increase of 17% for the year.  During the year, we signed new leases on 187,855 square feet of space and renewed 156,843 square feet of space at market rents.  We continue to maintain a strong balance sheet with 95% 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.”

2024 Q4 and Full Year Results and Recent Business Highlights

• Investment properties revenue and net rental income. Investment properties revenue and net rental income increased as the Company signed new leases and streamlined operations from prior year acquisitions. Investment properties revenue for the three and twelve months ended December 31, 2024 rose 19% and 26%, to $6,950,930 and $26,042,617, compared to $5,832,682 and $20,733,344, for the three and twelve months ended December 31, 2023. Net rental income (“NRI”), increased by 27% and 33%, to $4,962,757 and $17,789,525, for the three and twelve months ended December 31, 2024 compared to $3,919,188 and $13,387,320, for the three and twelve months ended December 31, 2023. 

• Stabilized Comparative Properties NOI increased. Stabilized Comparative Properties NOI, a Non-IFRS Measure, increased 11% and 17%, to $2,644,631 and $10,295,094, for the three and twelve months ended December 31, 2024 compared to $2,384,841 and $8,824,393, for the three and twelve months ended December 31, 2023, as the Company executed renewals with tenants and maximized occupancy.

• Leasing at market rental spreads. During 2024, the Company signed 187,855 square feet of new leases at a market rates and renewed 156,843 square feet of leases at a weighted average rental growth of 58%.

• Funds from operations (“FFO”) increased for the period. The FFO, a Non-IFRS Measure, for the three and twelve months ended December 31, 2024 increased by 45% and 64%, to $2,017,349 and $6,745,526 compared to FFO of $1,390,163 and $4,115,966 for the three and twelve months ended December 31, 2023. The increase in FFO was a result of additional NRI from investment properties.
• Liquidity position. The Company maintained a strong liquidity position with cash and cash equivalents of over $5,000,000 at the end of the year, unencumbered assets and significant availability on its credit facilities to fund future acquisitions.

• Cash flows. Parkit increased its cash flow with $15,737,461 received from operating activities for the twelve months ended December 31, 2024, compared to $15,039,345 received for the twelve months ended December 31, 2023.  Parkit used net cash of $19,605,476 in investing activities for the twelve months ended December 31, 2024, compared to cash used of $103,465,734 from investing activities for the twelve months ended December 31, 2023.  Parkit used net cash of $1,317,428 in financing activities for the twelve months ended December 31, 2024, compared to net cash received of $79,310,673 for the twelve months ended December 31, 2023.

• Net loss for the period. The Company had a net loss of $405,849 and $2,806,467, for the three and twelve months ended December 31, 2024, compared to a net loss of $4,243,583 and $5,092,053, for the three and twelve months ended December 31, 2023.  The net loss was a result of FFO growth less the impact of non-cash items including an unrealized gain on derivative financial instruments of $482,344 and $385,666, for the three and twelve months ended December 31, 2024 compared to an unrealized loss on derivative financial instruments of $1,965,707 and $1,965,707, for the three and twelve months ended December 31, 2023. Also the depreciation of $2,241,961 and $8,747,393, for the twelve months ended December 31, 2024, compared to depreciation of $2,116,524 and $7,708,727, for the three and twelve months ended December 31, 2023.

• Industrial property acquisitions. Parkit acquired 2 industrial properties totaling $15.8 million with 222,640 square feet of gross leasable area on 7.4 acres during 2024. With these acquisitions, Parkit continued to grow its portfolio and add to its presence in key markets.
  
  
• Net parking income for the period. Net parking income includes parking properties income and the share of income loss from equity accounted investees. The net parking income was $130,719 and $780,050 for the three and twelve months ended December 31, 2024, compared to income of $222,589 and $752,410 for the three and twelve months ended December 31, 2023.  The share of income and loss from equity-accounted investees was an income of $ 53,549 and a loss of $431,812 for the three and twelve months ended December 31, 2024, compared to a loss of $1,173,548 and an income of $795,44 for the three and twelve months ended December 31, 2023.  The current year loss is a result of a one-time loss realized from the joint ventures sale of Z Parking compared to the prior year results which reflects a one-time gain realized from the Company’s sale of Fly Away Nashville. The current results reflect streamlined operations and a growing market in Nashville. 
  
  
• Z Airport parking acquisitions. Parkit continued to consolidate its legacy parking holdings by acquiring its remaining interest in Z Airport Parking, located in East Granby, Connecticut from its joint venture partners. Z Airport Parking is a 5.5 acre off airport parking lot located by the Bradley International Airport, the purchase price was $2.3 million and was satisfied with funds on hand.  Parkit now owns 100% of Z Airport Parking.

• Continued focus on environmental, social and governance (“ESG”) initiatives. Parkit continued its focus on ESG initiatives by prioritizing environmental initiatives in its development plans and reviewing its corporate policies.

Parkit is focused on growing and maximizing cash flows on its industrial portfolio, while streamlining operations of its parking properties.

Further Information

For comprehensive disclosure of Parkit’s performance for the three and twelve months ended December 31, 2024 and its financial position as at such date, please see Parkit’s Annual Audited Financial Statements and Management’s Discussion and Analysis for the year ended December 31, 2024 filed on SEDAR+ at www.sedarplus.ca.

Non-IFRS Measures

Management uses both IFRS and Non-IFRS Measures to assess the financial and operating performance of the Company’s operations. These Non-IFRS Measures are not recognized measures under IFRS, do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other companies. The Non-IFRS Measures referenced in this news release include the following:

Funds from Operations (“FFO”) is a Non-IFRS Measure of operating performance as it focuses on cash flow from operating activities. REALPAC is the national industry association dedicated to advancing the long-term vitality of Canada’s real property sector. REALPAC defines FFO as net income (calculated in accordance with IFRS), adjusted for, among other things, depreciation, transaction costs, gains and losses from property dispositions, foreign exchange, as well as other non-cash items. The Company believes that FFO can be a beneficial measure, when combined with primary ‎IFRS measures, to assist in the evaluation of the Company’s ability to generate cash and ‎evaluate its return on investments as it excludes the effects of real estate amortization and ‎gains and losses from the sale of real estate, all of which are based on historical cost ‎accounting and which may be of limited significance in evaluating current performance.

FFO should not be viewed as an alternative to, in isolation from, or superior to, net income or cash flow from operations, or results from Parkit’s comprehensive operations, respectively, or other measures calculated in accordance with IFRS. FFO should not be interpreted as an indicator of cash generated from operating activities and is not indicative of cash available to fund operating expenditures, or for the payment of cash distributions. FFO is simply an additional measure of operating performance which highlight trends in Parkit’s core business that may not otherwise be apparent when relying solely on IFRS financial measures. Parkit’s management also uses this Non-IFRS Measure in order to facilitate operating performance comparisons from period to period and to prepare operating budgets. In addition, while Parkit’s methods of calculating FFO comply with REALPAC recommendations, FFO may differ from and not be comparable to FFO used by other companies.

The following table indicates how Parkit reconciles FFO to the nearest IFRS measure.

“Stabilized Comparative Properties NOI” is a non-IFRS financial measure used by management in evaluating the performance of properties fully owned by the Company in the current and prior year comparative periods. Stabilized Comparative Properties NOI enables investors to evaluate our operating performance, especially to assess the effectiveness of our management of properties generating NOI growth from existing properties. Stabilized Comparative Properties NOI is not defined by IFRS Accounting Standards, does not have a standard meaning and may not be comparable with similar measures presented by other issuers.

Net operating income (“NOI”) is a non-IFRS measure commonly used as a measurement tool in real estate businesses. NOI is equal to net rental income (“NRI”) presented in the Corporation’s Financial Statements.  NRI is defined as investment properties revenue less investment properties operating costs. NRI does not include interest expense or income, depreciation and amortization, corporate administrative costs, share-based compensation costs or taxes. NRI assists management in assessing profitability and valuation from principal business activities.

Both Stabilized Comparative Properties NOI and NOI should not be viewed as alternatives to, in isolation from, or superior to, net income or cash flow from operations, or results from Parkit’s comprehensive operations, respectively, or other measures calculated in accordance with IFRS. Both Stabilized Comparative Properties NOI and NOI should not be interpreted as indicators of cash generated from operating activities and neither are indicative of cash available to fund operating expenditures, or for the payment of cash distributions. Both Stabilized Comparative Properties NOI and NOI are simply additional measures of operating performance which highlight trends in Parkit’s core business that may not otherwise be apparent when relying solely on IFRS financial measures. In addition, Parkit’s definition of, and use of, both Stabilized Comparative Properties NOI and NOI, respectively, may differ from, and not be comparable to, Stabilized Comparative Properties NOI and NOI used by other companies.

When comparing the Stabilized Comparative Properties NOI on a year-over-year basis for the three and twelve months, the Company excludes investment properties acquired on or after the beginning of the prior year period.  For the three and twelve months ended December 31, 2024 and December 31, 2023, the Company excludes investment properties acquired on or after January 1, 2023. The Stabilized Comparative Properties NOI is calculated by taking NOI and excluding the impact of NOI from acquisitions, NOI from straight-line rent and NOI from unstabilized properties.

The Company reconciles the Stabilized Comparative Properties NOI to net rental income as follows:

About Parkit Enterprise Inc.

Parkit Enterprise is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key urban markets in Canada.  In addition, Parkit has parking assets across various markets in the United States of America.  Parkit’s Common Shares are listed on TSX-V (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott:

Investor Relations

Contact Number: 1-888-627-9881

Email: ir@parkitenterprise.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the ‎policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.‎

Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information in relation to: Parkit’s continuing discipline on acquisitions and its expectations to increase its revenue, NRI and FFO for 2025; Parkit’s focus on ESG initiatives by prioritizing environmental initiatives in its development plans and reviewing its corporate policies; Parkit’s focus on growing and maximizing cash flows on its industrial portfolio, while streamlining operations of its parking properties; and Parkit’s focus on the acquisition, growth and management of strategically located industrial properties across key urban markets in Canada. This forward-looking information reflects Parkit’s current beliefs and is based on information currently ‎available to Parkit and on assumptions Parkit believes are reasonable. These assumptions ‎include, but are not limited to: the level of activity in the industrial real estate business and the economy generally;  continued consumer interest in Parkit’s services and products; Parkit’s continued ability to ‎acquire properties that are in-line with its strategic focus, including prioritizing environmental investments; ‎Parkit’s continuing ability to grow its portfolio of investment properties; and Parkit’s past results ‎continuing to be an indicator of future results.  ‎Forward-looking information is subject to known and unknown risks and uncertainties that may cause the actual results, performance or developments to differ materially from those contained in or implied by such forward-looking information. These risks, uncertainties, and factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions ‎and market prices for securities; delay or failure to receive board of directors, third party or regulatory approvals; the actual ‎results of Parkit’s future operations; competition; changes in legislation, including environmental ‎legislation, affecting Parkit; the timing and availability of external financing on acceptable terms; ‎conclusions of economic evaluations and appraisals; and the lack of qualified, skilled labour or loss of key individuals.  A description of ‎additional risk factors that may cause actual results to differ materially from forward-looking information can ‎be found in Parkit’s disclosure documents on the SEDAR+ website at www.sedarplus.ca. ‎Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of risks, uncertainties and factors is not exhaustive. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Parkit as of the date of this news release and, accordingly, is subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

The expectations to increase Parkit’s revenue, NRI and FFO for 2025 contained in this news release may be considered a financial outlook as defined by applicable securities legislation.  Such information and any other financial outlooks contained in this news release have been approved by management of Parkit as of the date hereof. Such financial outlooks are provided for the purpose of presenting information about management’s current expectations and goals relating to the future business of Parkit. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

Parkit Enterprise Inc. (“Parkit”) (TSXV: PKT), is pleased to announce it has completed the acquisition of one industrial asset from a non-arms length vendor (the “Vendor”), for an aggregate purchase price of $10,250,000 (the “Purchase Price”), subject to customary adjustments (the “Acquisition”).

1650 Blvd Lionel Bertrand, Boisbriand, Quebec

The Acquisition consists of an industrial building at 1650 Boulevard Lionel-Bertrand, Boisbriand, Quebec (the “Property”). The Property has approximately 62,680 square feet of gross leasable area on 2.5 acres of land.  The building has two in-place tenants with a WALT of 9.3 years and is located in close proximity to Parkit’s existing assets.

The Purchase Price was satisfied with a first mortgage on the Property and funds on hand.

Iqbal Khan, CEO of Parkit, states, “The Acquisition provides strong in-place cash flows, rental growth and adds scale to our existing Quebec portfolio with excellent upside.”

About Parkit Enterprise Inc.

Parkit Enterprise is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key urban markets in Canada. In addition, Parkit has parking assets across various markets in the United States of America. Parkit’s Common Shares are listed on the TSX-V (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott:

Investor Relations

Contact Number: 1-888-627-9881

Email: ir@parkitenterprise.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein is forward-looking information. In particular, this news release contains forward-looking information in relation to: statements regarding the potential effect on Parkit of the Acquisition including its effect on cash flows, rental growth and the adding scale to Parkit’s Quebec portfolio; and Parkit’s business strategy and focus regarding the acquisition, growth and management of strategically located industrial properties across key urban markets in Canada. This forward-looking information reflects Parkit’s current beliefs and is based on information currently ‎available to Parkit and on assumptions Parkit believes are reasonable. These assumptions ‎include, but are not limited to: the ‎receipt of all required final approvals for the Acquisition‎; market acceptance of the ‎ Acquisition‎; the level of activity in the industrial real estate ‎business and the economy generally; competition and Parkit’s competitive advantages; trends in the industrial real estate industry; the availability of attractive and financially competitive acquisitions in the future; and continued consumer interest in Parkit’s services and products‎. ‎Forward-looking information is subject to known and unknown risks and uncertainties that may cause the actual results, performance or developments to differ materially from those contained in or implied by such forward-looking information. These risks, uncertainties, and factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions ‎and market prices for securities; delay or failure to receive board of directors, third party or regulatory approvals; the actual ‎results of Parkit’s future operations; competition; changes in legislation, including environmental ‎legislation, affecting Parkit; the timing and availability of external financing on acceptable terms; ‎conclusions of economic evaluations and appraisals; and the lack of qualified, skilled labour or loss of key individuals. ‎ A description of ‎additional risk factors that may cause actual results to differ materially from forward-looking information can ‎be found in Parkit’s disclosure documents on the SEDAR+ website at www.sedarplus.ca. ‎Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of risks, uncertainties and factors is not exhaustive. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Parkit as of the date of this news release and, accordingly, is subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

Parkit Enterprise Inc. (“Parkit”) (TSXV: PKT) announced today that certain directors, officers, employees and consultants have been issued an aggregate of 1,588,500 options pursuant to Parkit’s option plan, with each such option being exercisable into one common share at an exercise price of $0.60 at any time on or before the tenth anniversary of its issuance. Each of the options vested on grant.

Of the options granted above, 1,125,000 options were granted to directors and officers of Parkit. Parkit is relying on exemptions from the formal valuation and minority approval requirements of Multilateral Instrument 61-101 and TSX Venture Exchange Policy 5.9, for the issuance of these options, pursuant to Section 5.5(b) (Issuer Not Listed on Specified Markets) and Section 5.7(a) (Fair Market Value Not More Than 25% of Market Capitalization) of MI 61-101, respectively.

About Parkit Enterprise Inc.

Parkit Enterprise is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key markets in Canada. In addition, Parkit has parking assets across various markets in the United States of America. Parkit’s Common Shares are listed on TSX-V (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott:

Investor Relations

Contact Number: 1-888-627-9881

Email: ir@parkitenterprise.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Parkit Enterprise Inc. (“Parkit”) (TSXV: PKT), is pleased to announce it has completed the acquisition of one industrial asset from an arm’s length vendor (the “Vendor”), for an aggregate purchase price of $9,500,000, subject to customary adjustments (the “Acquisition”).

1650 Comstock Rd, Ottawa, Ontario

The Acquisition consisted of 1650 Comstock Rd, Ottawa, Ontario (the “Property”). The Property consist of one building with approximately 140,000 square feet of gross area on 2.8 acres of land.  The building is tenanted and is located in close proximity to Parkit’s existing assets. 

The purchase price will be satisfied with a first mortgage and funds on hand.

Iqbal Khan, CEO of Parkit, states, “The Acquisition provides strong in-place cash flows, rental growth and adds scale to our existing Ottawa portfolio with excellent upside.”

About Parkit Enterprise Inc.

Parkit Enterprise is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key urban markets in Canada. In addition, Parkit has parking assets across various markets in the United States of America. Parkit’s Common Shares are listed on the TSX-V (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott:

Investor Relations

Contact Number: 1-888-627-9881

Email: ir@parkitenterprise.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward-looking information. In particular, this news release contains forward-looking information in relation to: statements regarding the Acquisition, including the potential excellent upside of the Acquisition; and Parkit’s business strategy and focus regarding the acquisition, growth and management of strategically located industrial properties across key urban markets in Canada. This forward-looking information reflects Parkit’s current beliefs and is based on information currently ‎available to Parkit and on assumptions Parkit believes are reasonable. These assumptions ‎include, but are not limited to market acceptance of the Acquisition‎; the level of activity in the industrial real estate ‎industry and the economy generally; competition and Parkit’s competitive advantages; ‎trends in the industrial real estate industry; the availability of ‎attractive and financially competitive ‎acquisitions in the future; and continued consumer interest in Parkit’s services and products‎. ‎‎Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Parkit to be materially different from those expressed or implied by such forward-looking information. Such risks, uncertainties, and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions ‎and market prices for securities; delay or failure to receive board of directors, third party or regulatory approvals; the actual ‎results of Parkit’s future operations; competition; changes in legislation, including environmental ‎legislation, affecting Parkit; the timing and availability of external financing on acceptable terms; ‎conclusions of economic evaluations and appraisals; and the lack of qualified, skilled labour or loss of key individuals. A description of ‎additional risk factors that may cause actual results to differ materially from forward-looking information can ‎be found in Parkit’s disclosure documents on the SEDAR+ website at www.sedarplus.ca. ‎Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of risks, uncertainties and factors is not exhaustive. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Parkit as of the date of this news release and, accordingly, is subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSXV: PKT), is pleased to report its third quarter 2024 results. Steven Scott, Chair of Parkit, commented:

“Parkit continued to grow its net rental income and margins in Q3 2024, resulting in a same property NOI increase of 16% for the quarter. We renewed 70,000 square feet of leases at 42% higher rates and signed new leases on 36,000 square feet of space.  We continue to maintain a strong balance sheet with 95% 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.”

• Investment properties revenue and net rental income. Investment properties revenue and net rental income increased as the Company signed new leases and streamlined operations from prior year acquisitions. Investment properties revenue rose 18% and 28% to $6,700,904 and $19,091,687, for the three and nine months ended September 30, 2024 compared to $5,671,599 and $14,900,662, for the three and nine months ended September 30, 2023. Net rental income (“NRI”), increased by 19% and 35%, to $4,539,587 and $12,826,768, for the three and nine months ended September 30, 2024 compared to $3,826,615 and $9,468,132, for the three and nine months ended September 30, 2023. 

• Stabilized investment properties net rental income. The Company’s stabilized properties net rental income, increased by 13% and 25%, to $4,593,210 and $12,995,063, for the three and nine months ended September 30, 2024 compared to $4,056,324 and $10,371,195, for the three and nine months ended September 30, 2023.

• Stabilized comparative properties NOI increased for the period. Stabilized comparative properties NOI, a Non-IFRS Measure, increased 16% and 19%, to $2,587,090 and $7,650,463, for the three and nine months ended September 30, 2024 compared to $2,233,930 and $6,439,552, for the three and nine months ended September 30, 2023, as the Company executed renewals with tenants and maximized occupancy.

• Funds from operations (“FFO”) increased for the period. The FFO, a Non-IFRS Measure, rose 45% and 73% to $1,839,044 and $4,728,177, for the three and nine months ended September 30, 2024, compared to FFO of $1,264,167 and $2,725,803, for the three and nine months ended September 30, 2023. The increase in FFO was the result of additional NRI from investment properties offset by higher financing costs.

• Liquidity position. As at September 30, 2024 the Company maintained a strong liquidity position with cash and cash equivalents of over $7,752,849, unencumbered assets and significant availability on its credit facilities to fund future acquisitions.

• Cash flows. Parkit’s cash flow from operations was $12,664,922 for the nine months ended September 30, 2024, compared to $10,759,015 for the nine months ended September 30, 2023. Parkit used net cash of $9,841,084 in investing activities for the nine months ended September 30, 2024, compared to $102,043,727 from investing activities for the nine months ended September 30, 2023. Parkit used net cash of $5,699,497 for financing activities for the nine months ended September 30, 2024, compared to net cash received of $76,822,942 for the nine months ended September 30, 2023.

• Net loss for the period. The Company had net loss of $2,119,597 and $2,400,618, for the three and nine months ended September 30, 2024, compared to a net loss of $793,939 and $848,134, for the three and nine months ended September 30, 2023.  The net loss was a result of FFO growth less the impact of non-cash items including an unrealized loss on derivative financial instruments of $1,407,304 and $96,678, for the three and nine months ended September 30, 2024 and depreciation of $2,191,960 and $6,505,432, for the three and nine months ended September 30, 2024, compared to depreciation of $2,028,486 and $5,592,203, for the three and nine months ended September 30, 2023.

• Net parking income for the period. Net parking income includes parking properties income and the share of income loss from equity accounted investees.  The net parking loss was $157,622 and an income of $163,970 for the three and nine months ended September 30, 2024, compared to income of $365,294 and $2,498,816 for the three and nine months ended September 30, 2023.  The current year loss is a result of a one-time loss realized from the joint ventures sale of Z Parking compared to the prior year results which reflects a one-time gain realized from the Company’s sale of Fly Away Nashville. The current results reflect streamlined operations and a growing market in Nashville, TN. 

• Acquisitions.  In Q3, Parkit continued to consolidate its legacy parking holdings by acquiring its remaining interest in Z Airport Parking, located in East Granby, Connecticut from its joint venture partners. Z Airport Parking is a 5.5 acre off airport parking lot located by the Bradley International Airport, the purchase price was $2.2 million and was satisfied with funds on hand.  Parkit now owns 100% of Z Airport Parking. 

• Leasing at 40+% rental spreads. During the three months ended September 30, 2024, Parkit continued to renew and sign leases at market rates. Parkit renewed 70,491 square feet of gross leasable area with an 42% increase over in place leases and signed new leases on 35,728 square feet of gross leasable area.

• Continued focus on environmental, social and governance (“ESG”) initiatives. Parkit continued its focus on ESG initiatives by prioritizing environmental initiatives in its development plans and reviewing its corporate policies.

Parkit is focused on growing and maximizing cash flows from its industrial portfolio, while streamlining operations of its parking assets.

Further Information

For comprehensive disclosure of Parkit’s performance for the three and nine months ended September 30, 2024 and its financial position as at such date, please see Parkit’s Condensed Consolidated Interim Financial Statements and Management’s Discussion and Analysis for the three and nine months ended September 30, 2024 filed on SEDAR+ at www.sedarplus.ca.

Non-IFRS Measures

Management uses both IFRS and Non-IFRS Measures to assess the financial and operating performance of the Company’s operations. These Non-IFRS Measures are not recognized measures under IFRS, do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other companies. The Non-IFRS Measures referenced in this news release include the following:

Funds from Operations (“FFO”) is a Non-IFRS Measure of operating performance as it focuses on cash flow from operating activities. REALPAC is the national industry association dedicated to advancing the long-term vitality of Canada’s real property sector. REALPAC defines FFO as net income (calculated in accordance with IFRS), adjusted for, among other things, depreciation, transaction costs, gains and losses from property dispositions, foreign exchange, as well as other non-cash items. The Company believes that FFO can be a beneficial measure, when combined with primary ‎IFRS measures, to assist in the evaluation of the Company’s ability to generate cash and ‎evaluate its return on investments as it excludes the effects of real estate amortization and ‎gains and losses from the sale of real estate, all of which are based on historical cost ‎accounting and which may be of limited significance in evaluating current performance.

FFO should not be viewed as an alternative to, in isolation from, or superior to, net income or cash flow from operations, or results from Parkit’s comprehensive operations, or other measures calculated in accordance with IFRS. FFO should not be interpreted as an indicator of cash generated from operating activities and is not indicative of cash available to fund operating expenditures, or for the payment of cash distributions. FFO is simply an additional measure of operating performance which highlight trends in Parkit’s core business that may not otherwise be apparent when relying solely on IFRS financial measures. Parkit’s management also uses this Non-IFRS Measure in order to facilitate operating performance comparisons from period to period and to prepare operating budgets. In addition, while Parkit’s methods of calculating FFO comply with REALPAC recommendations, FFO may differ from and not be comparable to FFO used by other companies.

The following table indicates how Parkit reconciles FFO to the nearest IFRS measure.

Stabilized comparative properties NOI is a non-IFRS measure used by management in evaluating the performance of properties fully owned by the Company in the current and prior year comparative periods.  Stabilized comparative properties NOI enables investors to evaluate our operating performance, especially to assess the effectiveness of our management of properties generating NOI growth from existing properties. This non-GAAP financial measure is not defined by IFRS Accounting Standards, does not have a standard meaning and may not be comparable with similar measures presented by other issuers.

When comparing the Stabilized comparative properties NOI on a year-over-year basis for the three and nine months, the Company excludes investment properties acquired on or after the beginning of the prior year period.  For the three and nine months ended September 30, 2024 and September 30, 2023, the Company excludes investment properties acquired on or after January 1, 2023. The Stabilized comparative properties NOI is calculated by taking NOI and excluding the impact of NOI from acquisitions, NOI from straight-line rent and NOI from unstabilized properties.  The Company reconciles the Stabilized comparative properties NOI to net rental income.

The following tables indicates how Parkit reconciles NRI to Stabilized comparative properties NOI.

About Parkit Enterprise Inc.

Parkit Enterprise is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key urban markets in Canada.  In addition, Parkit has parking assets across various markets in the United States of America.  Parkit’s Common Shares are listed on TSX-V (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott:

Investor Relations

Contact Number: 1-888-627-9881

Email: ir@parkitenterprise.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the ‎policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.‎

Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information in relation to: Parkit continuing to be disciplined on acquisitions, and Parkit’s expectations to increase revenue, NRI and FFO for 2024; Parkit’s continued focus on ESG initiatives by prioritizing environmental investments;  Parkit’s focus on growing and maximizing cash flows on its industrial portfolio, while streamlining operations of its parking properties; and Parkit’s focus on the acquisition, growth and management of strategically located industrial properties across key urban markets in Canada. This forward-looking information reflects Parkit’s current beliefs and is based on information currently ‎available to Parkit and on assumptions Parkit believes are reasonable. These assumptions ‎include, but are not limited to: the level of activity in the industrial real estate business and the economy generally;  continued consumer interest in Parkit’s services and products; Parkit’s continued ability to ‎acquire properties that are in-line with its strategic focus, including prioritizing environmental investments; ‎Parkit’s continuing ability to grow its portfolio of investment properties; and Parkit’s past results ‎continuing to be an indicator of future results.  ‎Forward-looking information is subject to known and unknown risks and uncertainties that may cause the actual results, performance or developments to differ materially from those contained in or implied by such forward-looking information. These risks, uncertainties, and factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions ‎and market prices for securities; delay or failure to receive board of directors, third party or regulatory approvals; the actual ‎results of Parkit’s future operations; competition; changes in legislation, including environmental ‎legislation, affecting Parkit; the timing and availability of external financing on acceptable terms; ‎conclusions of economic evaluations and appraisals; and the lack of qualified, skilled labour or loss of key individuals.  A description of ‎additional risk factors that may cause actual results to differ materially from forward-looking information can ‎be found in Parkit’s disclosure documents on the SEDAR+ website at www.sedarplus.ca. ‎Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of risks, uncertainties and factors is not exhaustive. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Parkit as of the date of this news release and, accordingly, is subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

The expectations to continue to be disciplined on acquisitions and to increase Parkit’s revenue, NRI and FFO for 2024 contained in this news release may be considered a financial outlook as defined by applicable securities legislation.  Such information and any other financial outlooks contained in this news release have been approved by management of Parkit as of the date hereof. Such financial outlooks are provided for the purpose of presenting information about management’s current expectations and goals relating to the future business of Parkit. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSXV: PKT), is pleased to report its second quarter 2024 results. Steven Scott, Chair of Parkit, commented:

“Parkit closed its previously announced acquisition in Winnipeg, MB and continued to grow its net rental income and margins in Q2 2024, resulting in a same property NOI increase of 16% for the quarter. We renewed 86,000 square feet of leases at 86% higher rates and signed a new 25,000 square feet lease.  We continue to maintain a strong balance sheet with 95% of our debt being fixed, and will continue to be disciplined on acquisitions, and expects to increase revenue, NRI and FFO in the upcoming year.”

• Investment properties revenue and net rental income. Investment properties revenue and net rental income increased as the Company signed new leases and streamlined operations from prior year acquisitions.  Investment properties revenue rose 12% and 34% to $6,332,263 and $12,390,783, for the three and six months ended June 30, 2024 compared to $5,669,831 and $9,229,063, for the three and six months ended June 30, 2023. Net rental income (“NRI”), increased by 20% and 47%, to $4,256,765 and $8,287,181, for the three and six months ended June 30, 2024 compared to $3,555,238 and $5,641,517, for the three and six months ended June 30, 2023. 

• Stabilized investment properties net rental income. The Company’s stabilized properties net rental income, increased by 12% and 37%, to $4,326,469 and $8,476,509, for the three and six months ended June 30, 2024 compared to $3,847,474 and $6,199,377, for the three and six months ended June 30, 2023.

• Stabilized comparative properties NOI increased for the period. Stabilized comparative properties NOI, a Non-IFRS Measure, increased 16% and 20%, to $2,602,549 and $5,063,373, for the three and six months ended June 30, 2024 compared to $2,237,527 and $4,205,622, for the three and six months ended June 30, 2023, as the Company executed renewals with tenants.

• Funds from operations (“FFO”) increased for the period. The FFO, a Non-IFRS Measure, rose 48% and 98% to $1,509,102 and $2,889,071, for the three and six months ended June 30, 2024, compared to FFO of $1,017,943 and $1,461,636, for the three and six months ended June 30, 2023. The increase in FFO was the result of additional NRI from investment properties offset by higher financing costs.

• Liquidity position. As at June 30, 2024 the Company maintained a strong liquidity position with cash and cash equivalents of over $5,120,324, unencumbered assets and significant availability on its credit facilities to fund future acquisitions.

• Cash flows. Parkit’s cash flow from operations was $7,134,985 for the six months ended June 30, 2024, compared to $7,340,142 for the six months ended June 30, 2023. Parkit used net cash of $7,382,942 in investing activities for the six months ended June 30, 2024, compared to $100,962,169 from investing activities for the six months ended June 30, 2023.  Parkit used net cash of $5,275,163 for financing activities for the six months ended June 30, 2024, compared to net cash received of $80,331,782 for the six months ended June 30, 2023, draw down from credit facilities to fund acquisitions.

• Net income (loss) for the period. The Company had net loss of $445,893 and $281,022,  for the three and six months ended June 30, 2024, compared to a net income of $1,030,835 and a net loss of $54,531,  for the three and six months ended June 30, 2023.  The net income was a result of FFO growth less the impact of non-cash items including an unrealized gain on derivative financial instruments of $220,453 and $1,310,626, for the three and six months ended June 30, 2024 and depreciation of $2,190,338 and $4,313,472, for the three and six months ended June 30, 2024, compared to depreciation of $2,103,510 and $3,562,717, for the three and six months ended June 30, 2023.

• Net parking income increased for the period. Net parking income includes parking properties income and the share of income (loss) from equity accounted investees.  The net parking income was $262,743 and $321,736 for the three and six months ended June 30, 2024, compared to income of $2,202,719 and $2,133,522 for the three and six months ended June 30, 2023.  The difference in income for the prior years result of a one-time gain realized from the sale of its joint venture in Fly Away Parking. The current results reflect streamlined operations and a growing market in Nashville, TN.

• Acquisitions.  In Q2, Parkit completed its acquisition of 961-975 Sherwin Rd, an industrial warehouse located by the Winnipeg Richardson International Airport for a purchase price of $6.3 million. The purchase price was satisfied with funds on hand. 

• Leasing at market rental spreads. During the three months ended June 30, 2024, Parkit continued to renew and sign leases at market rates. Parkit renewed 86,352 square feet of gross leaseable area with an 86% increase over in place leases and signed a new 24,662 square feet lease.

• Continued focus on environmental, social and governance (“ESG”) initiatives. Parkit continued its focus on ESG initiatives by prioritizing environmental initiatives in its development plans and reviewing its corporate policies.

Parkit is focused on growing and maximizing cash flows from its industrial portfolio, while streamlining operations of its parking assets.

Further Information

For comprehensive disclosure of Parkit’s performance for the three and six months ended June 30, 2024 and its financial position as at such date, please see Parkit’s Condensed Consolidated Interim Financial Statements and Management’s Discussion and Analysis for the three and six months ended June 30, 2024 filed on SEDAR+ at www.sedarplus.ca.

Non-IFRS Measures

Management uses both IFRS and Non-IFRS Measures to assess the financial and operating performance of the Company’s operations. These Non-IFRS Measures are not recognized measures under IFRS, do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other companies. The Non-IFRS Measures referenced in this news release include the following:

Funds from Operations (“FFO”) is a Non-IFRS Measure of operating performance as it focuses on cash flow from operating activities. REALPAC is the national industry association dedicated to advancing the long-term vitality of Canada’s real property sector. REALPAC defines FFO as net income (calculated in accordance with IFRS), adjusted for, among other things, depreciation, transaction costs, gains and losses from property dispositions, foreign exchange, as well as other non-cash items. The Company believes that FFO can be a beneficial measure, when combined with primary ‎IFRS measures, to assist in the evaluation of the Company’s ability to generate cash and ‎evaluate its return on investments as it excludes the effects of real estate amortization and ‎gains and losses from the sale of real estate, all of which are based on historical cost ‎accounting and which may be of limited significance in evaluating current performance.

FFO should not be viewed as an alternative to, in isolation from, or superior to, net income or cash flow from operations, or results from Parkit’s comprehensive operations, or other measures calculated in accordance with IFRS. FFO should not be interpreted as an indicator of cash generated from operating activities and is not indicative of cash available to fund operating expenditures, or for the payment of cash distributions. FFO is simply an additional measure of operating performance which highlight trends in Parkit’s core business that may not otherwise be apparent when relying solely on IFRS financial measures. Parkit’s management also uses this Non-IFRS Measure in order to facilitate operating performance comparisons from period to period and to prepare operating budgets. In addition, while Parkit’s methods of calculating FFO comply with REALPAC recommendations, FFO may differ from and not be comparable to FFO used by other companies.

The following table indicates how Parkit reconciles FFO to the nearest IFRS measure.

Stabilized comparative properties NOI is a non-IFRS measure used by management in evaluating the performance of properties fully owned by the Company in the current and prior year comparative periods.  Stabilized comparative properties NOI enables investors to evaluate our operating performance, especially to assess the effectiveness of our management of properties generating NOI growth from existing properties. This non-GAAP financial measure is not defined by IFRS Accounting Standards, does not have a standard meaning and may not be comparable with similar measures presented by other issuers.

When comparing the Stabilized comparative properties NOI on a year-over-year basis for the three and six months, the Company excludes investment properties acquired on or after the beginning of the prior year period.  For the three and six months ended June 30, 2024 and June 30, 2023, the Company excludes investment properties acquired on or after January 1, 2023. The Stabilized comparative properties NOI is calculated by taking NOI and excluding the impact of NOI from acquisitions, NOI from straight-line rent and NOI from unstabilized properties.  The Company reconciles the Stabilized comparative properties NOI to net rental income.

The following tables indicates how Parkit reconciles NRI to Stabilized comparative properties NOI.

About Parkit Enterprise Inc.

Parkit Enterprise is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key urban markets in Canada.  In addition, Parkit has parking assets across various markets in the United States of America.  Parkit’s Common Shares are listed on TSX-V (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott:

Investor Relations

Contact Number: 1-888-627-9881

Email: ir@parkitenterprise.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the ‎policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.‎

Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information in relation to: Parkit continuing to be disciplined on acquisitions, and Parkit’s expectations to increase revenue, NRI and FFO for 2024; Parkit’s continued focus on ESG initiatives by prioritizing environmental investments;  Parkit’s focus on growing and maximizing cash flows on its industrial portfolio, while streamlining operations of its parking properties; and Parkit’s focus on the acquisition, growth and management of strategically located industrial properties across key urban markets in Canada. This forward-looking information reflects Parkit’s current beliefs and is based on information currently ‎available to Parkit and on assumptions Parkit believes are reasonable. These assumptions ‎include, but are not limited to: the level of activity in the industrial real estate business and the economy generally;  continued consumer interest in Parkit’s services and products; Parkit’s continued ability to ‎acquire properties that are in-line with its strategic focus, including prioritizing environmental investments; ‎Parkit’s continuing ability to grow its portfolio of investment properties; and Parkit’s past results ‎continuing to be an indicator of future results.  ‎Forward-looking information is subject to known and unknown risks and uncertainties that may cause the actual results, performance or developments to differ materially from those contained in or implied by such forward-looking information. These risks, uncertainties, and factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions ‎and market prices for securities; delay or failure to receive board of directors, third party or regulatory approvals; the actual ‎results of Parkit’s future operations; competition; changes in legislation, including environmental ‎legislation, affecting Parkit; the timing and availability of external financing on acceptable terms; ‎conclusions of economic evaluations and appraisals; and the lack of qualified, skilled labour or loss of key individuals.  A description of ‎additional risk factors that may cause actual results to differ materially from forward-looking information can ‎be found in Parkit’s disclosure documents on the SEDAR+ website at www.sedarplus.ca. ‎Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of risks, uncertainties and factors is not exhaustive. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Parkit as of the date of this news release and, accordingly, is subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

The expectations to continue to be disciplined on acquisitions and to increase Parkit’s revenue, NRI and FFO for 2024 contained in this news release may be considered a financial outlook as defined by applicable securities legislation.  Such information and any other financial outlooks contained in this news release have been approved by management of Parkit as of the date hereof. Such financial outlooks are provided for the purpose of presenting information about management’s current expectations and goals relating to the future business of Parkit. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSXV: PKT), today reported the Company’s first quarter 2024 results. Steve Scott, Chair of Parkit, commented:

“Parkit continued to improve its net rental income and margins through successful negotiations with existing and new tenants and by integrating the $100 million of assets purchased last year. Subsequent to Q1, Parkit cash closed on a $6.3 million acquisition in Winnipeg, and with 96% of our interest rate on our debt fixed, Parkit continues to have a strong balance sheet and will continue to be disciplined on acquisitions, and expects to increase our revenue, NRI and FFO for the upcoming year.”

2024 Q1 Results and Recent Business Highlights

• 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, 2024 rose 70% to $6,058,520, compared to $3,559,232 for the three months ended March 31, 2023. Net rental income (“NRI”), increased by 93% to $4,030,416, for the three months ended March 31, 2024 compared to $2,086,279 for the three months ended March 31, 2023. 

• Stabilized investment properties net rental income. On our stabilized properties, net rental income, increased by 75%, to $4,150,278, for the three months ended March 31, 2024 compared to $2,377,400, for the three months ended March 31, 2023.

• Funds from operations (“FFO”) increased for the period. The FFO, a Non-IFRS Measure, for the three months ended March 31, 2024 increased by 211% to $1,379,969, compared to FFO of $443,693, respectively for the three months ended March 31, 2023. The increase in FFO was a result of additional NRI from investment properties offset by higher financing costs.

• Liquidity position. The Company maintained a strong liquidity position with cash and cash equivalents of over $11,200,000 at the end of the period.  The Company has unencumbered assets and significant availability on its credit facilities to fund future acquisitions.

• Cash flows. Parkit’s cash flow from operations was $3,051,907 for the three months ended March 31, 2024, compared to $5,138,831 received for the three months ended March 31, 2023. The decrease in cash from operating activities is a result of changes in non-cash working capital items.  Parkit used net cash of $378,887 in investing activities for the three months ended March 31, 2024, compared to cash used of $92,528,394 from investing activities for the three months ended March 31, 2023, as the Company completed a portfolio acquisitions in the prior year.  Parkit used net cash of $2,051,746 for financing activities for the three months ended March 31, 2024, compared to net cash received of $77,967,748 for the three months ended March 31, 2023, as a result of financing received from credit facilities to fund acquisitions in the prior year.

• Net income (loss) for the period. The Company had net income of $164,871 for the three months ended March 31, 2024, compared to a net loss of $1,085,366, for the three months ended March 31, 2023.  The net income was a result of FFO growth and impacted non-cash items including an unrealized gain on derivative financial instruments of $1,090,173 and $2,123,134 of depreciation.

• Net parking income increased for the period. Net parking income includes parking properties income and the share of profit (loss) from equity accounted investees.  The share of loss from equity-accounted investees was a loss of $122,438 for the three months ended March 31, 2024, compared to a loss of $69,197 for the three months ended March 31, 2023.  The quarterly losses are a result of seasonality in the joint ventures operations. 

Parkit consolidates its result in Fly Away Parking, which had revenues and net parking income of $764,418 and $181,431 respectively for the three months ended March 31, 2024.  The current results reflect an increase in both revenue and expenses compared to the prior year results for Fly Away Parking which is a result of streamlined operations and a growing market in Nashville, TN.

• Acquisitions and Industrial Operations.  Subsequent to March 31, 2024, Parkit acquired an industrial warehouse located by the Winnipeg Richardson International Airport for a purchase price of $6.3 million. The purchase price was satisfied with funds on hand.  Parkit continued to streamline property management, advance its expansions, and sign new leases.

• Leasing at market rental spreads. During the three months ended March 31, 2024, Parkit continued to renew and sign leases at market rates. Parkit signed two new leases in Q1 2024 for a total of 29,384 sf at its properties.

• Continued focus on environmental, social and governance (“ESG”) initiatives. Parkit continued its focus on ESG initiatives by prioritizing environmental initiatives in its development plans and reviewing its corporate policies.

Parkit is focused on growing and maximizing cash flows on its industrial portfolio, while streamlining operations of its parking properties.

Further Information

For comprehensive disclosure of Parkit’s performance for the three months ended March 31, 2024 and its financial position as at such date, please see Parkit’s Condensed Consolidated Interim Financial Statements and Management’s Discussion and Analysis for the three months ended March 31, 2024 filed on SEDAR+ at www.sedarplus.ca.

Non-IFRS Measures

Management uses both IFRS and Non-IFRS Measures to assess the financial and operating performance of the Company’s operations. These Non-IFRS Measures are not recognized measures under IFRS, do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other companies. The Non-IFRS Measures referenced in this news release include the following:

Funds from Operations (“FFO”) is a Non-IFRS Measure of operating performance as it focuses on cash flow from operating activities. REALPAC is the national industry association dedicated to advancing the long-term vitality of Canada’s real property sector. REALPAC defines FFO as net income (calculated in accordance with IFRS), adjusted for, among other things, depreciation, transaction costs, gains and losses from property dispositions, foreign exchange, as well as other non-cash items. The Company believes that FFO can be a beneficial measure, when combined with primary ‎IFRS measures, to assist in the evaluation of the Company’s ability to generate cash and ‎evaluate its return on investments as it excludes the effects of real estate amortization and ‎gains and losses from the sale of real estate, all of which are based on historical cost ‎accounting and which may be of limited significance in evaluating current performance.

FFO should not be viewed as an alternative to, in isolation from, or superior to, net income or cash flow from operations, or results from Parkit’s comprehensive operations, respectively, or other measures calculated in accordance with IFRS. FFO should not be interpreted as an indicator of cash generated from operating activities and is not indicative of cash available to fund operating expenditures, or for the payment of cash distributions. FFO is simply an additional measure of operating performance which highlight trends in Parkit’s core business that may not otherwise be apparent when relying solely on IFRS financial measures. Parkit’s management also uses this Non-IFRS Measure in order to facilitate operating performance comparisons from period to period and to prepare operating budgets. In addition, while Parkit’s methods of calculating FFO comply with REALPAC recommendations, FFO may differ from and not be comparable to FFO used by other companies.

The following table indicates how Parkit reconciles FFO to the nearest IFRS measure.

About Parkit Enterprise Inc.

Parkit Enterprise is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key urban markets in Canada.  In addition, Parkit has parking assets across various markets in the United States of America.  Parkit’s Common Shares are listed on TSX-V (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott:

Investor Relations

Contact Number: 1-888-627-9881

Email: ir@parkitenterprise.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the ‎policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.‎

Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information in relation to: Parkit continuing to be disciplined on acquisitions, and Parkit’s expectations to increase revenue, NRI and FFO for 2024; Parkit’s continued focus on ESG initiatives by prioritizing environmental investments;  Parkit’s focus on growing and maximizing cash flows on its industrial portfolio, while streamlining operations of its parking properties; and Parkit’s focus on the acquisition, growth and management of strategically located industrial properties across key urban markets in Canada. This forward-looking information reflects Parkit’s current beliefs and is based on information currently ‎available to Parkit and on assumptions Parkit believes are reasonable. These assumptions ‎include, but are not limited to: the level of activity in the industrial real estate business and the economy generally;  continued consumer interest in Parkit’s services and products; Parkit’s continued ability to ‎acquire properties that are in-line with its strategic focus, including prioritizing environmental investments; ‎Parkit’s continuing ability to grow its portfolio of investment properties; and Parkit’s past results ‎continuing to be an indicator of future results.  ‎Forward-looking information is subject to known and unknown risks and uncertainties that may cause the actual results, performance or developments to differ materially from those contained in or implied by such forward-looking information. These risks, uncertainties, and factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions ‎and market prices for securities; delay or failure to receive board of directors, third party or regulatory approvals; the actual ‎results of Parkit’s future operations; competition; changes in legislation, including environmental ‎legislation, affecting Parkit; the timing and availability of external financing on acceptable terms; ‎conclusions of economic evaluations and appraisals; and the lack of qualified, skilled labour or loss of key individuals.  A description of ‎additional risk factors that may cause actual results to differ materially from forward-looking information can ‎be found in Parkit’s disclosure documents on the SEDAR+ website at www.sedarplus.ca. ‎Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of risks, uncertainties and factors is not exhaustive. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Parkit as of the date of this news release and, accordingly, is subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

The expectations to continue to be disciplined on acquisitions and to increase Parkit’s revenue, NRI and FFO for 2024 contained in this news release may be considered a financial outlook as defined by applicable securities legislation.  Such information and any other financial outlooks contained in this news release have been approved by management of Parkit as of the date hereof. Such financial outlooks are provided for the purpose of presenting information about management’s current expectations and goals relating to the future business of Parkit. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSXV: PKT), is pleased to announce that, further to its November 15, 2023 news release, it has completed the acquisition of one industrial asset from a vendor (“Vendor”) for an aggregate purchase price of $6,300,000, subject to customary adjustments (the “Acquisition”).  

961-975 Sherwin Rd, Winnipeg, Manitoba

The Acquisition consisted of 961-975 Sherwin Rd, Winnipeg, Manitoba (the “Property”). The Property consist of two buildings with approximately 82,600 square feet of gross leasable area on 4.6 acres of land.  The buildings are partially tenanted and are located in close proximity to the Winnipeg Richardson International Airport. 

Purchase Price and Payment

The aggregate purchase price for the Acquisitions is $6,300,000, subject to adjustments, and was satisfied from funds on hand. 

Iqbal Khan, CEO of Parkit, states, “The Acquisition provides in-place cash flows, strong potential rental growth and adds scale to our existing Winnipeg portfolio with excellent upside.”

About Parkit Enterprise Inc.

Parkit Enterprise is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key urban markets in Canada.  In addition, Parkit has parking assets across various markets in the United States of America.  Parkit’s Common Shares are listed on TSX Venture Exchange (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott:

Investor Relations

Contact Number: 1-888-627-9881

Email: ir@parkitenterprise.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information in relation to: statements regarding the Acquisition, including the strong potential rental growth and the scale of the Winnipeg portfolio with excellent upside; and Parkit’s focus on the acquisition, growth and management of strategically located industrial properties across key urban markets in Canada. This forward-looking information reflects Parkit’s current beliefs and is based on information currently ‎available to Parkit and on assumptions Parkit believes are reasonable. These assumptions ‎include, but are not limited to: market acceptance of the Acquisition‎; the level of activity in the industrial real estate ‎industry and the economy generally; competition and Parkit’s competitive advantages; ‎trends in the industrial real estate industry; the availability of ‎attractive and financially competitive ‎acquisitions in the future; and continued consumer interest in Parkit’s services and products. ‎Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Parkit to be materially different from those expressed or implied by such forward-looking information. Such risks, uncertainties, and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions ‎and market prices for securities; delay or failure to receive board of directors, third party or regulatory approvals; the actual ‎results of Parkit’s future operations; competition; changes in legislation, including environmental ‎legislation, affecting Parkit; the timing and availability of external financing on acceptable terms; ‎conclusions of economic evaluations and appraisals; and the lack of qualified, skilled labour or loss of key individuals. A description of ‎additional risk factors that may cause actual results to differ materially from forward-looking information can ‎be found in Parkit’s disclosure documents on the SEDAR+ website at www.sedarplus.ca. ‎Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of risks, uncertainties and factors is not exhaustive. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Parkit as of the date of this news release and, accordingly, is subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

PARKIT ENTERPRISE INC. (“Parkit” or the “Corporation”) (PKT-TSX-V) is pleased to announce that it has received conditional acceptance from the TSX Venture Exchange to renew its Normal Course Issuer Bid (“NCIB”) to purchase for cancellation, during the 12-month period starting March 28, 2024, up to ‎11,394,158‎ of the outstanding common shares of the Corporation (the “Common Shares”), representing 5% of the Common Shares outstanding. The program will end on March 27, 2025 unless the maximum amount of Common Shares is purchased before then or Parkit provides earlier notice of termination.

The purchase and payment for the Common Shares will be made by Parkit through the facilities of the TSX Venture Exchange or alternative trading systems. National Bank Financial Inc. has been selected as Parkit’s agent for the NCIB. The price paid for the Common Shares will be, subject to NCIB pricing rules contained in securities laws, the prevailing market price of such Common Shares on the TSX Venture Exchange at the time of such purchase. Parkit intends to fund the purchases out of available cash.

Parkit believes that the market price of its Common Shares may not reflect their underlying value and the Board of Directors has authorized this initiative because, in the Board’s opinion, the proposed purchase of Common Shares pursuant to the NCIB constitutes an appropriate use of Parkit’s funds, and the repurchase of its Common Shares is one way of creating shareholder value.

To the knowledge of Parkit, no director, senior officer or other insider of the Parkit currently intends to sell any Common Shares under the NCIB. However, sales by such persons through the facilities of the TSX Venture Exchange may occur if the personal circumstances of any such person changes or any such person makes a decision unrelated to these NCIB purchases. The benefits to any such person whose Common Shares are purchased would be the same as the benefits available to all other holders whose Common Shares are purchased.

About Parkit Enterprise Inc.

Parkit Enterprise is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key urban markets in Canada. In addition, Parkit has parking assets across various markets in the United States of America. Parkit’s Common Shares are listed on TSX-V (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott:

Investor Relations

Contact Number: 1-888-627-9881

Email: ir@parkitenterprise.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information regarding: the NCIB, including the purchase of Common Shares under the NCIB, the amount of Common Shares that are potentially purchased and the commencement and end date of the NCIB. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects Parkit’s current beliefs and is based on information currently available to Parkit and on assumptions Parkit believes are reasonable. These assumptions include, but are not limited to: the underlying value of Parkit and its Common Shares; the ability of Parkit to complete purchases under the NCIB and final TSX Venture Exchange acceptance of the NCIB; the level of activity in the industrial real estate industry and the economy generally; competition and Parkit’s competitive advantages; ‎trends in the industrial real estate industry; the availability of ‎attractive and financially competitive ‎acquisitions in the future; and the potential closing of previously announced ‎acquisitions, if any, ‎continuing to proceed as they have progressed to date. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Parkit to be materially different from those expressed or implied by such forward-looking information. Such risks, uncertainties and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive board of directors, third party or regulatory approvals; the actual results of Parkit’s future operations; competition; changes in legislation, including environmental legislation, affecting Parkit; the timing and availability of external financing on acceptable terms; conclusions of economic evaluations and appraisals; and lack of qualified, skilled labour or loss of key individuals. A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in Parkit’s disclosure documents on the SEDAR+ website at www.sedarplus.ca. Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of risks, uncertainties and factors is not exhaustive. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Parkit as of the date of this news release and, accordingly, is subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSXV: PKT), today reported the Company’s full year 2023 audited results. Steve Scott, Chair of Parkit, commented:

“Parkit continued to improve its net rental income and margins by integrating the $100 million of assets purchased this year and through successful negotiations with existing and new tenants. With 97% of our interest rate on our debt fixed, Parkit continues to have a strong balance sheet and expects to continue to be disciplined on acquisitions, and to increase our revenue, NRI and FFO for the upcoming year.”

2023 Q4 and Full Year Results and Recent Business Highlights

• Investment properties revenue and net rental income. Investment properties revenue and net rental income increased as the Company onboarded and integrated its Winnipeg and Saskatchewan portfolio, streamlined operations and signed new leases.  Investment properties revenue for the three and twelve months ended December 31, 2023 rose 71% and 87%, respectively, to $5,832,682 and $20,733,344, compared to $3,420,394 and $11,069,394, respectively, for the three and twelve months ended December 31, 2022. Net rental income (“NRI”), increased by 91% and 128%, respectively, to $3,919,188 and $13,387,320, for the three and twelve months ended December 31, 2023 compared to $2,051,634 and $5,883,709, respectively, for the three and twelve months ended December 31, 2022. 

• Stabilized investment properties net rental income. On our stabilized properties, net rental income, increased by 98% and 120%, respectively, to $4,184,358 and $14,563,769, for the three and twelve months ended December 31, 2023 compared to $2,110,160 and $6,629,474, respectively, for the three and twelve months ended December 31, 2022.

• Liquidity position. The Company maintained a strong liquidity position with cash and cash equivalents of over $10,000,000 at the end of the year.  The Company has unencumbered assets and significant availability on its credit facilities to fund future acquisitions.

• Cash flows. Parkit increased its cash flow with $15,039,345 received from operating activities for the twelve months ended December 31, 2023, compared to $1,566,238 received for the twelve months ended December 31, 2022.  Parkit used net cash of $103,465,734 in investing activities for the twelve months ended December 31, 2023, compared to cash used of $39,654,054 from investing activities for the twelve months ended December 31, 2022, as the Company completed $100.7 million of net acquisitions.  Parkit received net cash of $79,310,673 in financing activities for the twelve months ended December 31, 2023, compared to net cash received of $35,780,047 for the twelve months ended December 31, 2022, as a result of financing received from credit facilities to fund acquisitions.

• Funds from operations (“FFO”) increased for the period. The FFO, a Non-IFRS Measure, for the three and twelve months ended December 31, 2023 increased by 113% and 111%, respectively, to $1,390,163 and $4,115,966, compared to FFO of $652,007 and $1,947,178, respectively for the three and twelve months ended December 31, 2022. The increase in FFO was a result of additional NRI from investment properties.

• Net income (loss) for the period. The Company had a net loss of $4,243,583 and $5,092,053, respectively, for the three and twelve months ended December 31, 2023, compared to a net loss of $2,552,258 and $3,479,408, respectively, for the three and twelve months ended December 31, 2022.  The net loss was a result of non-cash items included with the annual results including $7,708,727 of depreciation, $455,936 in share-based compensation and $1,965,707 of unrealized loss on derivative financial instruments.

• Other income increased for the period. Other income includes parking properties income and the share of profit from equity accounted investees.  The share of income and loss from equity-accounted investees was a loss of $1,173,548 and an income of $795,447 for the three and twelve months ended December 31, 2023, compared to a loss of $205,553 and an income of $198,775 for the three and twelve months ended December 31, 2022.  The quarterly and year to date increase in income is a result of the joint venture’s sale and improved parking operations.

Subsequent to the acquisition of the remaining 50% interest in Fly Away Parking, the Company commenced consolidating its results in the new parking operations.  The parking properties revenue was $801,406 and $2,393,129 for the three and twelve months ended December 31, 2023.  The parking properties expenses was $578,817 and $1,640,719 for the three and twelve months ended December 31, 2023.  The current results reflect an increase in both revenue and income compared to the prior year results for Fly Away Parking which is a result of streamlined operations, lower financing costs and a growing market in Nashville, TN.

• Parkit completed $100.7 million of acquisitions for fiscal 2023. With these acquisitions, Parkit continued to streamline property management, advance its expansions, and sign new leases.

• Leasing at market rental spreads. During the three months ended December 31, 2023, Parkit continued to renew and sign leases at market rates. In fiscal 2023, Parkit achieved a weighted average 77% rental rate growth on lease renewals.

• Continued focus on environmental, social and governance (“ESG”) initiatives. Parkit continued its focus on ESG initiatives by prioritizing environmental initiatives in its development plans and reviewing its corporate policies.

Parkit is focused on growing and maximizing cash flows on its industrial portfolio, while streamlining operations of its parking properties.

Further Information

For comprehensive disclosure of Parkit’s performance for the three and twelve months ended December 31, 2023 and its financial position as at such date, please see Parkit’s Annual Audited Financial Statements and Management’s Discussion and Analysis for the year ended December 31, 2023 filed on SEDAR+ at www.sedarplus.ca.

Non-IFRS Measures

Management uses both IFRS and Non-IFRS Measures to assess the financial and operating performance of the Company’s operations. These Non-IFRS Measures are not recognized measures under IFRS, do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other companies. The Non-IFRS Measures referenced in this news release include the following:

Funds from Operations (“FFO”) is a Non-IFRS Measure of operating performance as it focuses on cash flow from operating activities. REALPAC is the national industry association dedicated to advancing the long-term vitality of Canada’s real property sector. REALPAC defines FFO as net income (calculated in accordance with IFRS), adjusted for, among other things, depreciation, transaction costs, gains and losses from property dispositions, foreign exchange, as well as other non-cash items. The Company believes that FFO can be a beneficial measure, when combined with primary ‎IFRS measures, to assist in the evaluation of the Company’s ability to generate cash and ‎evaluate its return on investments as it excludes the effects of real estate amortization and ‎gains and losses from the sale of real estate, all of which are based on historical cost ‎accounting and which may be of limited significance in evaluating current performance.

FFO should not be viewed as an alternative to, in isolation from, or superior to, net income or cash flow from operations, or results from Parkit’s comprehensive operations, respectively, or other measures calculated in accordance with IFRS. FFO should not be interpreted as an indicator of cash generated from operating activities and is not indicative of cash available to fund operating expenditures, or for the payment of cash distributions. FFO is simply an additional measure of operating performance which highlight trends in Parkit’s core business that may not otherwise be apparent when relying solely on IFRS financial measures. Parkit’s management also uses this Non-IFRS Measure in order to facilitate operating performance comparisons from period to period and to prepare operating budgets. In addition, while Parkit’s methods of calculating FFO comply with REALPAC recommendations, FFO may differ from and not be comparable to FFO used by other companies.

The following table indicates how Parkit reconciles FFO to the nearest IFRS measure.

About Parkit Enterprise Inc.

Parkit Enterprise is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key urban markets in Canada.  In addition, Parkit has parking assets across various markets in the United States of America.  Parkit’s Common Shares are listed on TSX-V (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott:

Investor Relations

Contact Number: 1-888-627-9881

Email: ir@parkitenterprise.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the ‎policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.‎

Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information in relation to: Parkit’s expectations to continue to be disciplined on acquisitions, and to increase its revenue, NRI and FFO for 2024; Parkit’s continued focus on ESG initiatives by prioritizing environmental investments;  Parkit’s focus on growing and maximizing cash flows on its industrial portfolio, while streamlining operations of its parking properties; and Parkit’s focus on the acquisition, growth and management of strategically located industrial properties across key urban markets in Canada. This forward-looking information reflects Parkit’s current beliefs and is based on information currently ‎available to Parkit and on assumptions Parkit believes are reasonable. These assumptions ‎include, but are not limited to: the level of activity in the industrial real estate business and the economy generally;  continued consumer interest in Parkit’s services and products; Parkit’s continued ability to ‎acquire properties that are in-line with its strategic focus, including prioritizing environmental investments; ‎Parkit’s continuing ability to grow its portfolio of investment properties; and Parkit’s past results ‎continuing to be an indicator of future results.  ‎Forward-looking information is subject to known and unknown risks and uncertainties that may cause the actual results, performance or developments to differ materially from those contained in or implied by such forward-looking information. These risks, uncertainties, and factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions ‎and market prices for securities; delay or failure to receive board of directors, third party or regulatory approvals; the actual ‎results of Parkit’s future operations; competition; changes in legislation, including environmental ‎legislation, affecting Parkit; the timing and availability of external financing on acceptable terms; ‎conclusions of economic evaluations and appraisals; and the lack of qualified, skilled labour or loss of key individuals.  A description of ‎additional risk factors that may cause actual results to differ materially from forward-looking information can ‎be found in Parkit’s disclosure documents on the SEDAR+ website at www.sedarplus.ca. ‎Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of risks, uncertainties and factors is not exhaustive. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Parkit as of the date of this news release and, accordingly, is subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

The expectations to continue to increase Parkit’s revenue, NRI and FFO for 2024 contained in this news release may be considered a financial outlook as defined by applicable securities legislation.  Such information and any other financial outlooks contained in this news release have been approved by management of Parkit as of the date hereof. Such financial outlooks are provided for the purpose of presenting information about management’s current expectations and goals relating to the future business of Parkit. Readers are cautioned that reliance on such information may not be appropriate for other purposes.