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

“In Q3, Parkit achieved significant revenue and net rental income growth through successful negotiations with new and existing tenants by integrating the 10 industrial assets purchased this year. With 95% of our debt fixed, Parkit continues to have a strong balance sheet and expects to continue to look for accretive acquisitions in the coming quarters.”

2023 Q3 Results and Recent Business Highlights

• Industrial properties revenue and net rental income. Industrial properties revenue and net rental income increased as the Company onboarded and integrated its Winnipeg and Saskatchewan portfolio, streamlined operations, and signed new leases.  Industrial properties revenue for the three and nine months ended September 30, 2023 rose 99% and 95%, respectively, to $5,671,599 and $14,900,662, compared to $2,846,709 and $7,649,000, respectively, for the three and nine months ended September 30, 2022. Net rental income (“NRI”), increased by 141% and 147%, respectively, to $3,826,615 and $9,468,132, for the three and nine months ended September 30, 2023 compared to $1,589,859 and $3,832,075, respectively, for the three and nine months ended September 30, 2022.

• Liquidity position. The Company maintained a strong liquidity position with cash and cash equivalents of over $5,000,000 at the end of the quarter.  The Company has unencumbered assets and significant availability on its credit facilities to fund future acquisitions.

• Cash flows. Parkit increased its cash flow with $10,759,015 received from operating activities for the nine months ended September 30, 2023, compared to $3,571,514 received for the nine months ended September 30, 2022.  Parkit used net cash of $102,043,727 in investing activities for the nine months ended September 30, 2023, compared to cash used of $40,252,477 from investing activities for the nine months ended September 30, 2022, as the Company completed $95.2 million of net acquisitions.  Parkit received net cash of $76,822,942 in financing activities for the nine months ended September 30, 2023, compared to net cash received of $33,512,344 for the nine months ended September 30, 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 nine months ended September 30, 2023 increased by 137% and 110%, respectively, to $1,264,167 and $2,725,803, compared to FFO of $533,385 and $1,295,171, respectively for the three and nine months ended September 30, 2022. The increase in FFO was a result of additional NRI from industrial properties.

• Income for the period. The Company had a net loss of $793,939 and $848,470, respectively, for the three and nine months ended September 30, 2023, compared to a net loss of $177,183 and $927,150, respectively, for the three and nine months ended September 30, 2022. 

• Parking operations. The share of income and loss from equity-accounted investees was an income of $59,951 and $1,968,995 for the three and nine months ended September 30, 2023, compared to income of $160,236 and $404,328 for the three and nine months ended September 30, 2022.  The quarterly decrease and year to date increase in income is a result of the joint venture’s sale.

Subsequent to the acquisition of the remaining 50% interest in Fly Away Parking, the Company consolidated its results in the new Parking operations.  The parking properties revenue was $914,200 and $1,591,723 for the three and nine months ended September 30, 2023.  The parking properties operating income was $305,343 and $529,821 for the three and nine months ended September 30, 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.

• Leasing at market rental spreads. During the three months ended September 30, 2023, Parkit continued to sign and renew leases at market rates including 70,419 sf in Burlington, ON, the Company realized a 127% increase from its prior in-place lease. Parkit continues to maximize the occupancy of its gross leasable area by signing leases at market rates with escalations.

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

Parkit is focused on growing and maximizing cash flows on its industrial portfolio, while strategically operating its parking properties.

Change in Management

Carey Chow is now the sole CFO of the Company, where he worked as Co-CFO over the past 2 years.  JoAnne Odette has completed her transitional role as Co-CFO of the Company.

Further Information

For comprehensive disclosure of Parkit’s performance for the three and nine months ended September 30, 2023 and its financial position as at such date, please see Parkit’s Unaudited Condensed Financial Statements and Management’s Discussion and Analysis for the three and nine months ended September 30, 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 is forward-looking information. In particular, this news release contains forward-looking information in relation to: Parkit continuing to look for acquisitions in the coming quarters; 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 strategically operating its parking properties; and Parkit’s strategy and focus regarding acquiring high-quality and 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; Parkit’s past results ‎continuing to be an indicator of future results; the diminishing effects of the COVID-19 pandemic in Canada, ‎the United States, and elsewhere; consumer interest in Parkit’s services and products; and Parkit’s continued response and ability to navigate the ‎COVID-19 pandemic being ‎consistent with, or better than, its ability and response to date‎. ‎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; lack of qualified, skilled labour or loss of key individuals; ‎risks related to the COVID-19 pandemic; and the impact ‎that the COVID-19 pandemic may have on Parkit which may include: a short-term delay in ‎payments from customers, an increase in accounts receivable and an increase of losses on accounts ‎receivable; decreased demand for the services that Parkit offers; and a deterioration of ‎financial markets that could limit Parkit’s ability to obtain external financing. 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.

Toronto, Ontario–(Newsfile Corp. – August 16, 2023) – PARKIT ENERPRISE INC. (TSXV: PKT) (“Parkit“) announced today that it understands that Access Results Management Services Inc. (“ARMS“) has acquired 3,000,000 common shares in the capital of Parkit on the open market through the facilities of Omega ATS (“Common Shares“) at a price of $0.68 per Common Share, representing an aggregate purchase price of $2,040,000, and representing 1.30% of the issued and outstanding Common Shares of Parkit. Prior to the purchase, ARMS owned or controlled Nil Common Shares of Parkit. ARMS now owns or controls 3,000,000 Common Shares of Parkit or approximately 1.30% of the total issued and outstanding Common Shares of Parkit. Steven Scott and SRS Realty Group Inc. ‎(“SRS“) (a company wholly owned by Steven Scott) are ‎joint actors with ARMS (ARMS is owned and controlled by Mr. Scott and Iqbal Khan). Mr. Scott owns or controls (including through SRS) 28,123,606 ‎Common Shares of Parkit, representing approximately 12.14% of the issued and outstanding Common ‎Shares of Parkit. Mr. Scott also owns 2,547,500 options to purchase Common ‎Shares at an exercise price ranging from $1.05 to $1.50 per Common Share. Together, ‎Steven Scott and ARMS own or control 31,123,606 Common Shares of Parkit representing ‎‎approximately 13.44% of the issued and outstanding Common Shares ‎of Parkit. ‎Assuming the exercise of all of the Common Share purchase options held by Mr. Scott, ‎together, Mr. Scott and ARMS would own or control 33,671,106 Common Shares ‎representing approximately 14.38% of the issued and outstanding Common Shares of ‎Parkit.‎ The Common Shares were purchased by ARMS for investment purposes. Although ARMS ‎presently has no intention of acquiring any further securities ‎of Parkit, ARMS has a long-term ‎view of its investment in Parkit, and may, in the future, ‎acquire ‎additional securities of Parkit ‎including on the open market or through private acquisitions or ‎‎sell securities of Parkit including on ‎the open market or through private dispositions ‎depending on ‎market conditions and other relevant ‎factors. Any increase or decrease in ownership of securities of Parkit by ARMS will depend on ‎numerous conditions, including the price of the Common Shares ‎and general market conditions.‎ The head office address for both Parkit and ARMS is 100 Canadian Road, Toronto, Ontario M1R 4Z5.

About Parkit Enterprise Inc.
Parkit is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key urban markets in Canada, to complement its parking assets across the United States. 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.‎

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

“In Q2, Parkit continued to streamline operations for its properties, signed a new lease and completed the acquisition of the remaining 50% interest in one of its parking assets providing full control over the future opportunities of the asset.”

2023 Q2 Results and Recent Business Highlights

• Industrial properties revenue and net rental income. Industrial properties revenue and net rental income increased as the Company onboarded and integrated its Winnipeg and Saskatchewan portfolio, streamlined operations, and signed new leases.  Industrial properties revenue for the three and six months ended June 30, 2023 rose 111% and 92%, respectively, to $5,669,831 and $9,229,063, compared to $2,691,836 and $4,802,291, respectively, for the three and six months ended June 30, 2022. Net rental income (“NRI”), increased by 159% and 151%, respectively, to $3,555,238 and $5,641,517, for the three and six months ended June 30, 2023 compared to $1,374,181 and $2,242,216, respectively, for the three and six months ended June 30, 2022.

• Significant liquidity position. The Company maintained a strong liquidity position with cash and cash equivalents totaling $6,379,633 for the six months ended June 30, 2023. The Company has unencumbered assets and availability on its operating line to fund future acquisitions.

• Cash flows. Parkit increased its cash flow with $7,340,142 received from operating activities for the six months ended June 30, 2023, compared to $2,049,452 received for the six months ended June 30, 2022.  Parkit used net cash of $100,962,169 in investing activities for the six months ended June 30, 2023, compared to cash used of $38,201,148 from investing activities for the six months ended June 30, 2022, as the Company completed $90.3 million of acquisitions in Q1 2023, and acquired the remaining interest in Fly-Away Parking, offset by a distribution received from its joint venture.  Parkit received net cash of $80,331,782 in financing activities for the six months ended June 30, 2023, compared to net cash received of $35,627,698 for the six months ended June 30, 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 six months ended June 30, 2023 increased by 152% and 92%, respectively, to $1,017,943 and $1,461,636, compared to FFO of $403,461 and $761,786, respectively for the three and six months ended June 30, 2022. The increase in annual FFO was a result of additional NRI from industrial properties offset by higher financing cost.

• Income for the period. The Company had net income of $1,030,835 and a net loss of $54,531, respectively, for the three and six months ended June 30, 2023, compared to a net loss of $256,696 and $749,967, respectively, for the three and six months ended June 30, 2022.  

• Parking operations. Parkit’s parking joint ventures reported a gain of $1,978,241 and $1,909,044, respectively, for the three and six months ended June 30, 2023, compared to an income of $204,680 and $244,092, respectively, for the three and six months ended June 30, 2022.  The increase in the gain is a result of the joint ventures sale of its equity in Fly Away Parking.

Subsequent to Parkit’s acquisition of Fly Away Parking, the property had parking revenue and income of $677,523 and $224,478, respectively, from the acquisition date in April 2023 to June 30, 2023.  The current results reflect an increase in both revenue and income compared to the prior year results due to streamlined operations, lower financing costs and a growing market in Nashville, TN.

• Leasing at market rental spreads. During the three months ended June 30, 2023, Parkit signed a new lease on 27,182 square feet.  Parkit continues to maximize the occupancy of its gross leasable area by signing leases at market rates with escalations.

• Continued focus on environmental, social and governance (“ESG”) initiatives. Parkit continued its focus on ESG initiatives by prioritizing environmental investments in its development plans and reviewing its corporate policies.  The Company is registered with Energy Star which monitors and analyzes the Company’s energy consumption to promote energy efficiency. 

Parkit is focused on growing and maximizing cash flows on its industrial portfolio, while strategically operating its parking properties.

Further Information

For comprehensive disclosure of Parkit’s performance for the three and six months ended June 30, 2023 and its financial position as at such date, please see Parkit’s Unaudited Condensed Financial Statements and Management’s Discussion and Analysis for the three and six months ended June 30, 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 Funds from Operations (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 the Parkit reconciles FFO to the nearest IFRS measure.

About Parkit Enterprise Inc.

Parkit is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key urban markets in Canada, to complement its parking assets across the United States.  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 is forward-looking information. In particular, this news release contains forward-looking information in relation to: 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 strategically operating its parking properties; and Parkit’s strategy and focus regarding acquiring high-quality and 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; Parkit’s past results ‎continuing to be an indicator of future results; the diminishing effects of the COVID-19 pandemic in Canada, ‎the United States, and elsewhere; consumer interest in Parkit’s services and products; and Parkit’s continued response and ability to navigate the ‎COVID-19 pandemic being ‎consistent with, or better than, its ability and response to date‎. ‎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; lack of qualified, skilled labour or loss of key individuals; ‎risks related to the COVID-19 pandemic; and the impact ‎that the COVID-19 pandemic may have on Parkit which may include: a short-term delay in ‎payments from customers, an increase in accounts receivable and an increase of losses on accounts ‎receivable; decreased demand for the services that Parkit offers; and a deterioration of ‎financial markets that could limit Parkit’s ability to obtain external financing. 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), today reported the Company’s first quarter 2023 results. Steve Scott, Chair of Parkit, commented:

“In Q1 Parkit closed on a $90.3 million portfolio in Winnipeg and Saskatchewan, continued to streamline operations on its properties and advance its leasing activities.  The new portfolio adds significant scale by adding 800,000 sf of Gross Leasable Area and in-place cash flows.”

2023 Q1 Results and Recent Business Highlights

• Revenues and net rental income. Revenues and net rental income increased as the Company onboarded and integrated additional investment properties. Investment properties revenue for the three months ended March 31, 2023 rose 69% to $3,559,232, compared to $2,110,455 for the three months ended March 31, 2022. Net rental income (“NRI”), increased by 140% to $2,086,279 for the three months ended March 31, 2023 compared to $868,035 for the three months ended March 31, 2022. The increase in revenue and NRI from investment properties is due to the acquisitions made by Parkit and stabilization of certain investment properties.  Parkit’s stabilized property margins continued to improve as the Company streamlined operations and signed new leases.

• Significant liquidity position. The Company maintained a strong liquidity position with cash and cash equivalents totaling $10,049,939 for the three months ended March 31, 2023, compared to $19,471,763 for the year ended December 31, 2022.  During quarter, the Company utilized $80,000,000 from new credit facilities to fund acquisitions. 

• Cash flows. Parkit increased its cash flow with $4,878,533 received from operating activities for the three months ended March 31, 2023, compared to $897,823 received for the three months ended March 31, 2022.  Parkit used net cash of $92,528,394 in investing activities for the three months ended March 31, 2023, compared to cash used of $16,483,481 from investing activities for the three months ended March 31, 2022 as the Company completed $90.3 million of acquisitions in Q1 2023.  Parkit received net cash of $78,228,046 in financing activities for the three months ended March 31, 2023, compared to net cash used of $414,973 for the three months ended March 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 months ended March 31, 2023 increased by 24% to $443,693, compared to a FFO of $358,325 for the three months ended March 31, 2022. The increase in annual FFO was a result of additional NRI from investment properties offset by higher financing cost.

• Loss for the period. The Company had a net loss of $1,085,366 for the three months ended March 31, 2023, compared to a net loss of $493,271 for the three months ended March 31, 2022. While rental income increased, the net loss was a result of higher depreciation and finance costs.

• Parking joint ventures reported a loss for Q1 2023. Parkit’s parking joint ventures reported a loss of $69,197 for the three months ended March 31, 2023, compared to a profit of $39,412 for the three months ended March 31, 2022.  The loss is a result of seasonality and higher financing cost for the joint ventures.  With the acquisition of the remaining 50% interest in Fly Away Parking, Fly-Away Parking results will improve without the financing cost burden.  The Company expects the OP Holdings results to improve as Q1 is a seasonally weak quarter. 

• Parkit completed $90.3 million of acquisitions for Q1 2023. The new industrial properties provide scale, are strategically located within industrial parks, include a diverse tenant base, have tenancies below market rents, have a runway for rental growth, and have medium-length lease terms. 

• Leasing at market rental spreads. For the 3 months ended March 31, 2023, Parkit renewed the lease on 54,853 square feet.  The extensions had an average rental rate which were 21% over the prior in-place rents.

• Continued focus on environmental, social and governance (“ESG”) initiatives. Parkit continued its focus on ESG initiatives by prioritizing environmental investments in its development plans and reviewing its corporate policies.  The Company will explore the possibility of solar initiatives with the new Government of Canada investment tax credit.

Parkit is focused on continuing its shift into industrial real estate by growing its portfolio and maximizing cash flows from its investment properties, while stabilizing its parking operations.

Further Information

For comprehensive disclosure of Parkit’s performance for the three months ended March 31, 2023 and its financial position as at such date, please see Parkit’s Unaudited Condensed Financial Statements and Management’s Discussion and Analysis for the three months ended March 31, 2023 filed on SEDAR at www.sedar.com.

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 Funds from Operations (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 the Parkit reconciles FFO to the nearest IFRS measure.

About Parkit Enterprise Inc.

Parkit is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key urban markets in Canada, to complement its parking assets across the United States.  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 is forward-looking information. In particular, this news release contains forward-looking information in relation to: Parkit’s expectations to continue to add to the industrial portfolio, and to increase in revenue, NRI and FFO, including through maximizing occupancy, executing on leasing  and delivering quality property and asset management; Parkit’s expectations that Fly-Away Parking’s and OP Holding’s results will improve; the potential impact of the $90.3 million of acquisitions completed in Q1 ‎‎2023, including to provide scale and a runway for rental growth;‎ Parkit’s continued focus on ESG initiatives by prioritizing environmental investments and exploring the possibility of solar initiatives with the Government of Canada investment tax credit;  Parkit’s focus on continuing its shift into industrial real estate by growing its portfolio and maximizing cash flows from its investment properties, while stabilizing its parking operations; and Parkit’s strategy and focus regarding acquiring high-quality and 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; Parkit’s past results ‎continuing to be an indicator of future results; the diminishing effects of the COVID-19 pandemic in Canada, ‎the United States, and elsewhere; consumer interest in Parkit’s services and products; and Parkit’s continued response and ability to navigate the ‎COVID-19 pandemic being ‎consistent with, or better than, its ability and response to date‎. ‎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; lack of qualified, skilled labour or loss of key individuals; ‎risks related to the COVID-19 pandemic including various recommendations, orders and measures of ‎governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-‎essential business closures, service disruptions, quarantines, self-isolations, shelters-in-place, social ‎distancing and mandatory vaccination policies, disruptions to markets, economic activity, financing, supply chains and sales channels, and a ‎deterioration of general economic conditions including a possible national or global recession; and the impact ‎that the COVID-19 pandemic may have on Parkit which may include: a short-term delay in ‎payments from customers, an increase in accounts receivable and an increase of losses on accounts ‎receivable; decreased demand for the services that Parkit offers; and a deterioration of ‎financial markets that could limit Parkit’s ability to obtain external financing. 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.sedar.com. ‎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 revenue, NRI, FFO and cash flow for 2023 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 the Company 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 the Company. 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 that it has completed the acquisition of the remaining 50% interest in Fly Away Airport Parking in Nashville Tennessee from an arm’s length vendor (the “Vendor”) for an aggregate purchase price of $3,550,000 USD, subject to customary adjustments (the “Acquisition”).  With this Acquisition, Parkit now owns 100% of Fly Away Airport Parking.

Fly Away Airport Parking

Fly Away Airport Parking is an off airport parking lot located by the Nashville International Airport with 1,204 parking spaces on 8.5 acres of land.

Purchase Price and Payment

The purchase price for the Acquisition is $3,550,000 USD, subject to customary adjustments, and was paid with funds on hand.

Iqbal Khan, CEO of Parkit, states, “The Acquisition provides Parkit full control over the future opportunities of the asset.”

About Parkit Enterprise Inc.

Parkit is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key urban markets in Canada which complements its parking assets across the United States. 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 is forward-looking information. In particular, this news release contains forward-looking information in relation to: the potential effect on Parkit of the completion of the Acquisition including its effect on cash flows, future opportunities and growth; and Parkit’s 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 level of activity in the industrial real estate ‎business and the economy generally; consumer interest in Parkit’s services and products; and Parkit’s continued response and ability to navigate the ‎COVID-19 pandemic being ‎consistent with, or better than, its ability and response to date‎. ‎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; lack of qualified, skilled labour or loss of key individuals; ‎risks related to the COVID-19 pandemic including various recommendations, orders and measures of ‎governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-‎essential business closures, service disruptions, quarantines, self-isolations, shelters-in-place, social ‎distancing and mandatory vaccination policies, disruptions to markets, economic activity, financing, supply chains and sales channels, and a ‎deterioration of general economic conditions including a possible national or global recession; and the impact ‎that the COVID-19 pandemic may have on Parkit which may include: a short-term delay in ‎payments from customers, an increase in accounts receivable and an increase of losses on accounts ‎receivable; decreased demand for the services that Parkit offers; and a deterioration of ‎financial markets that could limit Parkit’s ability to obtain external financing. 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.sedar.com. ‎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. (TSXV: PKT) (“Parkit” or the “Company”), today reported the Company’s full year 2022 audited results. Steve Scott, Chair of Parkit, commented:

“In fiscal 2022, Parkit continued to build the foundation for growth by executing on operations and by closing on $57.9 million in disciplined accretive acquisitions. Looking ahead, we started fiscal 2023 by closing on a portfolio of 10 industrial properties in Winnipeg and Saskatchewan for $90.3 million. Throughout the year we expect to continue to add to our industrial portfolio, and to increase our revenue, NRI and FFO, through maximizing occupancy and by delivering quality property and asset management.”

2022 Q4 and Full Year Results and Recent Business Highlights

• Revenues and net rental income. Revenues and net rental income increased as the Company onboarded and integrated additional investment properties. Investment properties revenue for the three months and year ended December 31, 2022 rose to $3,420,394 and $11,069,394, respectively, compared to $2,115,089 and $5,778,651 for the three months and year ended December 31, 2021. Net rental income (“NRI“), increased to $2,051,634 and $5,883,709 for the three months and year ended December 31, 2022 compared to $1,114,129 and $3,322,561 for the three months and year ended December 31, 2021. The increase in revenue and NRI from investment properties is due to the acquisitions made by Parkit. Parkit’s stabilized property margins continued to improve quarter over quarter for the year ended December 31, 2022 as the Company streamlined operations and signed new leases.
• Significant liquidity position. The Company maintained a strong liquidity position with cash and cash equivalents totaling $19,471,763 for the year ended December 31, 2022, compared to $21,797,256 for the year ended December 31, 2021.
• Cash flows. Parkit increased its cash flowreceived from operating activities excluding changes in working capital to $4,203,641 for the year ended December 31, 2022, compared to cash flow received of $2,218,208 for the year ended December 31, 2021. Parkit used net cash of $39,654,054 in investing activities for the year ended December 31, 2021, compared to cash used of $99,684,493 from investing activities for the year ended December 31, 2021 as the Company made fewer acquisitions in fiscal 2022. Parkit received net cash of $35,780,047 in financing activities for the year ended December 31, 2022, compared to net cash received of $110,178,443 for the year ended December 31, 2021.
• Funds from operations (“FFO”) increased for the period. The FFO, a Non-IFRS Measure, for the three months and year ended December 31, 2022 decreased to $652,007 and increased to $1,947,178, respectively, compared to a FFO of $698,435 and $1,460,528 for the three months and year ended December 31, 2021. The increase in annual FFO was a result of additional investment properties held for fiscal 2022.
• Loss for the period. The Company had a net loss of $2,552,258 and $3,479,408 for the three months and year ended December 31, 2022, compared to net income of $199,935 and a net loss of $3,988,375 for the three months and year ended December 31, 2021. While rental income increased, the net loss was a result of higher depreciation and finance costs.
• Parking results improved in fiscal 2022. Parkit’s parking joint ventures reported a loss of $205,553 and a profit of $198,775 for the three months and year ended December 31, 2022 as a result of one time fees of $238,000 in Q4 due to fees on distribution and refinancing cost, compared to a profit of $30,769 and a loss of $289,233 for the three months and year ended December 31, 2021. Though the joint ventures reported a loss in Q4, the operating results continue to improve and the joint ventures provided a distribution to Parkit of $2,194,620 during the year.
• Parkit completed $57.9 million of acquisitions for fiscal 2022. With these acquisitions, Parkit continued to streamline property management, advance its expansions, and sign new leases.
• Subsequent to December 31, 2022, Parkit closed on a portfolio of 10 properties in Winnipeg and Saskatchewan for $90.3 million. Parkit completed the acquisition oftenindustrial properties, adding approximately 800,000 sf of gross leasable area on 55 acres for an aggregate purchase price of $90,250,000. The Company expects to complete additional acquisitions to meet its $100 million acquisition goal for fiscal 2023.
• Leasing at market rental spreads. For the 3 months ended December 31, 2022, Parkit signed new leases and had renewals on 65,710 square feet of gross leasable area. The extensions had an average rental rate which were 48% over the prior in place rents and new leases were signed at market rates.
• Continued focus on environmental, social and governance (“ESG”) initiatives. Parkit continued its focus on ESG initiatives by prioritizing environmental investments in its development plans and reviewing its corporate policies.

Parkit is focused on continuing its shift into industrial real estate by growing its portfolio and maximizing cash flows from its investment properties, while stabilizing its parking operations.

Further Information
For comprehensive disclosure of Parkit’s performance for the three months and year ended December 31, 2022 and its financial position as at such date, please see Parkit’s Annual Financial Statements and Management’s Discussion and Analysis for the year ended December 31, 2022 filed on SEDAR at www.sedar.com.

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 Funds from Operations (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 the Parkit reconciles FFO to the nearest IFRS measure.

About Parkit Enterprise Inc.
Parkit is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key markets in Canada, to complement its parking assets across the United States. 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 is forward-looking information. In particular, this news release contains forward-looking information in relation to: Parkit’s expectations to continue to add to the industrial portfolio, and to increase in revenue, NRI and FFO, including through maximizing occupancy and delivering quality property and asset management; Parkit’s expectations to complete additional acquisitions to meet its goal of $100 million in acquisitions in ‎‎2023;‎ Parkit’s continued focus on ESG initiatives by prioritizing environmental investments; Parkit’s focus on continuing its shift into industrial real estate by growing its portfolio and maximizing cash flows from its investment properties, while stabilizing its parking operations; and Parkit’s strategy and focus regarding acquiring high-quality and strategically located industrial properties across key 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: 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; Parkit’s past results ‎continuing to be an indicator of future results; the diminishing effects of the COVID-19 pandemic in Canada, ‎the United States, and elsewhere; consumer interest in Parkit’s services and products; and Parkit’s continued response and ability to navigate the ‎COVID-19 pandemic being ‎consistent with, or better than, its ability and response to date‎. ‎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; lack of qualified, skilled labour or loss of key individuals; ‎risks related to the COVID-19 pandemic including various recommendations, orders and measures of ‎governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-‎essential business closures, service disruptions, quarantines, self-isolations, shelters-in-place, social ‎distancing and mandatory vaccination policies, disruptions to markets, economic activity, financing, supply chains and sales channels, and a ‎deterioration of general economic conditions including a possible national or global recession; and the impact ‎that the COVID-19 pandemic may have on Parkit which may include: a short-term delay in ‎payments from customers, an increase in accounts receivable and an increase of losses on accounts ‎receivable; decreased demand for the services that Parkit offers; and a deterioration of ‎financial markets that could limit Parkit’s ability to obtain external financing. 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.sedar.com. ‎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 amount of potential future acquisitions by the Company in fiscal 2023, and expectations to increase revenue, NRI, FFO and cash flow for 2023 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 the Company 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 the Company. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

Toronto, Ontario – 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 24, 2023, up to ‎11,692,258‎ of the outstanding common shares of the Corporation (the “Common Shares“), representing 5% of the Common Shares outstanding. The program will end on March 23, 2024 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 is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key markets in Canada, to complement its parking assets across the United States. 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 is forward-looking information. In particular, this news release contains forward-looking information in relation to: the potential effect on Parkit of the completion of the Acquisition including its effect on cash flows, rental growth and the expansion into new key industrial markets and the potential of those markets; and Parkit’s business strategy regarding the acquisition, growth and management of strategically located industrial properties across key 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; consumer interest in Parkit’s services and products; and Parkit’s continued response and ability to navigate the ‎COVID-19 pandemic being ‎consistent with, or better than, its ability and response to date‎. ‎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; lack of qualified, skilled labour or loss of key individuals; ‎risks related to the COVID-19 pandemic including various recommendations, orders and measures of ‎governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-‎essential business closures, service disruptions, quarantines, self-isolations, shelters-in-place, social ‎distancing and mandatory vaccination policies, disruptions to markets, economic activity, financing, supply chains and sales channels, and a ‎deterioration of general economic conditions including a possible national or global recession; and the impact ‎that the COVID-19 pandemic may have on Parkit which may include: a short-term delay in ‎payments from customers, an increase in accounts receivable and an increase of losses on accounts ‎receivable; decreased demand for the services that Parkit offers; and a deterioration of ‎financial markets that could limit Parkit’s ability to obtain external financing. 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.sedar.com. ‎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), is pleased to announce that, further to its January 16th, 2023 news release, it has completed the acquisition of a portfolio of 10 industrial properties located in Winnipeg and Saskatchewan (the “Portfolio”), from an arm’s length vendor (the “Vendor”) for an aggregate purchase price of $90,250,000, subject to customary adjustments (the “Acquisition”).

Portfolio

The Portfolio includes 6 properties in Winnipeg, Manitoba, and 4 properties in Saskatchewan.  The Portfolio consists of approximately 800,000 square feet on 55 acres with a mix of single-tenant and multi-tenant buildings with average clear heights of 24 feet.  

Purchase Price and Payment

The purchase price for the Acquisition is $90,250,000, subject to customary adjustments, and was paid with first mortgage financing and funds on hand.

Iqbal Khan, CEO of Parkit, states, “These acquisitions provide significant in-place cash flows, strong potential rental growth and the opportunity to expand into new key industrial markets that we have identified as very stable with excellent upside.”

About Parkit Enterprise Inc.

Parkit is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key markets in Canada, to complement its parking assets across the United States.  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 is forward-looking information. In particular, this news release contains forward-looking information in relation to: the potential effect on Parkit of the completion of the Acquisition including its effect on cash flows, rental growth and the expansion into new key industrial markets and the potential of those markets; and Parkit’s business strategy regarding the acquisition, growth and management of strategically located industrial properties across key 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; consumer interest in Parkit’s services and products; and Parkit’s continued response and ability to navigate the ‎COVID-19 pandemic being ‎consistent with, or better than, its ability and response to date‎. ‎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; lack of qualified, skilled labour or loss of key individuals; ‎risks related to the COVID-19 pandemic including various recommendations, orders and measures of ‎governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-‎essential business closures, service disruptions, quarantines, self-isolations, shelters-in-place, social ‎distancing and mandatory vaccination policies, disruptions to markets, economic activity, financing, supply chains and sales channels, and a ‎deterioration of general economic conditions including a possible national or global recession; and the impact ‎that the COVID-19 pandemic may have on Parkit which may include: a short-term delay in ‎payments from customers, an increase in accounts receivable and an increase of losses on accounts ‎receivable; decreased demand for the services that Parkit offers; and a deterioration of ‎financial markets that could limit Parkit’s ability to obtain external financing. 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.sedar.com. ‎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.

Toronto, Ontario – Parkit Enterprise Inc. (TSXV: PKT) (“Parkit”), announced today certain directors, officers, employees and consultants have been issued an aggregate of 3,525,000 options pursuant to Parkit’s option plan with an effective date of January 19, 2023, with each such option being exercisable into one common share at an exercise price of $1.05 at any time on or before the tenth anniversary of its issuance. Each of the options vested on grant.

Of the options granted above, 2,910,000 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 is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key markets in Canada, to complement its parking assets across the United States. 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.

Toronto, Ontario – Parkit Enterprise Inc. (TSXV: PKT) (“Parkit”), has entered into an asset purchase agreement (the “Purchase Agreement“), with two private entities (collectively, the “Vendor“), pursuant to which Parkit has agreed to purchase a portfolio of 10 industrial properties located in Winnipeg and Saskatchewan (the “Portfolio“), for an aggregate purchase price of $90,250,000, subject to customary adjustments (the “Acquisition“). The Vendor is not a related party to Parkit and the Acquisition constitutes an Arm’s Length Transaction for the purposes of the TSX Venture Exchange policies.

Purchase Price and Payment
The purchase price for the Acquisition is $90,250,000, subject to adjustments. The purchase price will be satisfied with a mortgage and funds on hand. Depending on the satisfaction of certain closing conditions, closing is expected to occur in Q1 of 2023.

Iqbal Khan, CEO of Parkit, states, “These acquisitions provide significant in-place cash flows, strong potential rental growth and the opportunity to expand into new key industrial markets that we have identified as very stable with excellent upside.”

Conditions Precedent to the Acquisition
The obligations of Parkit and the Vendor to complete the Acquisition is subject to the satisfaction of customary closing conditions.

About Parkit Enterprise Inc.
Parkit is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key markets in Canada, to complement its parking assets across the United States. 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 is forward-looking information. In particular, this news release contains forward-looking information in relation to: statements regarding the proposed Acquisition, including the closing and the timing thereof, the method of payment for the proposed Acquisition, and the satisfaction of conditions in relation to the proposed Acquisition; the potential effect on Parkit of the completion of the proposed Acquisition including its effect on cash flows, rental growth and the expansion into new industrial markets and the potential of those markets; and Parkit’s business strategy regarding the acquisition, growth and management of strategically located industrial properties across key 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 satisfactory fulfilment of all of the conditions precedent to the proposed ‎Acquisition‎; the ‎receipt of all required approvals for the proposed Acquisition‎; market acceptance of the ‎proposed Acquisition‎; the receipt of, and accuracy of the value of, appraisals received for the proposed ‎Acquisition; the level of activity in the industrial real estate ‎business and the economy generally; consumer interest in Parkit’s services and products; and Parkit’s continued response and ability to navigate the ‎COVID-19 pandemic being ‎consistent with, or better than, its ability and response to date‎. ‎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; lack of qualified, skilled labour or loss of key individuals; ‎risks related to the COVID-19 pandemic including various recommendations, orders and measures of ‎governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-‎essential business closures, service disruptions, quarantines, self-isolations, shelters-in-place, social ‎distancing and mandatory vaccination policies, disruptions to markets, economic activity, financing, supply chains and sales channels, and a ‎deterioration of general economic conditions including a possible national or global recession; and the impact ‎that the COVID-19 pandemic may have on Parkit which may include: a short-term delay in ‎payments from customers, an increase in accounts receivable and an increase of losses on accounts ‎receivable; decreased demand for the services that Parkit offers; and a deterioration of ‎financial markets that could limit Parkit’s ability to obtain external financing. 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.sedar.com. ‎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.

TORONTO, Nov. 14, 2022 — Parkit Enterprise Inc. (“Parkit” or the “Corporation”) (TSXV: PKT), today reported the Corporation’s third quarter 2022 results. Steve Scott, Chair of Parkit, commented:

“To date, Parkit continues its leasing momentum with significant renewals and maintains its focus on operations with improving margins. The Company continues to build the foundation for growth by executing on operations and staying disciplined on acquisitions. Looking ahead, we expect to increase our revenue, net rental income and FFO, through maximizing occupancy and delivering high quality property and asset management.”

2022 THIRD QUARTER RESULTS AND RECENT BUSINESS HIGHLIGHTS

• Revenues and net rental income. Revenues and net rental income increased with the investment properties acquired during the year. Investment properties revenue for the three and nine months ended September 30, 2022 rose to $2,846,709 and $7,649,000, compared to $1,741,371 and $3,663,562 for the three and nine months ended September 30, 2021. Net rental income (“NRI”), increased to $1,589,859 and $3,832,075 for the three and nine months ended September 30, 2022, compared to $1,046,586 and $2,208,432 for the three and nine months ended September 30, 2021.
  
• Significant liquidity position. Parkit has $18,631,008 of cash with $16,000,000 available in undrawn credit facilities and unencumbered investment properties with a fair value of approximately $49,712,000.
  
• Change in cash flow. Cash flows from operating activities increased to $3,571,514 for the nine months ended September 30, 2022 compared to an increase of $599,081 for the nine months ended September 30, 2021. Parkit used net cash of $40,252,477 in investing activities for the nine months ended September 30, 2022, compared to cash used of $63,854,944 from investing activities for the nine months ended September 30, 2021. Parkit received net cash of $33,512,344 in financing activities for the nine months ended September 30, 2022, compared to net cash received of $110,424,477 for the nine months ended September 30, 2021.
  
• Funds from operations (“FFO”) increased. The FFO, a Non-IFRS Measure, for the three and nine months ended September 30, 2022 increased to $533,385 and $1,295,171, compared to FFO of $536,587 and $762,093 for the three and nine months ended September 30, 2021. The increase in FFO comes from the acquisition of investment properties as Parkit continues to shift its strategy to focus on industrial real estate.
  
• Loss for the period. The net loss for the three and nine months ended, September 30, 2022 was $177,183 and $927,150, compared to a net loss of $678,310 and $4,188,310 for the three and nine months ended September 30, 2021. The decrease in the net loss is a result of an increase in NRI and a decrease in share-based compensation, transaction costs and land transfer taxes from the prior year.
  
• Acquisitions. To date Parkit has purchased five properties for a cost of $57,280,000.
  
• Parking results continue to improve as the effects of the pandemic diminish. Parkit’s parking joint ventures reported a profit of $160,236 and $404,328 for the three and nine months ended September 30, 2022, compared to a loss of $6,547 and $320,002 for the three and nine months ended September 30, 2021. Subsequent to September 30, 2022, as its joint venture continued to stabilize, Parkit received a distribution from its OPH joint venture of $2,194,620.
  
• Increased activity on its Normal Course Issuer Bid (“NCIB”). Parkit increased its activity on the NCIB with 6,145,700 shares purchased for $5,915,293 for the nine months ended September 30, 2022.
  
• Continued focus on environmental, social and governance (“ESG”) initiatives. Parkit continued its focus on ESG initiatives by prioritizing environmental investments in its development plans and reviewing its corporate policies.
  

Operational Highlights
Parkit continues to execute on its operational objectives:

• Leasing at elevated rental spreads. Parkit continues to renew tenants at higher rates with renewals in the Greater Toronto Area and Ottawa at 123% above the prior in place rent.
• Advancing its development. Parkit continues to advance its development properties to maximize property density and NRI potential.
• Margin improvement. Parkit’s margin continue to improve with streamlining operations and a continued increase in rents. Gross margins for stabilized properties were 65% and gross margins for all properties was 50% for the nine months ended September 30, 2022.
  

Parkit is focused on continuing its shift into industrial real estate by growing its portfolio and maximizing cash flows from its investment properties, while stabilizing its parking operations.

Further Information
For comprehensive disclosure of Parkit’s performance for the three months and nine months ended September 30, 2022 and its financial position as at such date, please see Parkit’s Interim Financial Statements and Management’s Discussion and Analysis for the three and nine months ended September 30, 2022 filed on SEDAR at www.sedar.com.

Non-IFRS Measures
Management uses both IFRS and Non-IFRS Measures to assess the financial and operating performance of the Corporation’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 Funds From Operations (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 Corporation believes that FFO can be a beneficial measure, when combined with primary ‎IFRS measures, to assist in the evaluation of the Corporation’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 the Parkit reconciles FFO to the nearest IFRS measure.

About Parkit Enterprise Inc.

Parkit is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key markets in Canada, with a focus on the Greater Toronto Area+ (“GTA+”), Ottawa and Montreal, to complement its parking assets across the United States. 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 is forward-looking information. In particular, this news release contains forward-looking information in relation to: Parkit’s expectations in respect of increasing its revenue, net ‎rental income and FFO, through maximizing occupancy and delivering quality property and asset ‎management; Parkit’s continued shift to focus on industrial real estate by growing its portfolio and maximizing cash flows from its investment properties, while stabilizing its parking operations; Parkit’s continued focus on ESG initiatives by prioritizing environmental investments; Parkit’s continuing advancement of its development properties by maximizing property density; and Parkit’s strategy and focus regarding acquiring high-quality and strategically located industrial properties with a focus on the ‎GTA+, Ottawa and Montreal. 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; Parkit’s past results ‎continuing to be an indicator of future results; the diminishing effects of the COVID-19 pandemic in Canada, ‎the United States, and elsewhere; consumer interest in Parkit’s services and products; and Parkit’s continued response and ability to navigate the ‎COVID-19 pandemic being ‎consistent with, or better than, its ability and response to date‎. ‎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; lack of qualified, skilled labour or loss of key individuals; ‎risks related to the COVID-19 pandemic including various recommendations, orders and measures of ‎governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-‎essential business closures, service disruptions, quarantines, self-isolations, shelters-in-place, social ‎distancing and mandatory vaccination policies, disruptions to markets, economic activity, financing, supply chains and sales channels, and a ‎deterioration of general economic conditions including a possible national or global recession; and the impact ‎that the COVID-19 pandemic may have on Parkit which may include: a short-term delay in ‎payments from customers, an increase in accounts receivable and an increase of losses on accounts ‎receivable; decreased demand for the services that Parkit offers; and a deterioration of ‎financial markets that could limit Parkit’s ability to obtain external financing. 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.sedar.com. ‎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 revenue, net rental income, FFO, cash flow and rental growth‎ 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 the Corporation 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 the Corporation. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

Toronto, Ontario — August 8, 2022) – Parkit Enterprise Inc. (TSXV: PKT) (“Parkit” or the “Corporation”), today reported the Corporation’s second quarter 2022 results. Steve Scott, Chair of Parkit, commented:

“To date, Parkit has completed $57.3 million in accretive acquisitions and continues to advance its leasing activity by completing another renewal with significant rental growth. The company continues to build the foundation for growth by executing on operations and staying disciplined on acquisitions. Looking ahead, we expect to increase our revenue, net rental income and FFO, through maximizing occupancy and delivering high quality property and asset management.”

2022 SECOND QUARTER RESULTS AND RECENT BUSINESS HIGHLIGHTS

• Revenues and net rental income. Revenues and net rental income increased as we onboarded and integrated additional investment properties. Investment properties revenue for the three and six months ended June 30, 2022 rose to $2,691,836 and $4,802,291, compared to $1,327,495 and $1,922,191 for the three and six months ended June 30, 2021. Net rental income (“NRI“), increased to $1,374,181 and $2,242,216 for the three and six months ended June 30, 2022, compared to $799,573 and $1,161,846 for the three and six months ended June 30, 2021.
• Significant liquidity position. Parkit has $21,271,211 of cash with $17,500,000 available in undrawn credit facilities and unencumbered investment properties with a fair value of approximately $47,784,000. 
• Change in cash flow. Cash flows from operating activities increased by $2,271,956 for the six months ended June 30, 2022 compared to an increase of $629,300 for the six months ended June 30, 2021. Parkit used net cash of $51,690,400 in investing activities for the six months ended June 30, 2022, compared to cash used of $38,166,628 from investing activities for the six months ended June 30, 2021. Parkit received net cash of $48,894,446 in financing activities for the six months ended June 30, 2022, compared to net cash provided of $110,783,958 for the six months ended June 30, 2021.
• Funds from operations (“FFO”) increased. The FFO, a Non-IFRS Measure, for the three and six months ended June 30, 2022 increased to $403,461 and $761,786, compared to FFO of $424,744 and $225,506 for the three and six months ended June 30, 2021. The increase in FFO comes from the acquisition of investment properties as Parkit continues to shift its strategy to focus on industrial real estate.
• Loss for the period. The net loss for the three and six months ended, June 30, 2022 was $256,696 and $749,967, compared to a net loss of $1,683,768 and $3,510,000 for the three and six months ended June 30, 2021. The loss is a result of depreciation and share based compensation in the prior year.
• Acquisitions.  To date Parkit has purchased five properties for a cost of $57,280,000.
• Parking results continue to improve as the effects of the pandemic diminish. Parkit’s parking joint ventures reported income of $204,680 and $244,092 for the 3 and 6 months ended June 30, 2022, compared to income of $2,400 and a loss of $313,455 for the 3 and 6 months ended June 30, 2021. 
• Continued focus on environmental, social and governance (“ESG”) initiatives. Parkit continued its focus on ESG initiatives by prioritizing environmental investments in its development plans and reviewing its corporate policies. 

Operational Highlights

Parkit continues to execute on its operational objectives:

• Leasing at elevated rental spreads. Parkit continues to renew tenants at higher rates with a renewal in Ottawa at 63% above the prior in place rent. 
• Advancing its development. Parkit continues to advance its development properties to maximize property density.
• Strong rent collections. Parkit’s rent collections remain strong with collections for the 3 and 6 months ended June 30, 2022 being 100%.

Parkit is focused on continuing its shift into industrial real estate by growing its portfolio and maximizing cash flows from its investment properties, while stabilizing its parking operations. 

Further Information

For comprehensive disclosure of Parkit’s performance for the three months and six months ended June 30, 2022 and its financial position as at such date, please see Parkit’s Annual Financial Statements and Management’s Discussion and Analysis for the three and six months ended June 30, 2022 filed on SEDAR at www.sedar.com.

Non-IFRS Measures

Management uses both IFRS and Non-IFRS Measures to assess the financial and operating performance of the Corporation’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 Funds From Operations (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 Corporation believes that FFO can be a beneficial measure, when combined with primary ‎IFRS measures, to assist in the evaluation of the Corporation’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 the Parkit reconciles FFO to the nearest IFRS measure.

About Parkit Enterprise Inc. 

Parkit is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key markets in Canada, with a focus on the Greater Toronto Area+ (“GTA+”), Ottawa and Montreal, to complement its parking assets across the United States. 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 is forward-looking information. In particular, this news release contains forward-looking information in relation to: Parkit’s expectations in respect of increasing its revenue, net ‎rental income and FFO, through maximizing occupancy and delivering quality property and asset ‎management; Parkit’s continued shift to focus on industrial real estate by growing its portfolio and maximizing cash flows from its investment properties, while stabilizing its parking operations; Parkit’s continued focus on ESG initiatives by prioritizing environmental investments; Partit’s continuing advancement of its development properties by maximizing property density; and Parkit’s strategy and focus regarding acquiring high-quality and strategically located industrial properties with a focus on the ‎GTA+, Ottawa and Montreal. 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; Parkit’s past results ‎continuing to be an indicator of future results; the diminishing effects of the COVID-19 pandemic in Canada, ‎the United States, and elsewhere; consumer interest in Parkit’s services and products; and Parkit’s continued response and ability to navigate the ‎COVID-19 pandemic being ‎consistent with, or better than, its ability and response to date‎. ‎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; lack of qualified, skilled labour or loss of key individuals; ‎risks related to the COVID-19 pandemic including various recommendations, orders and measures of ‎governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-‎essential business closures, service disruptions, quarantines, self-isolations, shelters-in-place, social ‎distancing and mandatory vaccination policies, disruptions to markets, economic activity, financing, supply chains and sales channels, and a ‎deterioration of general economic conditions including a possible national or global recession; and the impact ‎that the COVID-19 pandemic may have on Parkit which may include: a short-term delay in ‎payments from customers, an increase in accounts receivable and an increase of losses on accounts ‎receivable; decreased demand for the services that Parkit offers; and a deterioration of ‎financial markets that could limit Parkit’s ability to obtain external financing. 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.sedar.com. ‎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 revenue, net rental income, FFO, cash flow and rental growth‎ 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 the Corporation 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 the Corporation. Readers are cautioned that reliance on such information may not be appropriate for other purposes.