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50% Revenue Growth Year-over-Year and 188% Increase in Cash Provided by Operations in 2021
National Advisory & Brokerage Clients in New State Markets Set the Stage for Company Expansion
Zoned Properties®, Inc. (the “Company”) (OTCQB:ZDPY), a leading real estate development firm for emerging and highly regulated industries including legalized cannabis, today announced its financial results for the fourth quarter and year ended December 31, 2021.
Full-Year 2021 Financial Results
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Revenues were $1.82 million for the year ended December 31, 2021, compared to $1.22 million for the year ended December 31, 2020, representing an increase of 49.8%.
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Operating expenses were $1.78 million for the year ended December 31, 2021, compared to $1.18 million for the year ended December 31, 2020.
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Cash provided by operating activities was $489,257 for the year ended December 31, 2021, compared to $170,040 for the year ended December 31, 2020, representing an increase of 188%. that was primarily attributable to cash generated from advisory and brokerage revenues.
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The Company had cash of $1,191,940 as of December 31, 2021, compared to $699,335 as of December 31, 2020, continuing positive cash-flow.
Fourth Quarter 2021 Financial Results
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Revenues were $537,211 for the quarter ended December 31, 2021, compared to $308,977 for the quarter ended December 31, 2020.
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Operating expenses were $535,345 for the quarter ended December 31, 2021, compared to $268,046 for the quarter ended December 31, 2020.
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For the quarter ended December 31, 2021, the Company reported net loss of $111,583, as compared to net income of $12,270 for the quarter ended December 31, 2020.
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The Company had cash of $1,191,940 as of December 31, 2021, compared to $1,090,682 as of September 30, 2021, continuing positive cash-flow.
Management Discussion and Company Highlights
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Zoned Properties Property Portfolio: Zoned Properties has achieved a stabilized, debt-free, property portfolio in Arizona that now produces $1.83 million annually in triple-net rental revenue, as of March 2022. We believe the Company is now positioned to explore healthy debt financing opportunities that could help fund the national expansion of the Company’s property portfolio.
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Portfolio expansion in 2021 and subsequent to year-end included more than $8 million of capital investment by the Company’s significant tenant at the Chino Valley Cultivation Facility, significantly increasing operational size and rental revenue for Zoned Properties.
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Subsequent to year-end 2021, effective March 1, 2022, Zoned Properties provided the Company’s significant tenant with an initial tenant improvement allowance of $500,000 to advance the Chino Valley project toward the next phase of expansion. In exchange, the base rent rate under the Chino Valley lease agreement increased from $0.82 per square foot monthly to $0.90 per square foot monthly.
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Subsequent to year-end, effective March 1, 2022, Chino Valley’s operational square footage increased from 67,312 square feet to 97,312 square feet, and the new base rental payments at the facility increased 59% from $55,195 per month to $87,580 per month, reflecting both the increase in operational square footage and the increase to the base rent rate. The increase represents a year-over-year annualized base rental revenue increase from $393,600 in March 2020 to $1,050,970 in March 2021, reflecting a 167% increase.
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The Chino Valley Cultivation Facility sits on over 47 acres of land, and also includes an approved master plan for additional future expansion. If currently permitted and construction-ready expansion were …
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Full story available on Benzinga.com
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