Zoned Properties (OTCQB: ZDPY), a technology-driven property investment company for emerging and highly regulated industries, including legalized cannabis, is reporting on financial results and other highlights for the second quarter of 2024, the period ended June 30, 2024. According to the report, operating cash flow for the period 2024 increased 71% while operating expenses decreased 17%. In addition, the company has listed a noncore asset in for $16 million and a share repurchase program of up to $1 million. The company is focused on continuing to make material progress in expanding its portfolio, enhancing cash flow and reducing expenses.
“Our team continues to execute on the Zoned Properties’ mission, and we are thrilled with the strides made in growing our rental revenue base, operating cash flow and the significant reduction we have seen in operating expenses for the second quarter of 2024,” said Zoned Properties CEO Bryan McLaren in the press release. “The recent acquisition of the Surprise, Arizona, property leased to Sunday Goods and the securing of five strategic property locations in the Ohio cannabis lottery process is pivotal to our portfolio expansion of direct-to-consumer real estate assets with best-in-class operating tenants. These developments are significant in diversifying our tenant roster as we focus on geographic expansion in some of the strongest cannabis state markets in the U.S. Moreover, we continue to formulate ways to enhance our balance sheet to support our exciting growth path, including the decision to list our Chino Valley cultivation property for sale, a potential pathway to produce nondilutive funding. Additionally, as part of our flexible capital allocation strategy, we plan to utilize our positive cash flow opportunistically towards our share repurchase program in the second half of the year, given the continued disconnect between our share price and tangible book value.”
To view the full press release, visit https://ibn.fm/U4fAe
About Zoned Properties Inc.
Zoned Properties is a technology-driven property investment company focused on acquiring value-add real estate within the regulated cannabis industry in the United States. The company aspires to innovate within the real-estate development sector, focusing on direct-to-consumer real estate that is leased to best-in-class cannabis retailers. Headquartered in Scottsdale, Arizona, Zoned Properties is redefining the approach to commercial real estate investment through its standardized investment process backed by its proprietary property technology. Zoned Properties has developed a national ecosystem of real estate services to support its real estate development model, including a commercial real estate brokerage and a real estate advisory practice. With a decade of national experience and a team of experts devoted to the emerging cannabis industry, Zoned Properties is addressing the specific needs of a modern market in highly regulated industries. The company targets commercial properties that face unique zoning or development challenges, identifies solutions that can potentially have a major impact on their commercial value, and then works to acquire the properties while securing long-term, absolute-net leases. Zoned Properties targets commercial properties that can be acquired and rezoned for specific purposes, including the regulated and legalized cannabis industry. It does not grow, harvest, sell or distribute cannabis or any substances regulated under United States law such as the Controlled Substance Act of 1970. For more information, visit the company’s website at www.ZonedProperties.com
NOTE TO INVESTORS: The latest news and updates relating to ZDPY are available in the company’s newsroom at https://ibn.fm/ZDPY
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