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

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

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

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

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

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

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

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

Non-IFRS Measures

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

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

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

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

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

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

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

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

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

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

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

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219324