Zoned Properties, Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with total revenues reaching $3.79 million, a 31.4% increase from $2.89 million in 2023. The property investment portfolio segment generated $2.88 million, up from $2.48 million, while the real estate services segment saw a substantial rise to $909,000 from $405,000. This growth was primarily driven by increased rental revenues from newly acquired properties in Chicago, Illinois, and Surprise, Arizona, as well as a notable rise in commissions and assignment fees.
Operating expenses for the company decreased slightly to $2.69 million from $2.72 million, reflecting a reduction in various costs, including professional fees and general administrative expenses. Notably, the company reported a substantial increase in income from operations, which rose to $1.10 million compared to $169,000 in the previous year. This resulted in a net income of $573,958, or $0.05 per share, contrasting with a net loss of $540,258, or $(0.04) per share, in 2023.
Strategically, Zoned Properties has focused on expanding its property investment portfolio, which now includes seven properties leased to licensed cannabis tenants across Arizona, Illinois, and Michigan, all achieving 100% occupancy. The company has also made significant strides in its real estate services segment, which has seen a 124.4% increase in revenue. The company is actively pursuing additional property acquisitions in states with strong cannabis consumer demand, including Delaware, Kentucky, and Ohio.
As of December 31, 2024, Zoned Properties had cash reserves of approximately $1.02 million, down from $3.10 million in 2023. The company anticipates needing additional capital to support its growth strategy, particularly for acquiring new properties and developing existing ones. The company has secured financing through a construction loan agreement for its Surprise, Arizona property, which is expected to facilitate further expansion.
Looking ahead, Zoned Properties aims to continue leveraging its proprietary property technology to identify and acquire high-value real estate within the regulated cannabis industry. The company remains optimistic about its growth prospects, despite the ongoing challenges posed by regulatory uncertainties and market dynamics in the cannabis sector.
About Zoned Properties, Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.