Zoned Properties, Inc. reported significant financial developments for the three and nine months ended September 30, 2024, reflecting a strategic focus on the commercial real estate sector, particularly within the regulated cannabis industry. Total revenues for the third quarter reached $1,029,630, a 42.9% increase from $720,450 in the same period of 2023. For the nine months, revenues rose to $2,559,008, up 17.3% from $2,181,091 in 2023. The growth was driven by increased revenues from both the property investment portfolio and real estate services, with the latter seeing a remarkable 234.6% increase in Q3 2024 compared to the previous year.
Operating expenses decreased significantly, with Q3 2024 expenses at $584,442, down 12.9% from $671,338 in Q3 2023. For the nine-month period, total operating expenses were $1,881,773, a 10.0% reduction from $2,090,560 in 2023. This reduction in expenses contributed to a substantial increase in income from operations, which soared to $445,188 in Q3 2024, compared to $49,112 in Q3 2023, and $677,235 for the nine months, up from $90,531 in the prior year.
Despite these positive trends, net income for Q3 2024 was $58,872, a decrease from $114,523 in Q3 2023. However, for the nine months, the company reported a net income of $123,062, a recovery from a net loss of $(152,966) in the same period of 2023. The decline in quarterly net income was attributed to increased total other expenses, which amounted to $(386,316) in Q3 2024, compared to total other income of $65,411 in Q3 2023.
As of September 30, 2024, Zoned Properties had total assets of $15,698,436, up from $14,437,551 at the end of 2023, while total liabilities increased to $10,298,543 from $9,197,868. Stockholders’ equity rose to $5,399,893, compared to $5,239,683 at the end of 2023.
Strategically, the company has continued to expand its property portfolio, acquiring properties in Chicago and Surprise, AZ, for a total of $3,298,419 during the nine months ended September 30, 2024. The company also engaged in a stock repurchase program approved in April 2024, allowing for the purchase of up to $1 million of its common stock.
Overall, Zoned Properties, Inc. is navigating a period of growth and strategic investment, with a focus on enhancing its position in the commercial real estate market related to the cannabis industry.
About Zoned Properties, Inc.
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