Mr. Bruno Wall reports

WALL FINANCIAL CORPORATION ANNOUNCES Q1 2024 FISCAL RESULTS

Wall Financial Corp. has released its operating results and financial statements for the three months ended April 30, 2023. The company recorded net earnings and comprehensive income attributable to shareholders of the company for the three months ended April 30, 2023, of $2,730,741 or eight cents per share, compared with $29,999,525 or 92 cents per share in the prior period. This decrease in net earnings, compared with prior year, was primarily due to the sale of an investment property in the prior period.

Revenue and income from the rental apartment operations increased due to acquisitions of investment properties in the prior year, a decrease in vacancy rates and increased rents on tenant turnover. Revenues and earnings from the company's hotels increased due to higher occupancy and average daily rates. Revenues from the company's development operations decreased due to the closing of nine condominium units in the prior period.

The unaudited financial information in this news release, including comparative information, is expressed in Canadian dollars and has been prepared in accordance with international financial reporting standards, using the same accounting policies and methods of application as described in notes 2 and 3 of the company's audited consolidated financial statements for the years ended Jan. 31, 2023, and Jan. 31, 2022.

Wall Financial is a British Columbia-based real estate company active in the development and management of residential and commercial rental units, development and construction of residential housing for resale, and the development and management of hotel properties.