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Wall Financial Corporation Reports Operating Results for the Year Ended January 31, 2024

Vancouver, BC – April 26, 2024

Wall Financial Corporation (TSX: WFC) released its operating results and financial statements for the three months and year ended January 31, 2024. The Company recorded net earnings and comprehensive income attributable to shareholders of the Company for the year ended January 31, 2024, of $22,233,339 or $0.69 per share compared to $48,206,620 or $1.49 per share in the prior period. This decrease in net earnings compared to the prior year was primarily due to a gain on the sale of an investment property in the prior year of $30,340,556 offset by an overall increase in earnings from operations in the current year.

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 fewer condominium sales.

Financial Results Overview

	Three Months Ended January 31	Year Ended January 31
Total Revenue and Other Income	$33,273,854	$156,449,544
Net Earnings Attributable to Shareholders	$551,495	$22,233,339
Earnings Per Share (Diluted and Non-Diluted)	0.02	0.69
Total Assets		January 31, 2024 – $896,277,758
Total Non-Current Liabilities		January 31, 2024 – $344,969,288
Dividends Paid		January 31, 2024 – $97,360,095
Dividends Paid Per Share		January 31, 2024 – $3.00

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Wall Financial Corporation is a B.C. 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.

SOURCE: Wall Financial Corporation

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