WALL FINANCIAL CORPORATION - NEWS RELEASE

VANCOUVER, June 23, 2011 /CNW/ - Wall Financial Corporation (the "Company") released today its operating results and financial statements for the three months ended April 30, 2011. The Company recorded net earnings and comprehensive income attributable to owners of the Company for the first quarter of $16,392,584 or $0.50 per share (April 30, 2010 - $10,563,224 or $0.32 per share).

As at April 30, 2011, earnings before interest, income tax, and depreciation and amortization (EBITDA), and net earnings attributable to non-controlling interest were $57,361,301 (April 30, 2010 - $20,112,616).

Revenue from real estate operations increased from $66,324,777 in the first quarter of the prior year to $186,473,472 in the first quarter of fiscal 2012, predominantly due to the closing of 343 condominium units at the Capitol Residences development in the first quarter of fiscal 2012. Revenue from hotel operations was $11,548,179 for the three months ended April 30, 2011 compared to $16,026,723 in the same period of the prior year. This decrease was primarily due to stimulus received in the prior year from the Vancouver Winter Olympics, which resulted in higher occupancy and average daily room rates in the first quarter of the prior year. Rental property operating revenues remain stable with $4,044,280 recorded in revenue for the three months ended April 30, 2011 compared with $4,729,188 in the same period of the prior year.

            April 30, 2011    April 30, 2010
Revenue and other income         $ 202,096,586 $ 87,433,972
Net earnings and comprehensive income
  attributable to owners of the Company
          16,392,584   10,563,224
Net earnings per share           0.50   0.32
Total assets         $ 387,274,474 $ 495,695,611


The above unaudited financial information, including comparative information, is expressed in Canadian dollars and has been prepared in accordance with International Financial Reporting Standards ("IFRS"), using the same accounting policies and methods of application as described in note 2 of the Company's unaudited condensed consolidated interim financial statements for the period ended April 30, 2011. Details regarding the adoption of IFRS can be found in note 13 of these financial statements of the Company.

Wall Financial Corporation is a B.C. based real estate company active in the development and management of residential rental apartments, development and construction of residential housing for resale, and the development and management of hotel properties.

SOURCE Wall Financial Corporation

For further information:

Bruno Wall, President, WALL FINANCIAL CORPORATION (TSX: WFC), 3502 - 1088 Burrard Street, Vancouver, British Columbia V6Z 2R9, (604) 893-7131.


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