Mitchell Cohen, President and Chief Executive Officer of Urbanfund Corp. (TSX
VENTURE:UFC) (the "Company"), confirmed today that the Company has filed
financial results for the year ended December 31, 2010.
For the year ended December 31, 2010, the Company reported net earnings of
$74,299 on revenues of $3,391,054 compared with a net loss of $294,833 on
revenues of $3,415,835 for the corresponding period in 2009. The slight decrease
in revenue is attributed to a decrease in realty taxes for the Belleville
Property which resulted in less Common Area and Maintenance being collected from
the tenants. The revenue decrease was offset by the corresponding reduction in
rental expenses referred to below.
Amortization costs decreased slightly during the year ended December 31, 2010 to
$616,580 from $618,052 for the corresponding period ended December 31, 2009.
Administrative costs decreased to $315,343 during the year ended December 31,
2010 from $440,763 for the corresponding period ended December 31, 2009. This
decrease in Administrative costs is a result of cost savings associated with
professional fees, mortgage fees, Capital Tax and property management fees.
Assets decreased by $236,303 to $29,943,457 for the period ended December 31,
2010 compared to a decrease of $728,873 to $30,179,760 for the corresponding
period ended December 31, 2009. The decrease in assets for the period ended
December 31, 2010 is related to the depreciation of income-related properties
and a reduction in future income tax, other assets and intangible assets.
Rental expenses for the year ended December 31, 2010 decreased to $1,272,310
compared to $1,570,131 for the corresponding period in 2009. The decrease is a
result of lower realty taxes and a continuing effort to decrease costs in all
phases of managing the Company's properties.
The following table highlights selected financial information for the Company's
past three years:
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Year ended Year ended Year ended
December 31, December 31, December 31,
2010 2009 2008
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Revenue $ 3,391,054 $ 3,415,835 $ 3,236,404
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Net Income (Loss) $ 74,299 ($294,833) $ 743,116
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Net Income (Loss) per Share
- Basic(1) 0.003 (0.007) 0.020
- Diluted 0.003 (0.007) 0.017
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Total Assets $ 29,943,457 $ 30,179,760 $ 30,962,633
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Long Term Debt $ 18,680,701 $ 19,041,091 $ 19,380,920
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Cash Dividends Declared per
Share Nil Nil Nil
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Notes:
(1) Basic earnings per share is computed using the weighted average number
of common shares outstanding during the year. Diluted earnings per share is
computed using the weighted average number of common and potential common
shares outstanding during the year. Potential common shares consist of the
incremental common shares issuable upon the exercise of stock options using
the treasury stock method.
Results from Funds from Operations (FFO) for the period ended December 31, 2010
are as follows:
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12 Months Ended 12 Months ended
December 31, 2010 December 31, 2009
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Net Earnings (Loss) Before Income
Taxes
Adjust for: $ 199,856 ($260,694)
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Interest Income ($42,521) ($110,820)
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Amortization, income producing
properties $ 616,580 $ 618,052
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Amortization value of in-place leases $ 64,661 $ 64,661
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Amortization of tenant relationships $ 22,833 $ 22,833
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Amortization of above market leases $ 67,418 $ 65,101
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Amortization of below market leases ($78,912) ($78,912)
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Funds From Operations (FFO) $ 849,915 $ 320,221
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For the year ended December 31, 2010, the Company reported an increase in Funds
from Operations to $849,915 compared with $320,221 for the period ended December
31, 2009. This increase was caused primarily by Net Earnings Before Income Taxes
of $199,856 for the current period as compared with a Net Loss Before Income
Taxes of $260,694 for the corresponding period in 2009. The increase in net
earnings was attributable to a decrease in rental expenses, administrative costs
and amortization.
FFO is a non-GAAP performance measure used by the Company to improve the
understanding of operating results for the investing public. FFO is not a
measure recognized under Canadian generally accepted accounting principles
("GAAP") and does not have a standardized meaning prescribed by GAAP. Therefore,
FFO may not be comparable to similar measures presented by other issuers.
However, the Company presents its FFO in accordance with the Real Property
Association of Canada (REALpac) White Paper on Funds from Operations published
on November 30, 2004 and revised in February, 2007.
FFO, or any other non-GAAP performance measure, is not intended to represent
operating profits for the period or from a property. Furthermore, it should not
be viewed as an alternative to net income, cash flow from operating activities
or similar measures of financial performance calculated in accordance with GAAP.
For comprehensive disclosure of the Company's performance for the period ended
December 31, 2010 and its financial position as at such date, reference should
be made to: (i) the Company's consolidated financial statements as at the period
ended December 31, 2010 and the notes thereto; and (ii) management's discussion
and analysis of financial condition at, and results of operations for the period
ended December 31, 2010, which have been filed with applicable securities
regulators on SEDAR at www.sedar.com.
The Company also announces that it has accepted the resignation of Mr. Reuben
Klein as a director of the Company. The board of directors and management would
like to thank Mr. Klein for his contributions to the Company since its
inception, and wish him success in his future endeavours.
ABOUT URBANFUND
Urbanfund Corp. is a Toronto-based real estate development and operating
company. Urbanfund Corp. is a TSX Venture exchange listed real estate company
based in Toronto. The Company's common shares trade under the symbol UFC on the
TSX Venture Exchange. Urbanfund's focus is to identify, evaluate and invest in
real estate or real estate related projects. The Company's assets are located in
Belleville, London and Toronto, Ontario. The Company's strategy going forward
remains committed to seek accretive real estate or real estate-related
opportunities.
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements, which reflect
Management's expectations regarding the Company's growth, results of operations,
performance and business prospects and opportunities. Statements about the
Company's future plans and intentions, results, levels of activity, cash flow
from operations, performance, goals or achievements or other future events
constitute forward-looking statements. Wherever possible, words such as "may",
"will", "should", "could", "expect", "plan", "intend", "anticipate", "believe",
"estimate", "predict" or "potential" or the negative or other variations of
these words, or similar words or phrases, have been used to identify these
forward-looking statements. These statements reflect Management's current
beliefs and assumptions and are based on information currently available to
management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and
assumptions. Many factors could cause actual results, performance or
achievements to differ materially from the results discussed or implied in the
forward-looking statements. These factors should be considered carefully and
readers should not place undue reliance on the forward-looking statements.
Although the forward-looking statements contained in this press release are
based upon what management believes to be reasonable assumptions, the Company
cannot assure readers that actual results will be consistent with these
forward-looking statements. These forward-looking statements are made as of the
date of this press release, and the Company assumes no obligation to update or
revise them to reflect new events or circumstances, except as required by law.
Many factors could cause the actual results, performance or achievements of the
Company to be materially different from any future results, performance or
achievements that may be expressed or implied by such forward-looking
statements, including: general economic and market segment conditions, interest
rates, costs outside of the Company's control such as Real Estate Taxes and
utilities, the ability of tenants to satisfy their contractual rent obligations
and any unforeseen repair, maintenance or replacement of the Company's assets.
More detailed assessment of the risks that could cause actual results to
materially differ than current expectations is contained in the "Risks and
Uncertainties" section of the Company's most recent Management's Discussion and
Analysis dated as of April 29, 2011 and filed on SEDAR at www.sedar.com.
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