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 three and nine month
periods ended September 30, 2011 under International Financial
Reporting Standards ("IFRS"), as summarized below.
For the three month period ended September 30, 2011, the Company
reported earnings before other items and income taxes of $190,994
on revenues of $869,769 compared to Earnings before other items and
income taxes of $313,456 on revenues of $924,990 for the
corresponding period in 2010. Revenues were down during the three
month period ended September 30, 2011 due to a one-time payment
made by a commercial tenant for real estate taxes and common area
costs in the comparative period in 2010.
Rental expenses for the three month period ended September 30,
2011 increased to $333,506 compared to $299,402 for the
corresponding period in 2010. The increase is a result of a boiler
replacement at the Company's Richmond Property, pylon sign damage
at its Belleville property and general increased repairs and
maintenance expenditures.
Net income increased to $3,620,987 during the nine month period
ended September 30, 2011 from $1,061,780 during the corresponding
period in 2010. This increase is attributable to a fair value gain
of $3,484,794 less related Deferred Income Taxes of $538,852.
Funds From Operations for the three and six month periods ended
June 30, 2011 are as follows:
9 Months 9 Months 3 Months 3 Months
Ended Ended Ended Ended
September September September September
30, 2011 30, 2010 30, 2011 30, 2010
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Earnings (Loss)
before income tax $4,159,839 $1,368,067 $180,262 $348,190
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Adjust for:
Interest income ($23,433) ($35,855) ($9,018) ($6,666)
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Dividend income ($36,471) - ($20,250) -
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Gain on sale of
securities ($2,716) - - -
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Unrealized gain on
securities 4,625 (28,068) $40,000 (28,068)
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Fair value gain ($3,484,794) ($634,222) - -
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Funds from
Operations (FFO) $617,050 $669,922 $190,994 $313,456
FFO decreased during the nine month period ended September 30,
2011 to $617,050 from $669,922 for the corresponding nine month
period ended September 30, 2010. During the three month period
ended September 30, 2011, FFO decreased to $190,994 from $313,456
for the corresponding period ended September 30, 2010.
Funds from Operations ("FFO") is a non-IFRS measure and should
not be construed as an alternative to net income determined in
accordance with IFRS. However, FFO is an operating performance
measure which is widely used by the real estate industry and the
Company has calculated FFO in accordance with the recommendations
of the Real Property Association of Canada ("REALpac").
Financing costs were stable during the three month period ended
September 30, 2011 at $264,922 from $265,260 for the corresponding
period ended September 30, 2010. Administrative costs increased to
$80,347 during the three month period ended September 30, 2011 from
$46,872 for the corresponding period ended September 30, 2010. This
increase in Administrative costs is a result of the on-going
implementation of IFRS and a "catch-up" payment in property
management fees.
SUMMARY OF QUARTERLY RESULTS
The following selected financial data is derived from the
unaudited quarterly financial statements of the Company:
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Year 2011 2011 2011 2010
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Quarter
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Ended 30-Sep 30-Jun 31-Mar 31-Dec
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$ $ $ $
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Revenue 869,769 924,632 900,106 808,427
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Net Income 197,470 152,283 3,271,235 (125,640)
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(Loss)
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Net Income
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Per Share 0.004 0.003 0.075 (0.003)
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(Basic)
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Net Income
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Per Share 0.003 0.003 0.064 (0.003)
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(Diluted)
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Year 2010 2010 2010 2009
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Quarter
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Ended 30-Sep 30-Jun 31-Mar 31-Dec
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$ $ $ $
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Revenue 924,990 846,179 982,423 632,680
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Net Income 188,024 (17,474) 173,625 (504,207)
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(Loss)
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Net Income
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Per Share 0.004 (0.001) 0.005 (0.012)
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(Basic)
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Net Income
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Per Share 0.004 (0.001) 0.003 (0.012)
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(Diluted)
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For comprehensive disclosure of the Company's performance for
the period ended September 30, 2011 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 September
30, 2011 and the notes thereto; and (ii) management's discussion
and analysis of financial condition at, and results of operations
for the period ended September 30, 2011, which have been filed with
applicable securities regulators on SEDAR at www.sedar.com.
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 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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Urbanfund Corp. Mitchell Cohen President & CEO
(416) 703-1877x1025
Urbanfund (TSXV:UFC)
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