Urbanfund Corp. Reports Financial Results for the Year Ended December 31, 2011
30 Avril 2012 - 11:24PM
Marketwired Canada
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, 2011 (the "Consolidated
Financial Statements").
For the year ended December 31, 2011, the Company reported earnings before
income taxes of $4,400,968 on revenue of $3,642,924 compared to earnings before
income taxes of $1,521,306 on revenue of $3,391,054 for the corresponding year
in 2010. The majority of this increase is attributable to a fair value gain on
the Company's real estate of $3,195,680 (see Note 6 of the Consolidated
Financial Statements). Revenue was higher for the period ended December 31, 2011
due to better than expected rentals at the Company's residential properties in
comparison to the same period in 2010.
The Company's Consolidated Financial Statements for the year ended December 31,
2011 are its first annual financial statements that comply with International
Financial Reporting Standards ("IFRS"). As of December 31, 2011, total assets
were $37,195,521 compared to $33,070,138 as of December 31, 2010 and $32,011,848
as of January 1, 2010.
The increase of $4,125,383 in total assets as at December 31, 2011 is primarily
due to the fair value gain on its real estate of $3,195,680 (see Note 6 of the
Consolidated Financial Statements).
Rental expenses for the year ended December 31, 2011 increased to $1,333,962
compared to $1,272,310 for the corresponding period in 2010. The slight increase
is a result of a general repairs and maintenance expenditures at all properties.
The following table highlights selected financial information for the Company's
past two years:
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Year ended Year ended
December 31, 2011 December 31, 2010
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Revenue $ 3,642,924 $ 3,391,054
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Net Income (Loss) $ 3,711,974 $ 1,162,244
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Net Income (Loss) per Share
- Basic(1) 0.09 0.03
- Diluted 0.07 0.02
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Total Assets $ 37,195,521 $ 33,070,138
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Mortgages Payable $ 18,298,451 $ 18,680,701
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Cash Dividends Declared per Share 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 are
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,
2011 are as follows:
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Year Ended Year Ended
December 31, 2011 December 31, 2010
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Net Earnings (Loss) Before Income
Taxes $ 4,400,968 $ 1,521,306
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Adjust for:
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Interest Income $ (45,802) $ (42,521)
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Dividend Income $ (53,481) -
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Unrealized Gain on Marketable
Securities $ (18,071) $ (103,759)
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Realized Gain on Marketable
Securities $ (131,169) -
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Fair Value Adjustment on Investment
Property $ (3,195,680) $ (628,870)
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Funds From Operations (FFO) $ 956,765 $ 746,156
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For the year ended December 31, 2011, the Company reported an increase in FFO to
$956,765 compared with $746,156 for the year ended December 31, 2010. This
increase was caused primarily by an increase in dividend income and a realized
gain on marketable securities as compared with the corresponding period ended
2010.
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").
FFO, or any other non-IFRS 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 IFRS.
FFO is a widely accepted supplemental measure of financial performance for real
estate entities; however, it does not represent amounts available for capital
programs, debt service obligations, commitments or uncertainties. FFO should not
be interpreted as an indicator of cash generated from operating activities and
is not indicative of cash available to fund operating expenditures, or for the
payment of cash distributions. FFO is simply one measure of operating
performance.
For comprehensive disclosure of the Company's performance for the period ended
December 31, 2011 and its financial position as at such date, reference should
be made to: (i) the Consolidated Financial Statements 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, 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 dated April 30, 2012.
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