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 six month periods ended June 30, 2012.
For the three month period ended June 30, 2012, the Company reported Earnings
before income taxes of $1,228,849 on Revenues of $949,591 compared to Earnings
before income taxes of $214,759 on Revenues of $924,632 for the corresponding
period in 2011. Revenues increased during the three month period ended June 30,
2012 as a result of continued improvement in leasing at the Richmond Property
along with the collection of Common Area Maintenance costs from certain
commercial tenants. Rental expenses for the three month period ended June 30,
2012 decreased to $285,200 compared to $362,400 for the corresponding period in
2011. The decrease is a result of refunds related to prior years for utilities.
Net income decreased to $1,601,749 during the six month period ended June 30,
2012 from $3,423,517 during the corresponding period in 2011. This decrease is
attributable to a fair value gain of $888,800 in 2012 compared to a gain of
$3,484,794 in 2011(see Note 5 of the unaudited interim Consolidated Financial
Statements).
As of June 30, 2012, total assets were $38,930,335 compared to $37,195,521 as of
December 31, 2011.
The following selected financial data is derived from the unaudited quarterly
financial statements of the Company:
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Net Income Net Income
Net Income Per Share Per Share
Quarter ended Revenue (Loss) (Basic) (Diluted)
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June 30, 2012 $949,591 $1,124,373 0.030 0.020
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March 31, 2012 $820,219 $477,376 0.011 0.009
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December 31, 2011 $948,417 $90,986 0.002 0.002
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September,30, 2011 $869,769 $197,470 0.005 0.004
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June 30, 2011 $924,632 $152,283 0.004 0.003
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March 31, 2011 $900,106 $3,271,235 0.075 0.064
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December 31, 2010 $808,428 $100,464 0.002 0.002
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September 30, 2010 $924,990 $302,261 0.007 0.006
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Funds From Operations ("FFO") for the six and three month period ended June 30,
2012 were as follows:
----------------------------------------------------------------------------
6 Months
Ended 6 Months 3 Months 3 Months
June 30, Ended June Ended June Ended June
2012 30, 2011 30, 2012 30, 2011
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Earnings (Loss) before
income tax $1,765,565 $3,979,577 $1,228,849 $214,759
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Adjust for:
Interest income ($4,892) ($14,415) ($4,892) ($7,749)
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Dividend income ($26,291) ($16,221) ($12,130) ($6,750)
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Gain on sale of securities ($64,088) ($2,716) ($51,826) -
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Unrealized gain on
securities ($211,362) ($35,375) $35,597 ($35,375)
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Fair value gain ($888,800) ($3,484,794) ($888,800) -
----------------------------------------------------------------------------
Funds from Operations (FFO) $570,132 $426,056 $306,798 $164,885
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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 three and six
month periods ended June 30, 2012 and its financial position as at such date,
reference should be made to: (i) the Company's unaudited condensed consolidated
financial statements as at and for the period ended June 30, 2012 and the notes
thereto; and (ii) management's discussion and analysis of financial condition
at, and results of operations for the period ended June 30, 2012, 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.
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