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 month and six month periods ended June 30, 2013.
(the "Consolidated Financial Statements").
For the three month period ended June 30, 2013, the Company reported earnings
before income taxes of $339,937 on operating revenues of $1,684,854 compared to
earnings before income taxes of $1,228,849 on operating revenues of $949,591 for
the corresponding period in 2012. Revenues increased during the three month
period ended June 30, 2013 as a result of the Quebec Property coming on line
along with adjusted recovery of Common Area Maintenance costs from tenants.
Rental expenses for the three month period ended June 30, 2013 increased to
$673,749 compared to $285,200 for the corresponding period in 2012. The increase
is a result of the Quebec Property coming on line.
Net income decreased to $524,943 during the six month period ended June 30, 2013
from $1,601,749 during the corresponding period in 2012. This decrease is
attributable to a fair value gain of $888,800 in 2012 from the sale of the
Company's interest in the Richmond Property and marketable securities of
$211,362 compared to a gain of $0 in 2013 (see Note 5 of the Consolidated
Statements).
Financing costs increased during the three month period ended June 30, 2013 to
$397,596 from $271,563 for the corresponding period ended June 30, 2012.
Administrative costs increased to $274,223 during the three month period ended
June 30, 2013 from $86,030 for the corresponding period ended June 30, 2012.
This increase in Administrative costs is a result of the Quebec Property coming
on line.
As of June 30, 2013, total assets were $42,600,813 compared to $35,880,153 as of
December 31, 2012.
The following selected financial data is derived from the unaudited quarterly
financial statements of the Company:
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Net Income
Net Income Per Share
Quarter ended Revenue (Loss) (Basic)(1)
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June 30, 2013 $ 1,684,854 $ 342,741 0.010
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March 31, 2013 $ 704,020 $ 182,202 0.004
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December 31, 2012 $ 779,940 $ 1,384,925 0.027
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September 30, 2012 $ 864,745 $ (104,131) (0.002)
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June 30, 2012 $ 949,591 $ 1,124,373 0.030
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March 31, 2012 $ 820,219 $ 477,376 0.011
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December 31, 2011 $ 948,417 $ 90,986 0.002
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September, 30, 2011 $ 869,769 $ 197,470 0.005
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June 30, 2011 $ 924,632 $ 152,283 0.004
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Note 1:
Basic earnings per share is computed using the weighted average number of common
shares outstanding during the year.
FFO for the six and three month periods ended June 30, 2013 are as follows:
----------------------------------------------------------------------------
6 Months 6 Months 3 Months 3 Months
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
2013 2012 2013 2012
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Earnings (Loss)
before income tax $ 511,192 $ 1,765,565 $ 339,937 $ 1,228,849
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Adjust for:
Interest income $ (18,498) $ (4,892) $ (7,657) $ (4,892)
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Dividend income $ (7,177) $ (26,291) $ (3,576) $ (12,130)
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Gain on sale of
securities $ (37,968) $ (64,088) $ (37,968) $ (51,826)
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Unrealized gain on
securities $ 82,061 $ (211,362) $ 48,550 $ 35,597
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Fair value gain - $ (888,800) - $ (888,800)
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Funds from
Operations (FFO) $ 529,610 $ 570,132 $ 339,286 $ 306,798
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FFO decreased during the six month period ended June 30, 2013 to $529,610 from
$570,132 for the corresponding six month period ended June 30, 2012. During the
three month period ended June 30, 2013, FFO increased to $339,286 from $306,798
for the corresponding period ended June 30, 2012.
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").
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.
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 consolidated financial statements
as at the period ended December 31, 2012 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, 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.
Neither the 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 the accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Urbanfund Corp.
Mitchell Cohen
President & CEO
(416) 703-1877 x1025
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