UFC Urbanfund Corp

TORONTO, ONTARIO--(Marketwired - May 30, 2014) - 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 period ended March 31, 2014 (the "Consolidated Financial Statements").

For the three month period ended March 31, 2014 the Company reported earnings before income taxes of $209,776 on revenue of $1,158,263 compared to earnings before income taxes of $171,255 on revenue of $704,020 for the corresponding period in 2013. The majority of this increase is principally attributable to an increase in rental income resulting from the Company's acquisition of a 10% interest in 10 residential projects consisting of 1,870 residential suites located in Quebec City and Montreal (the "Quebec Properties") subsequent to March 1, 2013.

Rental expenses for the three month period ended March 31, 2014 increased to $476,854 compared to $240,640 for the corresponding period in 2013. The increase is primarily the result of the Quebec Properties coming on-line subsequent to March 1, 2013.

The following selected financial data is derived from the unaudited Consolidated Financial Statements:

Note:

Financing costs increased during the three month period ended March 31, 2014 to $241,392 from $198,041 for the corresponding period ended in 2013. This increase is a result of the Quebec Properties coming on-line subsequent to March 1, 2013. Administrative costs during the period ended March 31, 2014 decreased to $72,329 from $75,015 for the corresponding period in 2013.

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.

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.

FFO for the periods ended March 31, 2014 and 2013 are as follows:

As of March 31, 2014, total assets were $45,273,885 compared to $36,040,313 in March 31, 2013.

For comprehensive disclosure of the Company's performance for the period ended March 31, 2014 and its financial position as at such date, reference should be made to: (i) the Consolidated Financial Statements as at the period ended March 31, 2014 and the notes thereto; and (ii) management's discussion and analysis of financial condition at, and results of operations for the period ended March 31, 2014, which have been filed with applicable securities regulators on SEDAR at www.sedar.com.

ABOUT URBANFUND CORP.

Urbanfund Corp. (TSX-VENTURE:UFC) is a Toronto-based real estate development and operating company. 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, Quebec City and Montreal, Quebec. 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 May 30, 2014.

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.

Urbanfund Corp.Mitchell CohenPresident & CEO(416) 703-1877 x1025

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