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, 2013
(the "Consolidated Financial Statements").
For the three month period ended September 30, 2013, the Company reported
earnings before income taxes of $636,122 on Revenues of $686,670 compared to a
loss on earnings before income taxes of $319,100 on operating revenues of
$864,745 for the corresponding period in 2012. Rental Revenue, Rental Expenses
and Administrative Costs for the three months ended September 30, 2013, include
adjustments of various estimates in accounts related to a 10% interest in a
portfolio of 10 residential projects consisting of 1,870 residential suites
located in Quebec City and Montreal (the "Quebec Properties") for the three
months ended June 30, 2013.
For the three month period ended September 30, 2013, the Company reported a
Realized gain on the sale of marketable securities of $422,688 compared to a
gain of $58,496 for the corresponding period in 2012. Management believes that
the extent of the gain in the three month period ended September 30, 2013 is a
non-recurring event.
Net income decreased to $966,917 during the nine month period ended September
30, 2013 from $1,497,618 during the corresponding period in 2012. This decrease
is attributable to a fair value gain of $476,148 in 2012 from the sale of the
Company's 10% undivided interest in a 556 unit residential complex at 798 - 800
Richmond Street West, Toronto, Ontario (the "Richmond Property") in the 3rd
quarter of 2012.
Financing costs decreased during the three month period ended September 30, 2013
to $197,525 from $253,740 for the corresponding period ended September 30, 2012.
This decrease is due to adjustments of various estimates in accounts related to
the acquisition and operations of the Quebec Properties for the three months
ended June 30, 2013.
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)
--------------------------------------------------------------------------
September 30, 2013 $686,670 $441,947 0.010
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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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Note 1:
Basic earnings per share is computed using the weighted average number of
common shares outstanding during the year.
Funds from operations ("FFO") for the nine and three month periods ended
September 30, 2013 are as follows:
---------------------------------------------------------------------------
9 Months Ended 9 Months Ended 3 Months Ended 3 Months Ended
September 30, September 30, September 30, September 30,
2013 2012 2013 2012
---------------------------------------------------------------------------
Earnings
(Loss) before
income tax $1,147,314 $1,446,465 $441,974 ($319,000)
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Adjust for:
Interest
income ($26,542) ($16,369) ($8,044) ($11,747)
---------------------------------------------------------------------------
Dividend
income ($9,769) ($31,128) ($2,592) ($4,837)
---------------------------------------------------------------------------
Realized Gain
on securities ($460,656) ($122,584) ($422,688) ($58,496)
---------------------------------------------------------------------------
Unrealized
(gain) loss
on securities $409,859 ($301,213) $327,798 ($89,851)
---------------------------------------------------------------------------
Realized
(gain) on
sale of IPP - ($476,148) - $420,879
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Unrealized
(gain) on
sale of IPP ($263,870) $10,159 ($263,870) $1,932
---------------------------------------------------------------------------
Funds from
Operations
(FFO) $796,336 $508,912 $72,578 ($61,220)
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FFO increased during the nine month period ended September 30, 2013 to $796,336
from $508,912 for the corresponding nine month period ended September 30, 2012.
During the three month period ended September 30, 2013, FFO increased to $72,578
from ($61,220) for the corresponding period ended September 30, 2012.
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.
As of September 30, 2013, total assets were $43,071,143 compared to $35,880,153
as of December 31, 2012 and primarily a result of the acquisition of the Quebec
Properties. Liabilities for the corresponding periods increased from $9,285,898
to $20,904,293 and again, due primarily to the acquisition of the Quebec
Properties.
For comprehensive disclosure of the Company's performance for the three and nine
month periods ended September 30, 2013 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, 2013 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, 2013, which have been filed
with applicable securities regulators on SEDAR at www.sedar.com.
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.
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
Urbanfund (TSXV:UFC)
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