Welcome!

News Feed Item

Urbanfund Corp. Reports Financial Results for the Three and Nine Month Periods Ended September 30, 2016

TORONTO, ONTARIO -- (Marketwired) -- 11/29/16 -- Mitchell Cohen, President and Chief Executive Officer of Urbanfund Corp. (TSX VENTURE: UFC) (the "Company"), confirmed today that the Company filed financial results for the three month and nine month periods ended September 30, 2016 and 2015 (the "Financial Statements").

RESULTS FROM OPERATIONS

For the three month period ended September 30, 2016, the Company reported Income before income taxes of $223,674 on Revenue of $1,254,331 compared to Income before income taxes of $909,696 on Revenue of $1,149,350 for the corresponding period in 2015. This decrease is primarily attributable to realized gain on sale of investment property, and fair value adjustments to investment properties, in the prior period.

Rental expenses for the three month period ended September 30, 2016 increased to $679,981 compared to $602,235 for the corresponding period in 2015. This increase is attributable to the lease up of the Company's 40 unit property located at 48 Weber Street, Kitchener, Ontario ("48 Weber") following the completion of its redevelopment.

Net income during the nine month period ended September 30, 2016 increased to $2,349,061 from $1,268,989 during the corresponding period in 2015. This increase is attributable to fair value adjustment of 48 Weber, due to substantial completion of the renovation. This amount is offset by minor capital improvements to the property.

FUNDS FROM OPERATIONS

Funds from operations for the three and nine month periods ended September 30, 2016 are as follows:


----------------------------------------------------------------------------
                   Three month    Three month     Nine month     Nine month
                  period ended   period ended   period ended   period ended
                 September 30,  September 30,  September 30,  September 30,
                          2016           2015           2016           2015
----------------------------------------------------------------------------

Income before
 income taxes    $     223,674  $     909,696  $   2,469,061  $   1,475,201
----------------------------------------------------------------------------

Adjustments:
Interest income  $     (10,241) $     (20,508) $     (35,503) $     (45,301)
----------------------------------------------------------------------------
Unrealized
 (Gain)/Loss on
 Foreign
 Currency
 Translation     $        (437) $     (95,726) $       2,929  $    (186,598)
----------------------------------------------------------------------------
Realized loss on
 Foreign
 Currency
 Translation                 -              -  $      94,700              -
----------------------------------------------------------------------------
Unrealized
 (Gain)/Loss on
 Marketable
 Securities      $      13,838  $      40,766  $     (14,496) $     (11,352)
----------------------------------------------------------------------------
Unrealized
 (Gain)/Loss on
 Investment
 Properties      $      12,265  $     125,841  $  (1,744,396) $     265,662
----------------------------------------------------------------------------
Realized Gain on
 Sale of
 Investment
 Properties                     $    (773,857)                $    (773,857)
----------------------------------------------------------------------------

Funds from
 Operations
 (FFO)           $     239,099  $     186,212  $     772,295  $     723,755
----------------------------------------------------------------------------

See "Non-IFRS Financial Measures" below.

LIQUIDITY AND CAPITAL RESOURCES

As of September 30, 2016, the Company had cash and cash equivalents in the amount of $8,303,915 and marketable securities of $336,974.

As of September 30, 2016, the Company had mortgages payable in the amount of $27,332,517.

ASSETS

As of September 30, 2016, total assets were $62,403,102 compared to $56,472,836 as of December 31, 2015. The increase was principally attributable to the fair value adjustment on 48 Weber in connection with its transfer as a property under development to an investment property, together with the proceeds of the associated mortgage refinancing.

DIVIDEND AND DIVIDEND REINVESTMENT PLAN

The Company confirmed on June 17, 2015 that it adopted a dividend policy (the "Dividend Policy"), a dividend reinvestment plan for holders of common shares in the capital of the Company (the "Common Shares") and a dividend reinvestment plan for the holder of Series A, first preferred shares (the "Preferred Shares") in the capital of the Company (collectively, the "DRIP").

As part of the Company's long-term strategy to maximize shareholder value, the board of directors has approved the implementation of the Dividend Policy. Pursuant to the Dividend Policy, the Company intends to pay an annual aggregate dividend of $0.005 per Common Share and $0.005 per Preferred Share, payable quarterly in the amount of $0.00125 per Common Share and Preferred Share. The record date for dividends is anticipated to be set as the last business day of March, June, September and December in each year and the payment date in each case is anticipated to be approximately two weeks from the applicable record date.

The Company made dividend payments on each of: (i) April 15, 2016 to shareholders of record as of March 31, 2016, and (ii) on July 15, 2016 to shareholders of record as of June 30, 2016.

The Company declared a dividend on its Common Shares and Preferred Shares on September 30, 2016, which was subsequently paid on October 17, 2016. On October 17, 2016, the Company paid dividends of $0.00125 per Series A, first preferred share and common share in aggregate of $64,699 to the holders of record as of September 30, 2016. Of this amount, $52,223 was reinvested through the Company's dividend reinvestment plan.

The declaration and payment of future dividends and the quantum of any such dividends will be subject to the Company's Board of Directors' determination, in its discretion, taking into account, among other things, business performance, financial condition, growth plans and expected capital requirements, statutory solvency tests, as well as any contractual restrictions on such dividends, including any agreements entered into with lenders to the Corporation or its subsidiaries. There can be no assurance that dividends will be paid at the intended rate or at any rate in the future.

ABOUT URBANFUND

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 Toronto, Kitchener, Belleville and London, Ontario and in Montreal and Quebec City, Quebec. The Company's strategy going forward remains committed to seek accretive real estate or real estate-related opportunities.

NON-IFRS FINANCIAL MEASURES

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.

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 and dividends. Statements about the Company's future plans and intentions, results, levels of activity, cash flow from operations, performance, goals or achievements, proposed dividends 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 November 29, 2016.

Neither 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 accuracy of this release.

Contacts:
Urbanfund Corp.
Mitchell Cohen
President & CEO
(416) 703-1877 x1025

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, provided an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data professionals...
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Onalytica. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and G...
"We are a modern development application platform and we have a suite of products that allow you to application release automation, we do version control, and we do application life cycle management," explained Flint Brenton, CEO of CollabNet, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, discussed using predictive analytics to mon...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor – all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...