Report on Financial Results for the Three and Six Months Ended June 30, 2025
TORONTO, Aug. 26, 2025 (GLOBE NEWSWIRE) -- Mitchell Cohen, Chief Executive Officer and President of Urbanfund Corp. (TSXV:UFC) ("Urbanfund" or the "Company"), confirmed today that the Company has filed its financial statements for the three and six months ended June 30, 2025 (the "Consolidated Financial Statements") and corresponding Management's Discussion and Analysis ("MD&A").
BUSINESS OVERVIEW AND STRATEGY
Business Overview
Urbanfund Corp. is an incorporated entity listed on the TSX Venture Exchange ("TSX-V") under the symbol UFC. The Company is a reporting issuer in Alberta, British Columbia and Ontario. Urbanfund's focus is to invest in Canadian real estate and real estate related projects with a focus on a mix of both residential and commercial properties. The Company's assets are located in Toronto, Brampton, Belleville, Kitchener and London, Ontario, Quebec City and Montreal, Quebec and Dartmouth, Nova Scotia.
Operational Highlights
Part of Urbanfund's strength is its ability to attract partners with proven track records with both residential and commercial development expertise. Urbanfund continues to build alliances with its strategic partners:
1040 Martin Grove Road, Toronto, During the six months ended June 30, 2025, three commercial units were sold for total sales proceeds of $1,255,622 (June 30, 2024, five units, for total sales proceeds of $2,243,194). To date, the Company has received a return of capital of $1,465,603 from this investment.
270-330 Esna Park Drive, Markham - During the six months ended June 30, 2025, 12 commercial units were sold for a total sales proceeds of $2,164,359 (June 30, 2024, Nil units were sold).
67-69 Westmore Drive, Etobicoke, During the six months ended June 30, 2025, two commercial units were sold for a total sales proceeds of $1,315,040 (June 30, 2024, 15 units for total sales proceeds of $8,793,024). To date, the Company's capital contribution of $3,120,000 has been fully returned, and an additional profit distribution of $2,033,399 has been received, including $833,880 that was received subsequent to the quarter end.
PRESENTATION OF FINANCIAL INFORMATION AND NON-IFRS MEASURES
Presentation of Financial Information
Unless otherwise specified herein, financial results, including historical comparatives, contained in this press release are based on Urbanfund's 2024 Annual Consolidated Financial Statements, which have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and interpretations of the IFRS Interpretations Committee ("IFRIC"). Unless otherwise specified, amounts are in Canadian dollars and percentage changes are calculated using whole numbers.
RESULTS FROM OPERATIONS
In addition to reported IFRS measures, industry practice is to evaluate real estate entities giving consideration to certain non-IFRS performance measures such as funds from operations, adjusted cash flows from operations and net operating income, as reported below. For further details, please refer to Non-IFRS Measures.
Selected Quarterly Information
Three months ended June 30,
Six months ended June 30,
2025
2024
2025
2024
Operating results
Rental Revenue
$
2,220,795
$
2,274,375
$
4,315,716
$
4,450,274
Income before taxes
1,443,047
2,036,581
2,975,821
4,449,223
Net income and comprehensive income
1,067,047
1,272,581
2,347,821
3,145,223
Per share basis, attributable to shareholders
Basic income per share
$
0.020
$
0.028
$
0.043
$
0.062
Diluted income per share
$
0.018
$
0.024
$
0.038
$
0.054
Non-IFRS measures (i)
FFO
$
1,566,779
$
3,247,993
$
2,737,021
$
4,827,283
ACFO
899,676
5,404,752
(507,523
)
6,436,512
As at,
June 30, 2025
December 31, 2024
June 30, 2024
Financial position
Total assets
$
154,923,194
$
155,604,351
$
150,067,342
Total investment properties
109,071,000
108,843,000
106,086,000
Total mortgages payable
54,724,369
55,506,091
56,606,543
Non-IFRS measures (i)
Debt to total assets
35
%
36
%
38
%
Debt to Adjusted EBITDA (ii)
5.56
3.73
4.81
Interest coverage ratio (ii)
4.36
5.68
4.28
