Urbanfund Corp. Reports Financial Results for the Three Month Period Ended March 31, 2011
30 Giugno 2011 - 3:09AM
Marketwired Canada
Mitchell Cohen, President and Chief Executive Officer of Urbanfund Corp. (TSX
VENTURE:UFC) (the "Company"), confirmed today that the Company has filed its
unaudited interim consolidated financial statements for the three month period
ended March 31, 2011 under International Financial Reporting Standards ("IFRS"),
as summarized below.
For the three month period ended March 31, 2011, the Company reported earnings
before other items and income taxes of $261,172 on revenues of $900,106 compared
to earnings before other items and income taxes of $210,037 on revenues of
$811,458 for the corresponding period in 2010. Revenues increased during the
three month period ended March 31, 2011 as a result of continued improvement in
leasing at the Company's Richmond and Van Horne properties. Rental expenses for
the three month period ended March 31, 2011 increased to $307,193 compared to
$273,214 for the corresponding period in 2010. The increase was a result of
common element improvements to the Belleville Property and a one-time insurance
charge.
Net income increased to $3,271,235 during the period ended March 31, 2011 from
$637,684 during the corresponding period in 2010. This increase was attributable
to a fair value gain of $3,484,794.
Funds from operations for the three month period ended March 31, 2011 are as
follows:
-------------------------------------------------------------------------
3 Months Ended 3 Months Ended
March 31, 2011 March 31, 2010
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Earnings before income taxes $ 3,764,819 $ 856,475
Adjust for:
--------------------------------------------------------------------------
Interest Income $ (6,666) $ (12,216)
--------------------------------------------------------------------------
Dividend Income $ (9,471) -
--------------------------------------------------------------------------
Gain on sale of marketable
securities $ (2,716) -
--------------------------------------------------------------------------
Fair value gain $ (3,484,794) $ (634,222)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Funds From Operations (FFO) $ 261,172 $ 210,037
--------------------------------------------------------------------------
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 and does not
have a standardized meaning prescribed by IFRS. Therefore, FFO may not be
comparable to similar measures presented by other issuers. However, FFO is an
operating performance measure which is widely used by the real estate industry.
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.
Financing costs increased slightly during the three month period ended March 31,
2011 to $262,065 from $247,744 for the corresponding period ended March 31,
2010. The increase was a result of a one-time interest expense accrual from
March 2010. Administrative costs decreased to $69,676 during the three month
period ended March 31, 2011 from $80,463 for the corresponding period ended
March 31, 2010. This decrease in administrative costs is a result of cost
savings associated with professional fees, mortgage fees and property management
fees.
As at March 31, 2011, total assets were $34,576,754 compared to $31,366,395 as
at December 31, 2010 as reported under IFRS. The total assets reported under
Canadian generally accepted accounting principles ("GAAP") as at December 31,
2010 was $29,943,457.
The increase of $1,422,938 in total assets as at December 31, 2010 when
reporting under IFRS versus Canadian GAAP was primarily due to the presentation
of the Company's investment assets at fair value. The increase between December
31, 2010 under IFRS and March 31, 2011 under IFRS of $3,210,359 represents an
increase in the Company's investment assets at fair value.
For comprehensive disclosure of the Company's performance for the period ended
March 31, 2011 and its financial position as at such date, reference should be
made to: (i) the Company's unaudited interim consolidated financial statements
as at the period ended March 31, 2011 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, 2011, which have been filed with
applicable securities regulators on SEDAR at www.sedar.com.
The Company also announces that Donato Caprara resigned as the Company's Chief
Financial Officer to pursue other interests. The resignation will be effective
as of June 30, 2011. The Company has begun a recruitment process to identify and
hire a replacement Chief Financial Officer.
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.
Grafico Azioni Urbanfund (TSXV:UFC)
Storico
Da Ott 2024 a Nov 2024
Grafico Azioni Urbanfund (TSXV:UFC)
Storico
Da Nov 2023 a Nov 2024
