TORONTO, April 27, 2026 /CNW/ - 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 year ended December 31, 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 year ended December 31,
2025, nine commercial units were sold for sale proceeds of $3,740,454
(December 31, 2024 - $2,704,390). To date, the Company's capital
contribution of $1,870,000 has been fully returned, and an additional
profit distribution of $822,545 has been received to date, of which
$154,000 was received subsequent to the year end.
-- 270-330 Esna Park Drive, Markham - During the year ended December 31,
2025, twenty-two commercial units were sold for sale proceeds of
$4,282,314 (December 31, 2024 - $1,033,374). To date, the company has
received distributions of $1,080,095, of which $520,094 was received
subsequent to the year end.
-- 67-69 Westmore Drive, Etobicoke -- During the year ended December 31,
2025, the Company, sold 6 commercial units for sale proceeds of
$3,074,320 (December 31, 2024 - $13,366,224). To date, the Company's
capital contribution of $3,120,000 has been fully returned, and an
additional profit distribution of $4,233,399 has been received to date,
including $520,000 received subsequent to the year end. As at December
31, 2025, there are 2 unsold commercial units remaining.
-- 3080-3094 Don Mills Road & 200 Van Horne Avenue, Toronto -- On December
1, 2025, the Company completed the refinancing of its property, securing
a new facility of $16,293,116 at a fixed interest rate of 3.55% for a
five-year term. The proceeds were used to fully repay the existing
mortgage of $8,022,140 on the property, with the remaining funds
available to support general corporate purposes and future growth
initiatives, as determined by the Board.
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 2025 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 Annual Information
Years ended 2025 2024 2023
December 31,
Operating results
Rental Revenue $ 8,636,454 $ 8,720,069 $ 8,636,426
Income before
taxes 6,373,205 12,436,601 7,962,575
Net income and
comprehensive
income 4,862,132 9,715,601 6,789,930
Per share basis,
attributable to
shareholders
Basic income per
share $ 0.089 $ 0.180 $ 0.122
Diluted income per
share $ 0.078 $ 0.158 $ 0.107
Non-IFRS measures
(i)
FFO $ 6,204,710 $ 8,025,215 $ 6,839,231
ACFO 2,648,687 10,693,914 6,159,348
As at, December 31, December 31, 2024 December 31 2023
2025
Financial position
Total assets $ 164,111,998 $ 155,604,351 $ 155,407,220
Total investment
properties 109,313,000 108,843,000 107,252,000
Total mortgages
payable 61,707,815 55,506,091 65,103,388
Non-IFRS measures
(i)
Debt to total
assets 38 % 36 % 42 %
Debt to Adjusted
EBITDA (ii) 4.72 3.73 10.78
Interest coverage
ratio (ii) 4.53 5.68 2.36
Debt service ratio
(ii) 2.20 3.22 1.44
(i) Represents non-IFRS measures. For definitions and
basis of presentation for non-IFRS measures, refer
to Non-IFRS Measures section below.
(ii) Calculated on a trailing 12-month basis
Summary of Quarterly Results
For the three Rental Net income Basic income Diluted
months ended, revenue attributable per share income
to per share
shareholders
December 31,
2025 $ 2,166,381 $ 249,900 $ 0.005 $ 0.004
September 30,
2025 2,154,357 2,223,823 0.041 0.036
June 30, 2025 2,220,795 1,074,557 0.020 0.018
March 31, 2025 2,094,921 1,233,996 0.023 0.020
December
31,2024 2,179,735 4,807,015 0.090 0.079
September 30,
2024 2,090,060 1,516,042 0.028 0.025
June 30, 2024 2,274,375 1,477,909 0.028 0.024
March 31, 2024 2,175,899 1,818,304 0.034 0.030
Funds from Operations ("FFO")
Three months ended December 31, Year ended December 31,
2025 2024 2025 2024
Net income
attributable to
shareholders $ 249,900 $ 4,807,015 $ 4,782,276 $ 9,619,270
Add back /
(deduct):
Deferred income
tax expense 176,000 732,000 876,000 1,237,000
Fair value
adjustment on
equity
accounted
investments 702,856 (1,504,831) (467,456) (1,840,831)
Fair value
adjustment on
investment
properties 645,457 (2,978,869) 1,057,071 (959,588)
Fair value
adjustment on
non-controlling
interest 94,715 209,623 (34,056) (23,746)
Straight-line of
rental revenue (2,625) (390) (9,125) (6,890)
FFO $ 1,866,303 $ 1,264,548 $ 6,204,710 $ 8,025,215
Weighted average
number of
shares - basic 53,803,112 53,595,501 53,724,245 53,332,259
Weighted average
number of
shares -
diluted 61,228,112 61,020,501 61,149,245 60,757,259
FFO per share -
basic $ 0.035 $ 0.024 $ 0.115 $ 0.150
FFO per share -
diluted $ 0.030 $ 0.021 $ 0.101 $ 0.132
Adjusted Cash Flows from Operations ("ACFO")
Three months ended December 31, Year ended December 31,
2025 2024 2025 2024
Cash provided by
operating
activities $ 1,884,791 $ 1,947,880 $ 4,789,118 $ 12,938,258
Adjustments to
working capital
changes for
ACFO (i) (205,072) (122,791) (340,431) (444,344)
Normalized
capital
expenditures
(ii) (600,000) (600,000) (1,800,000) (1,800,000)
ACFO $ 1,079,719 $ 1,225,089 $ 2,648,687 $ 10,693,914
(i) Includes working capital changes that are based on
REALpac February 2019 whitepaper, are not indicative
of sustainable cash flow for distribution. Also includes
income taxes not relating to operating activities,
tenant deposits, and deferred financing charges.
(ii) Normalized capital expenditures are management's estimate
of ongoing capital investment required to maintain
the condition of the property and current rental revenues.
Refer to Non-IFRS Measures section below.
LIQUIDITY AND CAPITAL RESOURCES
Urbanfund expects to meet all its obligations, including dividends to shareholders, property maintenance, capital expenditures and other commitments as they become due. The Company has various financing sources to fund future acquisitions and continues to fund working capital needs from cash flows generated from operating activities. Cash flows from operating activities are dependent on the occupancy levels of our income properties.
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