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 nine months ended September 30, 2025, four commercial units were sold for total sales proceeds of $1,685,124 (September 30, 2024, five units, for total sales proceeds of $2,243,194). To date, the Company has received a return of capital of $11,752,221 from this investment.
270-330 Esna Park Drive, Markham - During the nine months ended September 30, 2025, 18 commercial units were sold for total sales proceeds of $3,354,897 (September 30, 2024, three commercial units for total sales proceeds of $677,706). Subsequent to the quarter end, the Company received a return of capital of $360,000 from this investment.
67-69 Westmore Drive, Etobicoke, During the nine months ended September 30, 2025, four commercial units were sold for total sales proceeds of $2,257,660 (September 30, 2024, 22 units for total sales proceeds of $12,265,024). To date, the Company's capital contribution of $3,120,000 has been fully returned, and an additional profit distribution of $3,713,399 has been received, including $800,000 that was received subsequent to the quarter end.
3080-3094 Don Mills Road & 200 Van Horne Avenue, Toronto - On November 12, 2025, the Company entered into a commitment to refinance its property at 3080–3094 Don Mills Road and 200 Van Horne Avenue, Toronto for $16,293,116 at a fixed interest rate of 3.65% for five years. The refinancing proceeds will be used to repay the existing mortgage, with the remaining funds available for general corporate purposes. The transaction is expected to close on December 1, 2025.
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 September 30,
Nine months ended September 30,
2025
2024
2025
2024
Operating results
Rental Revenue
$
2,154,357
$
2,090,060
$
6,470,073
$
6,540,334
Income before taxes
2,614,412
2,101,886
5,590,233
6,551,109
Net income and comprehensive income
2,140,412
1,522,886
4,488,233
4,668,109
Per share basis, attributable to shareholders
Basic income per share
$
0.041
$
0.028
$
0.084
$
0.090
Diluted income per share
$
0.036
$
0.025
$
0.074
$
0.079
Non-IFRS measures (i)
FFO
$
1,601,386
$
1,933,384
$
4,338,407
$
6,760,667
ACFO
1,966,346
3,032,313
1,458,823
9,468,825
As at,
September 30, 2025
December 31, 2024
September 30, 2024
Financial position
Total assets
$
156,323,215
$
155,604,351
$
150,714,219
Total investment properties
109,476,000
108,843,000
106,069,000
Total mortgages payable
54,337,105
55,506,091
55,928,358
Non-IFRS measures (i)
Debt to total assets
35
%
36
%
37
%
Debt to Adjusted EBITDA (ii)
5.61
3.73
4.04
Interest coverage ratio (ii)
4.09
5.68
5.05
Debt service ratio (ii)
2.24
