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 three months ended March 31, 2026, two commercial units were sold for sales proceeds of $778,732 (March 31, 2025, two commercial units for $841,776). 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 quarter end.
270-330 Esna Park Drive, Markham - During the three months ended March 31, 2026, four commercial units were sold for sales proceeds of $901,952 (March 31, 2025, four commercial units for $691,991). To date, the company has received $1,462,521 of distribution, of which $382,427 was received subsequent to the quarter end.
67-69 Westmore Drive, Etobicoke, As at March 31, 2026, a total of 31 commercial units were sold for sales proceeds of $16,892,544 (March 31, 2025, 24 commercial units, for $13,336,224). 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 (March 31, 2025 - $782,120). As at March 31, 2026, there is one unsold commercial unit remaining (March 31, 2025, 8 unsold commercial units)
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 Quarterly Information
Three months ended March 31,
2026
2025
Operating results
Rental Revenue
$ 2,111,399
$ 2,094,921
Income before taxes
1,543,742
1,532,774
Net income and comprehensive income
1,430,742
1,280,774
Per share basis, attributable to shareholders
Basic income per share
$ 0.028
$ 0.023
Diluted income per share
$ 0.025
$ 0.020
Non-IFRS measures (i)
FFO
$ 1,263,762
$ 1,170,242
ACFO
(45,249)
(1,197,199)
As at,
March 31, 2026
December 31, 2025
Financial position
Total assets
$ 164,281,511
$ 164,111,998
Total investment properties
109,415,000
109,313,000
Total mortgages payable
61,330,139
61,707,815
Non-IFRS measures (i)
Debt to total assets
37 %
38 %
Debt to Adjusted EBITDA (ii)
5.56
4.72
Interest coverage ratio (ii)
4.59
4.53
Debt service ratio (ii)
2.29
2.20
(i)
