Report on Financial Results for the Three and Nine Months Ended September 30, 2025

Executive Summary

• Urbanfund Corp. filed its three‑ and nine‑month financial statements (ended September 30, 2025) together with MD&A, reporting higher net income and improved per‑share earnings versus the prior year.
• The company sold commercial units at three key properties generating $7.3 M in sales proceeds during the nine‑month period and secured a $16.29 M fixed‑rate refinancing on its Don Mills/Van Horne property.
• Liquidity remains strong with cash of $10.19 M and a debt‑to‑liquidity ratio of 19.1%, while non‑IFRS measures (FFO, ACFO) show solid operating cash generation.

Key Details

• Financial Highlights – Nine months ended Sep 30, 2025 vs. 2024
• Rental revenue: $6.47 M vs. $6.54 M (‑1%).
• Income before taxes: $5.59 M vs. $6.55 M (‑15%).
• Net income: $4.49 M vs. $4.67 M (‑4%).

• Basic EPS: $0.084 vs. $0.090; Diluted EPS: $0.074 vs. $0.079.

• Non‑IFRS Measures

• Funds from Operations (FFO): $4.34 M vs. $6.76 M (‑36%).

• Adjusted Cash Flow from Operations (ACFO): $1.46 M vs. $9.47 M (‑85%).

• Property Sales – Nine months ended Sep 30, 2025

• 1040 Martin Grove Rd., Toronto: 4 units sold, proceeds $1,685,124 (2024: 5 units, $2,243,194).
• 270‑330 Esna Park Dr., Markham: 18 units sold, proceeds $3,354,897 (2024: 3 units, $677,706).

• 67‑69 Westmore Dr., Etobicoke: 4 units sold, proceeds $2,257,660 (2024: 22 units, $12,265,024); capital contribution fully returned with additional profit distribution of $3.71 M.

• Refinancing Transaction

• Commitment to refinance Don Mills/Van Horne property for $16,293,116 at a fixed 3.65% rate, five‑year term.

• Expected closing: December 1, 2025. Proceeds will repay existing mortgage; excess funds earmarked for general corporate purposes.

• Liquidity & Capital Resources (as of Sep 30, 2025)

• Cash & equivalents: $10,190,035 (down from $12,279,522).
• Total mortgages payable: $54,393,462.

• Debt‑to‑liquidity ratio: 19.1% (vs. 22.8% at Dec 31, 2024).

• Dividend Reinvestment Plan (DRIP)

• Shares issued in Q3 2025: 153,894 common shares valued at $119,038.

• Average participant rate: 5.99% (down from 68.37% YoY).

• Debt Metrics (Trailing‑12‑month)

• Debt to total assets: 35%.
• Debt to Adjusted EBITDA: 5.61×.
• Interest coverage ratio: 4.09×.

• Debt service ratio: 2.24×.

• Management Outlook – The MD&A indicates confidence in meeting obligations, continuing dividend payments, and pursuing further acquisitions funded by operating cash flow and existing financing capacity.

Notable Quotes

(No direct quotes were provided in the release.)