None
SEDAR Interim Financial Statements
UFC · Price
[
{
"companyName": "Urbanfund Corp.",
"reportingPeriodEnd": "2025-09-30",
"reportStatus": "Unaudited",
"auditorName": null,
"auditorKeyMatters": [],
"balanceSheet": {
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"totalCurrentAssets": [12818139, 16332330],
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"totalAssets": [156323215, 155604351],
"mortgagesPayable": [43988496, 45207297],
"deferredTaxLiabilities": [12565000, 11865000],
"totalNonCurrentLiabilities": [56553496, 57072297],
"currentPortionOfMortgagesPayable": [10348609, 10298794],
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"accountsPayableAndAccruedLiabilities": [1257378, 1312524],
"totalCurrentLiabilities": [12453375, 13530599],
"totalLiabilities": [69006871, 70602896],
"commonShares": [17001777, 16882739],
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"retainedEarnings": [67365965, 65125971],
"nonControllingInterests": [1834852, 1878995],
"totalEquity": [87316344, 85001455],
"cashPerShare": [0.1898, 0.2306],
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},
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}
},
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"currentIncomeTaxExpense": 402000,
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"netIncomeAttributableToShareholders": 4532376,
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"basicIncomePerShare": 0.084,
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},
"2024": {
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"profitFromInvestmentInRealEstateProject": 106000,
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"currentIncomeTaxExpense": 1378000,
"deferredIncomeTaxExpense": 505000,
"totalIncomeTaxExpense": 1883000,
"netIncomeAndComprehensiveIncome": 4668109,
"netIncomeAttributableToShareholders": 4812255,
"netIncomeAttributableToNonControllingInterests": -144146,
"basicIncomePerShare": 0.090,
"dilutedIncomePerShare": 0.079
}
}
},
"cashFlowStatement": {
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"fairValueAdjustmentOnIncomeProperties": 134534,
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"repaymentOfMortgagePrincipalFromSaleOfInventoryProperties": null,
"adjustmentsForOtherNonCashWorkingCapitalItems": 1000074,
"cashProvidedByOperatingActivities": 2476491,
"capitalExpendituresOnIncomeProperties": -539534,
"constructionExpendituresToInventoryProperties": -90562,
"contributionsToEquityAccountedInvestment": null,
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"cashUsedInInvestingActivities": 6521,
"repaymentsOfMortgagePrincipal": -387264,
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"netChangeInCash": 1371704,
"cashBeginningOfPeriod": 8818331,
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"2024": {
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"repaymentOfMortgagePrincipalFromSaleOfInventoryProperties": -294542,
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"cashProvidedByOperatingActivities": 3564910,
"capitalExpendituresOnIncomeProperties": -242310,
"constructionExpendituresToInventoryProperties": -168581,
"contributionsToEquityAccountedInvestment": null,
"distributionsFromEquityAccountedInvestment": 400000,
"cashUsedInInvestingActivities": -10891,
"repaymentsOfMortgagePrincipal": -383643,
"dividendsPaid": -536254,
"cashUsedInFinancingActivities": -919897,
"netChangeInCash": 2634122,
"cashBeginningOfPeriod": 8836400,
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}
},
"nineMonths": {
"2025": {
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"incomeFromEquityAccountedInvestments": -3241052,
"interestIncome": -242827,
"fairValueAdjustmentOnIncomeProperties": 411614,
"deferredIncomeTaxExpense": 700000,
"dispositionOfInventoryProperties": 1708610,
"repaymentOfMortgagePrincipalFromSaleOfInventoryProperties": null,
"adjustmentsForOtherNonCashWorkingCapitalItems": -920251,
"cashProvidedByOperatingActivities": 2904327,
"capitalExpendituresOnIncomeProperties": -1044614,
"constructionExpendituresToInventoryProperties": -249791,
"contributionsToEquityAccountedInvestment": -1600000,
"distributionsFromEquityAccountedInvestment": 1240997,
"cashUsedInInvestingActivities": -1653408,
"repaymentsOfMortgagePrincipal": -1168986,
"dividendsPaid": -2171420,
"cashUsedInFinancingActivities": -3340406,
"netChangeInCash": -2089487,
"cashBeginningOfPeriod": 12279522,
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"2024": {
"netIncomeAndComprehensiveIncome": 4668109,
"incomeFromEquityAccountedInvestments": -2129748,
"interestIncome": -314733,
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"deferredIncomeTaxExpense": 505000,
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"repaymentsOfMortgagePrincipal": -1144139,
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"cashBeginningOfPeriod": 3567974,
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}
}
},
"investmentsAndOtherAssets": [
{
"type": "Equity Accounted Investment",
"description": "Highfield Park Residential Inc. - Owns and operates investment properties",
"ownershipPercentage": 20.0,
"value": 24670429,
"notes": "Carrying value as at September 30, 2025."
},
{
"type": "Equity Accounted Investment",
"description": "Bellbrook Residential Inc. - Owns and operates investment properties",
"ownershipPercentage": 20.0,
"value": 3370122,
"notes": "Carrying value as at September 30, 2025."
},
{
"type": "Equity Accounted Investment",
"description": "West Mic Mac Properties Inc. - Owns and operates investment properties",
"ownershipPercentage": 20.0,
"value": 2485932,
"notes": "Carrying value as at September 30, 2025."
},
{
"type": "Equity Accounted Investment",
"description": "1040 Martin Grove LP - Purchase, condominium conversion and subsequent sale",
"ownershipPercentage": 28.35,
"value": 1114930,
"notes": "Carrying value as at September 30, 2025. Indirect ownership via TREI (1040) LP."
},
{
"type": "Equity Accounted Investment",
"description": "270-330 Esna Park LP - Purchase, condominium conversion and subsequent sale",
"ownershipPercentage": 15.38,
"value": 2387664,
"notes": "Carrying value as at September 30, 2025. Indirect ownership via TREI (270-330 Esna Park) LP."
},
{
"type": "Investment in Real Estate Project",
"description": "One Bloor Street East, Toronto - 10% interest in private partnership",
"ownershipPercentage": 10.0,
"value": null,
"notes": "Capital contribution fully returned; profit distributions received to date."
},
{
"type": "Joint Operation",
"description": "67-69 Westmore Drive, Etobicoke - Industrial complex for condominium conversion and sale",
"ownershipPercentage": 40.0,
"value": null,
"notes": "Capital contribution fully returned; profit distributions received."
}
],
"shareStructure": {
"authorizedShares": "20,000,000 First preferred, Series A shares; unlimited First preferred shares; unlimited Second preferred shares; unlimited Common shares",
"issuedShares": 53756809,
"classesOfShares": ["Common", "First preferred Series A", "First preferred (other series)", "Second preferred"],
"warrants": [],
"options": [],
"rightsConvertibleInstruments": "First preferred, Series A shares are convertible to one common share each under certain conditions."
},
"managementCompensation": {
"currency": "CAD",
"periods": {
"nineMonths2025": {
"salaries": 0,
"shareBasedCompensation": 0,
"bonuses": 0,
"total": 0
},
"nineMonths2024": {
"salaries": 0,
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"bonuses": 0,
"total": 0
}
},
"namedIndividuals": [],
"otherRelatedPartyTransactions": [
{
"counterparty": "Westdale Construction Co. Limited",
"description": "Loan issued and repaid with interest",
"amount": 3000000,
"period": "Nine months ended September 30, 2025"
},
{
"counterparty": "Westdale Construction Co. Limited",
"description": "Dividends paid",
"amount": 1808360,
"period": "Nine months ended September 30, 2025"
},
{
"counterparty": "Westdale Construction Co. Limited",
"description": "Property management fees (included in rental expenses)",
"amount": 95066,
"period": "Nine months ended September 30, 2025"
},
{
"counterparty": "Westdale Construction Co. Limited",
"description": "Property management fees (included in income from equity accounted investments)",
"amount": 110675,
"period": "Nine months ended September 30, 2025"
},
{
"counterparty": "Westdale Construction Co. Limited",
"description": "Management cost reimbursements (included in rental expenses)",
"amount": 187242,
"period": "Nine months ended September 30, 2025"
},
{
"counterparty": "Westdale Construction Co. Limited",
"description": "Management cost reimbursements (included in income from equity accounted investments)",
"amount": 220048,
"period": "Nine months ended September 30, 2025"
}
]
},
"subsequentEvents": [
{
"eventDate": "2025-11-12",
"description": "Commitment to refinance 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.",
"impactValue": 16293116
},
{
"eventDate": "2025-11-12",
"description": "Cash distribution of $800,000 received from the sale of additional commercial units at 67-69 Westmore Drive, Etobicoke.",
"impactValue": 800000
},
{
"eventDate": "2025-11-17",
"description": "Cash distribution of $360,000 received from the sale of additional commercial units at 270-330 Esna Park, Markham.",
"impactValue": 360000
}
]
}
]
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May 28, 2026 · 17:00