TORONTO, April 23, 2024 (GLOBE NEWSWIRE) -- 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, 2023 (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: 270-330 Esna Park Drive, Markham – In June 2023, Urbanfund invested $1,660,000 into TREI (270-330 Esna Park) LP which holds a 20% interest in 270-330 Esna Park LP ("Esna Park LP") that owns an industrial complex located at 270-330 Esna Park Drive, Markham, Ontario. Urbanfund owns 76.9% of TREI (270-330 Esna Park) LP, effecting an indirect 15.4% ownership in Esna Park LP. The complex is approximately 100,524 sq ft with 37 industrial units. The purpose of Esna Park LP is to convert property to condominium and sell individual units into market. Weber Investments LP ("Weber LP") – In May 2023, the general partners of Weber LP, which holds Urbanfund's investment of 63 Scott Street, Kitchener, Ontario (the "Scott"), issued a return of capital to the Company in the amount of $1,343,333, as a result of excess cashflow generated from the operations of the Scott. 1040 Martin Grove Road, Toronto – In April 2023, Urbanfund invested $1,870,000 into TREI (1040) LP which holds a 50% interest in 1040 Martin Grove LP ("1040 LP") that owns an industrial complex located at 1040 Martin Grove Road, Toronto, Ontario. Urbanfund owns 56.7% of TREI (1040) LP, effecting an indirect 28.4% ownership in 1040 LP. The complex is approximately 75,727 sq ft with 25 industrial units. The purpose of 1040 LP is to convert the property to condominium title and sell individual units into market. One Bloor Project – During the year ended December 31, 2023, Urbanfund received distributions relating to profit on sales of One Bloor Street totaling $188,000. Total profits received as of the date of this MD&A were $4,804,667. 2074-84 Steeles Avenue East – In December 2022, Urbanfund, along with its joint venture partners, completed the sale of 36 units within the industrial complex. Total profits received as of the date of this MD&A were $5,125,000. 67-69 Westmore - In January 2022, Urbanfund formed a joint venture Takol 67-69 Westmore Inc., which acquired an industrial complex located at 67-69 Westmore Drive, Etobicoke, Ontario. The joint venture intends to renovate, change to condominium title and sell units in the complex. Urbanfund holds a 40% interest and its joint venture partner, Kolt Investment Inc. (formerly Takol Real Estate Inc.), and two private investors hold the remainder. The purchase price was $23,425,000 plus customary closing costs, funded by a $17,568,750 mortgage and $5,856,250 in equity contributions. 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 2023 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 As at December 31,     2023     2022     2021   Operating results         Rental Revenue   $ 8,638,426   $ 8,484,928   $ 6,450,982   Income before taxes     7,963,575     9,692,503     12,386,266   Net income and comprehensive income   6,789,930     7,584,503     10,677,266               Per share basis, attributable to shareholders       Basic income per share   $ 0.122   $ 0.143   $ 0.204   Diluted income per share   $ 0.107   $ 0.125   $ 0.178               Non-IFRS measures (i)         FFO   $ 3,771,695   $ 6,839,231   $ 2,753,707   ACFO     217,983     6,159,348     (4,330,835 )             As at,     2023     2022     2021   Financial position         Total assets   $ 155,407,220   $ 150,775,195   $ 144,472,975   Total investment properties     107,252,000     104,437,000     101,537,000   Total mortgages payable     65,103,388     65,073,329     65,777,147               Non-IFRS measures (i)         Debt to total assets     42 %   43 %   46 % Debt to Adjusted EBITDA (ii)     10.78     5.13     13.65   Interest coverage ratio (ii)     2.36     4.18     2.38   Debt service ratio (ii)     1.44     2.52     1.33   (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 months ended,