NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
TORONTO, June 18, 2018 (GLOBE NEWSWIRE) — Urbanfund Corp. (TSX-V:UFC) (âUrbanfundâ or the âCompanyâ) is pleased to announce that it will increase its quarterly dividend distribution to $0.005 per common share and Series A, first preferred share, commencing on the shareholders of record June 30, 2018. On an annualized basis, this will increase Urbanfundâs annualized distribution by 1 cent to $0.02 per common share and Series A, first preferred share, or 100% increase from the previous year.
The record date for dividends is anticipated to be set as the last business day of March, June, September and December in each year, and the payment date in each case is anticipated to be approximately two weeks from the applicable record date.
Mitchell Cohen, Chief Executive Officer and President of Urbanfund, said, âWe are very pleased to announce another increase to Urbanfundâs distributions. This increase not only reflects the consistent growth that our Company has been able to achieve, but also the confidence in our operations to continue to increase our funds from operations through efficient management of our property portfolio and divesting our interests in other real estate projects.â
Urbanfund is a Toronto-based real estate development and operating company listed on the TSX Venture Exchange (âTSX-Vâ) under the symbol UFC. The Company is a reporting issuer in Alberta, British Columbia and Ontario.
The Companyâs focus is to identify, evaluate and invest in real estate or real estate related projects. The Companyâs assets are located in Toronto, Belleville, Kitchener, London, and Brampton Ontario and in Montreal and Quebec City, Quebec and Dartmouth, Nova Scotia.
This press release contains certain forward-looking statements, including statements about the Company’s dividend policy and proposed dividend payment, which constitute forward-looking statements. Wherever possible, words such as âmayâ, âwillâ, âshouldâ, âcouldâ, âexpectâ, âplanâ, âintendâ, âanticipateâ, âbelieveâ, âestimateâ, âpredictâ or âpotentialâ or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect Management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements.
Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law. Many factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including: general economic and market segment conditions, interest rates, costs outside of the Company’s control such as real estate taxes and utilities, the ability of tenants to satisfy their contractual rent obligations and any unforeseen repair, maintenance or replacement of the Company’s assets.
More detailed assessment of the risks that could cause actual results to materially differ than current expectations is contained in the âRisks and Uncertaintiesâ section of the Company’s most recent Management’s Discussion and Analysis dated May 30, 2018.
For further information, please contact:
Chief Executive Officer and President
416-703-1877 ext. 1025
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.