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TORONTO, June 22, 2021 (GLOBE NEWSWIRE) — Urbanfund Corp. (TSX-V: UFC) (“Urbanfund” or the “Company”) (TSX-V: UFC) is pleased to announce that the Company’s Board of Directors has declared an increase to its annualized dividend distribution by 2 cents to $0.05 per common share and Series A, first preferred share, representing a 67% increase from the previous year. This will increase Urbanfund’s quarterly dividend distribution to $0.0125 per common share and Series A, first preferred share. The quarterly dividend distribution declared by the Company’s Board of Directors for the three-month period ended June 30, 2021 is payable on July 15, 2021 to the shareholders of record on June 30, 2021.
This dividend is designated by the Company as an eligible dividend as defined by the Income Tax Act (Canada) and any similar provincial or territorial legislation. An enhanced dividend tax credit applies to eligible dividends paid to Canadian residents.
The Company has Dividend Reinvestment Plans for holders of its common shares and Series A, first preferred shares (collectively, the “DRIPs”). The DRIPs provide eligible shareholders with the opportunity to reinvest their cash dividends, on each dividend payment date, in additional common shares of the Company at a 5% discount to the volume-weighted average trading price of the common shares for the ten-day period preceding the dividend payment date. Shareholders are encouraged to review the text of the DRIPs, which are available at www.sedar.com, and consult with their investment advisors should they desire to participate.
The declaration and payment of dividends is at the discretion of the board of directors of the Company and any future declaration of dividends will depend on the Company’s financial results, cash requirements, future prospects and other factors deemed relevant by the board of directors of the Company.
Mitchell Cohen, Chief Executive Officer and President of Urbanfund, said, “We are very pleased to announce another increase to Urbanfund’s 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.”
Urbanfund is a Toronto-based real estate development and operating company listed on the TSX Venture Exchange (“TSX-V”) under the symbol UFC. The Company is a reporting issuer in Alberta, British Columbia and Ontario.
The Company’s focus is to identify, evaluate and invest in real estate or real estate related projects. The Company’s 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 dividend payment, which constitute forward-looking statements. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” 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, impact of the COVID-19 pandemic, 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 from current expectations is contained in the “Risks and Uncertainties” section of the Company’s most recent Management’s Discussion and Analysis dated May 27, 2021.
For further information, please contact:
Chief Executive Officer and President
416-703-1877 ext. 2025
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.