Urbanfund Corp. Announces Dividend Increase Commencing June 2021
22 Junho 2021 - 6:00PM
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.”
ABOUT URBANFUND
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.
FORWARD-LOOKING INFORMATION
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:
Mitchell CohenChief Executive Officer and
President Urbanfund Corp.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.
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