Madison Pacific Properties Inc.
TSX : MPC
TSX : MPC.C

March 23, 2010 17:09 ET

Madison Pacific Properties Inc. Announces Twelve Months Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 23, 2010) - Madison Pacific Properties Inc. (TSX:MPC)(TSX:MPC.C), a Vancouver-based real estate company, announces the results of operations for the year ended December 31, 2009.

The Company is reporting net income from continuing operations of $7,538,000 for the year ended December 31, 2009 compared to $2,744,000 for the same period in 2008. Cash flow from continuing operations before changes in non-cash balances for the year ended December 31, 2009 is $6,153,000 compared to $5,304,000 for the same period in 2008. Earnings per share from continuing operations were $0.13 per share for the year ended December 31, 2009 compared to $0.05 per share for the same period in 2008.

In 2009 the Company sold properties for total consideration of $79,995,000. The Company had a gain on disposition of a real estate property of $2,211,000 and a gain from disposition of real estate property from discontinued operations of $32,907,000. The Company has reflected the gain from the properties sold in which the Company has no continuing interest as income from discontinued operations. The net income from discontinued operations was $31,331,000.

The net income for the year ended December 31, 2009 was $38,869,000 compared to $3,400,000 for the same period in 2008. Basic income per share was $.69 in 2009 compared to $.06 in 2008.

In 2010 the Company has purchased for real estate property for cash consideration of $20,750,000.

Contact Information

  • Madison Pacific Properties Inc.
    Mr. Alan Firth
    President
    (604) 732-6540
    or
    Madison Pacific Properties Inc.
    Mr. Bill Ramsey
    Chief Financial Officer
    (604) 732-6540
    (604) 732-6550 (FAX)