Madison Pacific Properties Inc. Announces the Results for the Nine Months Ended May 31, 2013

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 12, 2013) - Madison Pacific Properties Inc. (TSX:MPC)(TSX:MPC.C) (the Company) a Vancouver-based real estate company announces the results of operations for the nine months ended May 31, 2013. The Company changed its year end from December 31 to August 31 effective in 2012.

The results reported are pursuant to International Financial Reporting Standards (IFRS) for public companies.

For the nine months ended May 31, 2013, the Company is reporting net income of $7.0 million; cash flows from operating activities, before changes in non-cash operating balances, of $5.9 million; and income per share of $0.12. Included in net income is a pre-tax net gain on fair value adjustment on investment properties of $2.3 million.

In the nine month period ended May 31, 2013, the Company disposed of two Vancouver properties, 7360 River Road and Rocky Point Park, for net proceeds of $15.2 million and sold its interest in Lougheed Super Centre for net consideration of $14.7 million. The Company has also acquired 200,000 sq. ft. of industrial properties located in British Columbia, Alberta and Ontario for a total of $22.5 million.

In June 2013, the Company completed the sale of 3 units within its Main Street, Whistler property for net proceeds of $1.9 million.

The Company owns $295 million in investment properties comprising 1.7 million rentable sq. ft. of industrial and commercial space. As at May 31, 2013, over 97% of the available space, excluding property that was under development was leased.

For a review of the risks and uncertainties to which the Company is subject see the August 31, 2012 annual MD&A.