Madison Pacific Properties Inc.

April 15, 2013 14:33 ET

Madison Pacific Properties Inc. Announces the Results for the Six Months Ended February 28, 2013

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 15, 2013) - Madison Pacific Properties Inc. (the Company) (TSX:MPC)(TSX:MPC.C) a Vancouver-based real estate company announces the results of operations for the six months ended February 28, 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 six months ended February 28, 2013 the Company is reporting net income of $3.7 million; cash flows from operating activities, before changes in non-cash operating balances, of $4 million; and income per share of $0.06. Included in net income is a pre-tax net gain on fair value adjustment on investment properties of $.6 million.

The Company disposed of two Vancouver properties in the six month period, 7360 River Road and Rocky Point Park, for net proceeds of $15.2 million.

Subsequent to February 28, 2013 the Company sold its interest in Lougheed Super Centre for net consideration of $14.7 million and acquired a 50,566 sq. ft. industrial property in Nanaimo, B.C. for $5.1 million.

The Company owns $277 million in investment properties comprising 1.5 million rentable sq. ft. of industrial and commercial space. As at February 28, 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.

Contact Information

  • Madison Pacific Properties Inc.
    Mr. Marvin Haasen
    President & CEO
    (604) 732-6540
    (604) 732-6550 (FAX)

    Madison Pacific Properties Inc.
    Mr. Bill Ramsey
    Investor Information
    (604) 732-6540