VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 10, 2014) - 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, 2014.
The results reported are pursuant to International Financial Reporting Standards (IFRS) for public companies.
For the six months ended February 28, 2014, the Company is reporting net income of $7.9 million (2013: $3.7 million); cash flows from operating activities, before changes in non-cash operating balances, of $5.2 million (2013: $4.0 million); and income per share of $0.13 (2013: $0.06). Included in net income is a pre-tax net gain from the fair value adjustment on investment properties of $4.6 million (2013: $0.6 million).
Excluding properties held for sale, the Company currently owns approximately $360 million in investment properties, comprising 2.1 million rentable sq. ft. of industrial and commercial space, of which, over 99% of the available space is leased.
For a review of the risks and uncertainties to which the Company is subject see the August 31, 2013 annual MD&A.