Madison Pacific Properties Inc.

January 13, 2016 19:08 ET

Madison Pacific Properties Inc. Announces the Results for the Three Months Ended November 30, 2015

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 13, 2016) - Madison Pacific Properties Inc. (the Company) (TSX:MPC)(TSX:MPC.C), a Vancouver-based real estate company announces the results of operations for the three months ended November 30, 2015.

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

For the three months ended November 30, 2015, the Company is reporting net income of $6.9 million (2014: $5.0 million); cash flows from operating activities before changes in non-cash operating balances of $3.3 million (2014: $3.1 million); and income per share of $0.11 (2014: $0.08). Included in net income is an after-tax net gain from the fair value adjustment on investment properties of $4.5 million (2014: $2.6 million).

The Company currently owns approximately $391 million in investment properties, comprising 46 properties with approximately 2.0 million rentable sq. ft. of industrial and commercial space. Over 95% of the available space, excluding properties under development is currently leased.

For a review of the risks and uncertainties to which the Company is subject see the August 31, 2015 annual MD&A.

The Company is pleased to announce that a $.0525 per share dividend on each of the Class B voting common shares and Class C non-voting shares will be payable February 24, 2016 to shareholders of record on February 8, 2016.

Contact Information

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

    Madison Pacific Properties Inc.
    Mr. Dino Di Marco
    Investor Information
    (604) 732-6540

    Madison Pacific Properties Inc.
    389 West 6th Avenue
    Vancouver, B.C.
    V5Y 1L1