Madison Pacific Properties Inc.

November 15, 2011 13:18 ET

Madison Pacific Properties Inc. Announces Third Quarter Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 15, 2011) - 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 and nine months ending September 30, 2011.

The results reported incorporate changes required pursuant to International Financial Reporting Standards (IFRS).

For the nine months ending September 30, 2011 the Company is reporting net income for the period of $25.7 million (2010: $16.4 million); cash flow from continuing operations before changes in non-cash operating working capital of $4.6 million (2010: $4.9 million); and income per share of $0.43 (2010: $0.29).

The increase in net income for the nine months ending September 30, 2011 included a $16.6 million gain on recognition of the Company's deferred tax assets (2010: nil).

In the nine months ending September 30, 2011 the Company recorded a pre-tax gain on disposition of investment property of $3.1 million (2010: $1.5 million) and a pre-tax gain on fair value adjustment on investment property of $3.7 million (2010: $12.0 million).

The Company owns over $221.0 million in investment properties comprising 1.46 million rentable sq. ft. of industrial and commercial space of which 99% was leased.

For a review of the risks and uncertainties to which the Company is subject, see the December 31, 2010 annual MD&A.

The Company is pleased to announce that it has purchased a 91,000 square foot industrial building and property at 7708 80th Street in Delta, B.C.

Contact Information

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

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