Madison Pacific Properties Inc.
TSX : MPC

November 09, 2006 18:52 ET

Madison Pacific Properties Inc. Announces Third Quarter Results

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 9, 2006) - Madison Pacific Properties Inc. (TSX:MPC), a Vancouver-based real estate company, announces the results of operations for the 3 months ended September 30, 2006.

Madison Pacific is reporting net income of $6,127,000 for the third quarter 2006 compared to $899,000 for the third quarter 2005. The increase is primarily due to the sale of a South Vancouver industrial property in September 2006. Cash flow from continuing operations before changes in non-cash working capital for the third quarter 2006 is $1,744,000 compared to $1,812,000 for the third quarter 2005. Earnings per share were $0.12 per share for the third quarter 2006 compared to $0.02 per share for the third quarter 2005.

Madison Pacific owns over $151 million in real estate assets comprising 1,396,000 rentable sq. ft. of commercial and industrial space, over 99% of which is occupied or under lease commitment.

Contact Information

  • Madison Pacific Properties Inc.
    Mr. Alan Firth
    President
    (604) 732-6540
    or
    Madison Pacific Properties Inc.
    Mr. Thor Olsen
    Chief Financial Officer
    (604) 732-6540
    (604) 732-6550 (FAX)