Madison Pacific Properties Inc.

May 12, 2009 17:29 ET

Madison Pacific Properties Inc. (TSX: MPC and MPC.C) Announces First Quarter Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 12, 2009) - Madison Pacific Properties Inc. (TSX:MPC)(TSX:MPC.C), a Vancouver-based real estate company, announces the results of operations for the 3 months ended March 31, 2009.

For the first quarter 2009 the Company is reporting net income from continuing operations of $2,810,000 (2008: $1,201,000); cash flow from continuing operations before changes in non-cash working capital of $1,361,000 (2008: $1,603,000); and earnings per share from continuing operations of $0.05 (2008: $0.02).

The increase in net income from continuing operations was principally due to a tax recovery the Company recorded in the first quarter of 2009.

The Company sold one of its properties in April 2009 for $5.3 million. In the second quarter the Company will record a profit from the sale, before tax, of $1,424,000.

The Company owns over $157 million in real estate assets comprising 1,544,206 rentable sq. ft. of industrial and commercial space of which 97.4% is leased.

Contact Information

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