Madison Pacific Properties Inc. (TSX:MPC)(TSX:MCP.C) Announces the Results for the Year Ended August 31, 2013

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 27, 2013) - Madison Pacific Properties Inc. (the Company) (TSX:MPC)(TSX:MPC.C), a Vancouver-based real estate company, announces the results of operations for the year ended August 31, 2013.

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

For the year ended August 31, 2013, the Company is reporting net income of $12.0 million; cash flows from operating activities, before changes in non-cash operating balances, of $8.1 million; and income per share of $0.20. Included in net income is a pre-tax net gain on fair value adjustment on investment properties of $6.6 million.

In 2012, the Company changed its year end from December 31 to August 31. For the eight months ended August 31, 2012 the Company reported net income of $15.1 million; cash flows from operating activities, before changes in non-cash operating balances, of $5.1 million; and income per share of $0.26. Included in net income was a pre-tax net gain on fair value adjustment on investment properties of $12.9 million. The Company did not dispose of any properties in the eight month period.

The Company currently owns approximately $370 million in investment properties, comprising 2.2 million rentable sq. ft. of industrial and commercial space, of which, over 99% of the available space, excluding property that is under development, is leased.

For a review of the risks and uncertainties to which the Company is subject, see the August 31, 2013 annual MD&A.