Real Estate — January 10, 2013Madison Pacific Properties Inc. Announces the Results for the Eight Months Ended August 31, 2012
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 10, 2013) - Madison Pacific Properties Inc. (TSX:MPC)(TSX:MPC.C) (the Company), a Vancouver-based real estate company, announces the results of operations for the three months ended November 30, 2012. The Company changed its year end from December 31 to August 31 effective in 2012.
The results reported are pursuant to International Financial Reporting Standards (IFRS) for public companies.
For the three months ended November 30, 2012 the Company is reporting net income of $1.8 million; cash flows from operating activities, before changes in non-cash operating balances, of $2 million; and income per share of $0.03. Included in net income is a pre-tax net gain on fair value adjustment on investment properties of $.3 million.
The Company disposed of one property in the three month period for $11.7 million.
Excluding properties held for sale the Company owns over $270 million in investment properties comprising 1.2 million rentable sq. ft. of industrial and commercial space. As at November 30, 2012 over 99% of the available space, excluding property that was under development, was leased.
For a review of the risks and uncertainties to which the Company is subject see the August 31, 2012 annual MD&A.
The Company is pleased to announce $0.0525 per share dividend will be payable February 26, 2013 to shareholders of record February 8, 2013.
Madison Pacific Properties Inc.
Mr. Marvin Haasen
President & CEO
Madison Pacific Properties Inc.
Mr. Bill Ramsey
(604) 732-6550 (FAX)
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