Madison Pacific Properties Inc. Announces the Results For the Eight Months Ended August 31, 2012
November 22 2012 - 6:22PM
Marketwired
Madison Pacific Properties Inc. (TSX:MPC)(TSX:MPC.C) (the Company)
a Vancouver-based real estate company announces the results of
operations for the eight months ended August 31, 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 eight months ended August 31, 2012 the Company is
reporting 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 is a
pre-tax net gain on fair value adjustment on investment properties
of $12.9 million. The Company did not dispose of any property in
the eight month period.
For the twelve months ended December 31, 2011 the Company
reported net income of $30.2 million; cash flows from operating
activities before, changes in non-cash operating balances, of $5.9
million; and income per share of $0.51. Included in net income was
a pre-tax gain on disposition of investment property of $3.1
million and a pre-tax gain on fair value adjustment on investment
property of $7.4 million.
Excluding properties held for sale the Company owns over $280
million in investment properties comprising 1.5 million rentable
sq. ft. of industrial and commercial space. As at August 31, 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.
Contacts: Madison Pacific Properties Inc. Mr. Marvin Haasen
President & CEO (604) 732-6540 Madison Pacific Properties Inc.
Mr. Bill Ramsey Investor Information (604) 732-6540 (604) 732-6550
(FAX)
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