Madison Pacific Properties Inc. announces the results for the year ended August 31, 2020
November 24 2020 - 9:00PM
Madison Pacific Properties Inc. (the Company) (TSX: MPC and MPC.C),
a Vancouver-based real estate company announces the results of
operations for the year ended August 31, 2020.
The results reported are pursuant to
International Financial Reporting Standards (IFRS) for public
companies.
For the year ended August 31, 2020, the Company
is reporting net income of $30.1 million (2019: $36.2 million);
cash flows from operating activities before changes in non-cash
operating balances of $13.1 million (2019: $13.3 million); and
income per share of $0.51 (2019: $0.59). Included in net income is
an after-tax net gain from the fair value adjustment on investment
properties of $21.6 million (2019: $25.4 million).
The Company currently owns approximately $600
million in investment and development properties, including the
Company’s proportionate share of properties held through
jointly-controlled partnerships. The Company’s investment portfolio
comprises 52 properties with approximately 1.83 million rentable
sq. ft. of industrial and commercial space and a 54 unit
multi-family rental property. Approximately 98.8% of available
space within the industrial and commercial investment properties is
currently leased. The Company’s development properties include a
50% interest in the Silverdale Hills Limited Partnership which owns
approximately 1,380 acres of undeveloped residential designated
lands in Mission, British Columbia. Approximately 38 acres of these
residential lands in Mission are currently under development as
townhomes and single family lots for sale.
The COVID-19 pandemic has continued to cause
economic disruption. At this stage, it is too early to predict the
duration and extent of the pandemic and whether it will have any
long-term impact on the Company’s business. The Company is
currently well positioned, with a diversified income portfolio of
industrial, office, retail and multi-family rental assets.
Approximately 81% of the Company’s commercial investment properties
are located in British Columbia where the provincial government has
various social gathering and business restrictions in place. The
Company has provided some short-term rent deferrals and rent
relief, including rent relief through government assistance
programs, for certain tenants that have been significantly affected
by the COVID-19 pandemic. As at August 31, 2020, the rent deferrals
amounted to $536 thousand and rent relief amounted to $320
thousand. Effective October 1, 2020, the Company reinstated full
compensation for employees and directors that had been temporarily
reduced. These are uncertain and challenging times and management
will be continuing to monitor business developments and market
conditions and any effect they may have on the business.
For a review of the risks and uncertainties to
which the Company is subject, see the August 31, 2020 annual
MD&A.
Contact: |
Mr. Marvin Haasen |
|
Mr. Dino Di Marco |
|
|
President & CEO |
|
Investor Information |
|
Telephone: |
(604) 732-6540 |
|
(604) 732-6540 |
|
Fax: |
(604) 732-6550 |
|
|
|
|
|
|
|
|
Address: |
389 West 6th Avenue |
|
|
|
|
Vancouver, B.C. |
|
|
|
|
V5Y 1L1 |
|
|
|
Madison Pacific Properties (TSX:MPC)
Historical Stock Chart
From Aug 2024 to Sep 2024
Madison Pacific Properties (TSX:MPC)
Historical Stock Chart
From Sep 2023 to Sep 2024