VANCOUVER, BRITISH COLUMBIA–(Marketwired – July 12, 2016) – Madison Pacific Properties Inc. (the Company) (TSX:MPC)(TSX:MPC.C), a Vancouver-based real estate company, announces the results of operations for the nine months ended May 31, 2016.
The results reported are pursuant to International Financial Reporting Standards (IFRS) for public companies.
For the nine months ended May 31, 2016, the Company is reporting net income of $30.4 million (2015: $19.2 million); cash flows from operating activities before changes in non-cash operating balances of $9.8 million (2015: $9.6 million); and income per share of $0.48 (2015: $0.30). Included in net income is an after-tax net gain from the fair value adjustment on investment properties of $21.9 million (2015: $12.0 million).
Excluding properties held for sale, the Company currently owns approximately $386 million in investment properties, comprising 43 properties with approximately 1.8 million rentable sq. ft. of industrial and commercial space. Over 99% of the available space, excluding properties under development is currently leased.
For a review of the risks and uncertainties to which the Company is subject see the August 31, 2015 annual MD&A.
The Company is pleased to announce that a $.0525 per share dividend on each of the Class B voting common shares and Class C non-voting shares will be payable September 7, 2016 to shareholders of record on August 19, 2016.
Mr. Marvin Haasen
President & CEO
(604) 732-6550 (FAX)
Madison Pacific Properties Inc.
Mr. Dino Di Marco