Madison Pacific Properties Inc T.MPC

Politics

[undervalue]

I have long thought the greatest investment risk is politics.
In the municipal elections,  Mission re elected the incumbents. 
This is a big positive,  the Mayor and council have been very supportive of the Silverdale development.
Vancouver also appears to have shifted to a business focused Mayor and Council.
This creates a stable background for the next 4 years.

[Malpeque2]

Undervalue:     I think you are wrong.   I get it.   You know all the numbers.    You got the $305 per square foot for the land sale price.    That's pretty high.   IF land is 30% of the cost,   you need to put up something that is about $1,000 per square  foot builable and saleable square feet.     

[undervalue]

I am in Vancouver this week. I did a walk around the Mount Pleasant area as well as Yaletown and Rupert Square.  Will probably have a drive into Mission tomorrow.  My impression is that Mount Pleasant will be another home run series. This is an amazing neighborhood and employment area. They have a block on West 6th. Across the road is a 7 or 8 story modern building, new home of Best Buy

[undervalue]

Well the numbers are out, we got screwed to the tune of $15 million of profit on JV'S.  Over $12 million in Silverdale.  About a quarter of their income from these terrible arrangements they got us into. This will be heading to at least half their income when Silverdale gets going. Book now is just under $8 per share. PE is under 6. As leases roll over at Vancouver market rates