Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.


Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?


Please Try Again {{ error }}

Send my password

An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.

Madison Pacific Properties Inc. announces the results for the nine months ended May 31, 2022 and declares dividend


VANCOUVER, British Columbia, July 14, 2022 (GLOBE NEWSWIRE) -- Madison Pacific Properties Inc. (the Company) (TSX: MPC and MPC.C), a Vancouver-based real estate company, announces the results of operations for the nine months ended May 31, 2022.

The results reported are pursuant to International Financial Reporting Standards (IFRS) for public companies.

For the nine months ended May 31, 2022, the Company is reporting net income of $37.3 million (2021: $37.0 million); cash flows from operating activities before changes in non-cash operating balances of $7.4 million (2021: $7.6 million); and income per share of $0.60 (2021: $0.58). Included in net income is an after-tax net gain from the fair value adjustment on investment properties of $17.1 million (2021: $26.8 million).

The Company currently owns approximately $718 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 54 properties with approximately 1.9 million rentable sq. ft. of industrial and commercial space and a 50% interest in a 54 unit multi-family rental property. Approximately 99.0% 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 1,400 acres of residential designated development lands in Mission, British Columbia. In June 2020, the partnership commenced development of 162 townhomes and 65 single family lots on the site, which consumed approximately 38 acres of land inventory. Approximately 60% of the four phase townhome development has been completed and sold and of the remaining townhome units, 100% have been presold. In respect of the single family lot development, 61 units have been committed for sale to a single developer of which 18 lots have been sold.

The COVID-19 pandemic and the geopolitical events in the world has continued to cause global economic disruption. 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 its most recently filed annual and interim 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 6, 2022 to shareholders of record on August 15, 2022. The dividend is considered an “eligible dividend” for tax purposes.

Contact: Mr. Marvin Haasen Ms. Bernice Yip
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