Madison Pacific Properties Inc. Announces the Results for the Three Months Ended November 30, 2013
January 13 2014 - 6:30PM
Marketwired Canada
Madison Pacific Properties Inc. (the Company) (TSX:MPC)(TSX:MPC.C), a
Vancouver-based real estate company, announces the results of operations for the
three months ended November 30, 2013.
The results reported are pursuant to International Financial Reporting Standards
(IFRS) for public companies.
For the three months ended November 30, 2013, the Company is reporting net
income of $3.4 million; cash flows from operating activities, before changes in
non-cash operating balances, of $2.5 million; and income per share of $0.06.
Included in net income is a pre-tax net gain from the fair value adjustment on
investment properties of $1.5 million.
In the three month period ended November 30, 2013, the Company made a $13.4
million equity investment for a 61% interest in a portfolio of 12 industrial
properties located in British Columbia, Alberta, Ontario and Quebec. The
investment was made through a newly formed limited partnership with other
investors and was funded from cash and the Company's existing credit facilities.
The newly formed limited partnership acquired the portfolio of properties for
$61.7 million and funded the acquisition through equity raised from the
partners, by assuming existing debt on the properties and obtaining additional
bank financing. The portfolio includes approximately 98 acres of land and
538,600 square feet of building space leased to a single tenant, Taiga Building
Products. The Company also purchased three commercial properties with 23,200 of
rentable sq. ft. located in Vancouver, British Columbia for a total purchase
price of approximately $9.8 million.
Excluding properties held for sale, the Company currently owns approximately
$364 million in investment properties, comprising 2.1 million rentable sq. ft.
of industrial and commercial space, of which, over 99% of the available space is
leased.
For a review of the risks and uncertainties to which the Company is subject see
the August 31, 2013 annual MD&A.
FOR FURTHER INFORMATION PLEASE CONTACT:
Madison Pacific Properties Inc.
Mr. Marvin Haasen
President & CEO
(604) 732-6540
(604) 732-6550 (FAX)
Madison Pacific Properties Inc.
Mr. Dino Di Marco
Investor Information
(604) 732-6540
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