Madison Pacific Properties Inc. (TSX:MPC)(TSX:MPC.C), a Vancouver-based real
estate company, announces the results of operations for the 3 months ended March
31, 2009.


For the first quarter 2009 the Company is reporting net income from continuing
operations of $2,810,000 (2008: $1,201,000); cash flow from continuing
operations before changes in non-cash working capital of $1,361,000 (2008:
$1,603,000); and earnings per share from continuing operations of $0.05 (2008:
$0.02).


The increase in net income from continuing operations was principally due to a
tax recovery the Company recorded in the first quarter of 2009.


The Company sold one of its properties in April 2009 for $5.3 million. In the
second quarter the Company will record a profit from the sale, before tax, of
$1,424,000.


The Company owns over $157 million in real estate assets comprising 1,544,206
rentable sq. ft. of industrial and commercial space of which 97.4% is leased.
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