MPC Madison Pacific Properties Inc

Madison Pacific Properties Inc. (TSX:MPC)(TSX:MPC.C), a Vancouver-based real
estate company, announces the results of operations for the six months ended
June 30, 2009.


The Company is reporting net income from continuing operations of $3,339,000 for
the six months ended June 30, 2009 compared to $1,902,000 for the same period in
2008. Cash flow from continuing operations before changes in non-cash working
capital for the six months ended June 30, 2009 is $2,721,000 compared to
$2,725,000 for the same period in 2008. Earnings per share from continuing
operations were $0.06 per share for the six months ended June 30, 2009 compared
to $0.03 per share for the same period in 2008.


The Company sold one property in the first six months and has entered into
agreements to sell other properties in the 2nd half of the year. Accordingly the
Company has reflected the income from the properties sold and to be sold as
income from discontinued operations. The income from discontinued operations,
including the gain on the sale completed, net of taxes and non-controlling
interest, was $2,386,000.


The net income for the six months was $5,725,000 compared to $2,007,000 for the
six months ended June 30, 2008. Earnings per share were $.10 per share compared
to $.04 for the six months ended June 30, 2008.


The Company had previously announced its intentions to apply for rezoning of 5.7
acres of land it owns at Lougheed Highway and Willingdon Ave. in Burnaby,
British Columbia. The Company has decided not to pursue the development of this
property but rather has entered into an agreement to sell the property. The
closing date for the sale is in the Company's 4th quarter of 2009.


The Company is anticipating recording the sale of property, including the
Lougheed and Willingdon property, for approximately $62 million in the second
half of the year. The gain on the sale of the property, before tax, will be
approximately $29 million. As a condition of the sale of property the Company
will provide vendor financing for $27.75 million repayable over the next three
years at $9.25 million per year plus interest.


The Company is pleased to announce a 5.25 cents per share dividend will be
payable September 4, 2008 to shareholders of record August 21, 2008.


This press release contains forward-looking statements regarding the future
success of Madison's business that are subject to risk and uncertainties.
Examples of such forward-looking statements include, but are not limited to,
statements concerning the anticipated closings of property sales. Forward
looking information typically contain statements with words such as "expect",
"believe", "plan", "forecast", "intend" or similar words suggesting

future outcomes. These forward-looking statements involve known and unknown risk
and uncertainties that may cause Madison's actual results, performance or
achievements to be materially different from any future results, performance or
achievements expressed or implied in these forward-looking statements. These
risks include risks related to the closing and financing risk and the risks and
uncertainties described in the Company's 2008 annual report and second quarter
MD&A. Although the forward-looking statements contained herein are based upon
what management believes to be current and reasonable assumptions, Madison
cannot assure readers that the actual results will be consistent with these
forward-looking statements. The forward-looking statements contained herein are
made as of the date of this press release and are expressly qualified in their
entirety by this cautionary statement. Except as required by law, the Company
undertakes no obligation to publicly update or revise any such forward-looking
statements to reflect in its expectations or in events, conditions or
circumstances on which any such forward-looking statements may be based, or that
may affect the likelihood that actual results from those set forth in the
forward-looking statements.

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