MPC Madison Pacific Properties Inc

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 and nine months ending September 30, 2011.


The results reported incorporate changes required pursuant to International
Financial Reporting Standards (IFRS).


For the nine months ending September 30, 2011 the Company is reporting net
income for the period of $25.7 million (2010: $16.4 million); cash flow from
continuing operations before changes in non-cash operating working capital of
$4.6 million (2010: $4.9 million); and income per share of $0.43 (2010: $0.29).


The increase in net income for the nine months ending September 30, 2011
included a $16.6 million gain on recognition of the Company's deferred tax
assets (2010: nil).


In the nine months ending September 30, 2011 the Company recorded a pre-tax gain
on disposition of investment property of $3.1 million (2010: $1.5 million) and a
pre-tax gain on fair value adjustment on investment property of $3.7 million
(2010: $12.0 million).


The Company owns over $221.0 million in investment properties comprising 1.46
million rentable sq. ft. of industrial and commercial space of which 99% was
leased.


For a review of the risks and uncertainties to which the Company is subject, see
the December 31, 2010 annual MD&A.


The Company is pleased to announce that it has purchased a 91,000 square foot
industrial building and property at 7708 80th Street in Delta, B.C.

Madison Pacific Properties (TSX:MPC)
Historical Stock Chart
From Jun 2024 to Jul 2024

Madison Pacific Properties (TSX:MPC)
Historical Stock Chart
From Jul 2023 to Jul 2024