Madison Pacific Properties Inc. (the Company) (TSX:MPC)(TSX:MPC.C), a
Vancouver-based real estate company, announces the results of operations for the
year ended December 31, 2011.


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


The Company is reporting net income of $30.2 million for the year (2010: $18.1
million); cash flows from operating activities, before changes in non-cash
operating balances, of $5.9 million (2010: $6.4 million); and income per share
of $0.51 (2010: $0.32). 


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


In 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 $7.4 million (2010: $13.7 million). 


The Company owns over $277 million in investment properties comprising of 1.63
million rentable sq. ft. of industrial and commercial space, an increase of
224,352 sq.ft. during the year. As at December 31, 2011, 98.8% of the available
space, excluding property that was under development, was leased. 


For a review of the risks and uncertainties to which the Company is subject see
the December 31, 2011 annual MD&A.
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