VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov 22, 2012) - Madison Pacific Properties Inc. (MPC.TO)(TSX:MPC.C) (the Company) a Vancouver-based real estate company announces the results of operations for the eight months ended August 31, 2012. The Company changed its year end from December 31 to August 31 effective in 2012.
The results reported are pursuant to International Financial Reporting Standards (IFRS) for public companies.
For the eight months ended August 31, 2012 the Company is reporting net income of $15.1 million; cash flows from operating activities, before changes in non-cash operating balances, of $5.1 million; and income per share of $0.26. Included in net income is a pre-tax net gain on fair value adjustment on investment properties of $12.9 million. The Company did not dispose of any property in the eight month period.
For the twelve months ended December 31, 2011 the Company reported net income of $30.2 million; cash flows from operating activities before, changes in non-cash operating balances, of $5.9 million; and income per share of $0.51. Included in net income was a pre-tax gain on disposition of investment property of $3.1 million and a pre-tax gain on fair value adjustment on investment property of $7.4 million.
Excluding properties held for sale the Company owns over $280 million in investment properties comprising 1.5 million rentable sq. ft. of industrial and commercial space. As at August 31, 2012 over 99% 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 August 31, 2012 annual MD&A.