Madison Pacific Properties Inc. announces the results for the year ended August 31, 2019
VANCOUVER, British Columbia, Nov. 21, 2019 (GLOBE NEWSWIRE) — Madison Pacific Properties Inc. (the Company) (TSX: MPC and MPC.C), a Vancouver-based real estate company announces the results of operations for the year ended August 31, 2019.
The results reported are pursuant to International Financial Reporting Standards (IFRS) for public companies.For the year ended August 31, 2019, the Company is reporting net income of $36.2 million (2018: $44.0 million); cash flows from operating activities before changes in non-cash operating balances of $13.3 million (2018: $13.7 million); and income per share of $0.59 (2018: $0.72). Included in net income is an after-tax net gain from the fair value adjustment on investment properties of $25.4 million (2018: $32.4 million).The Company currently owns approximately $553 million in investment and development properties, including the Company’s proportionate share of properties held through jointly-controlled partnerships. The Company’s investment portfolio comprises 48 properties with approximately 1.82 million rentable sq. ft. of industrial and commercial space. Approximately 98.7% of the available space of the investment properties is currently leased. The Company’s development properties include a 50% interest in the Silverdale Hills LP which owns approximately 1,373 acres of undeveloped residential designated lands in Mission, British Columbia.For a review of the risks and uncertainties to which the Company is subject see the August 31, 2019 annual MD&A.
The results reported are pursuant to International Financial Reporting Standards (IFRS) for public companies.For the year ended August 31, 2019, the Company is reporting net income of $36.2 million (2018: $44.0 million); cash flows from operating activities before changes in non-cash operating balances of $13.3 million (2018: $13.7 million); and income per share of $0.59 (2018: $0.72). Included in net income is an after-tax net gain from the fair value adjustment on investment properties of $25.4 million (2018: $32.4 million).The Company currently owns approximately $553 million in investment and development properties, including the Company’s proportionate share of properties held through jointly-controlled partnerships. The Company’s investment portfolio comprises 48 properties with approximately 1.82 million rentable sq. ft. of industrial and commercial space. Approximately 98.7% of the available space of the investment properties is currently leased. The Company’s development properties include a 50% interest in the Silverdale Hills LP which owns approximately 1,373 acres of undeveloped residential designated lands in Mission, British Columbia.For a review of the risks and uncertainties to which the Company is subject see the August 31, 2019 annual MD&A.