|By Marketwired .||
|January 13, 2014 07:30 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/14/14 -- 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 months ended November 30, 2013.
The results reported are pursuant to International Financial Reporting Standards (IFRS) for public companies.
For the three months ended November 30, 2013, the Company is reporting net income of $3.4 million; cash flows from operating activities, before changes in non-cash operating balances, of $2.5 million; and income per share of $0.06. Included in net income is a pre-tax net gain from the fair value adjustment on investment properties of $1.5 million.
In the three month period ended November 30, 2013, the Company made a $13.4 million equity investment for a 61% interest in a portfolio of 12 industrial properties located in British Columbia, Alberta, Ontario and Quebec. The investment was made through a newly formed limited partnership with other investors and was funded from cash and the Company's existing credit facilities. The newly formed limited partnership acquired the portfolio of properties for $61.7 million and funded the acquisition through equity raised from the partners, by assuming existing debt on the properties and obtaining additional bank financing. The portfolio includes approximately 98 acres of land and 538,600 square feet of building space leased to a single tenant, Taiga Building Products. The Company also purchased three commercial properties with 23,200 of rentable sq. ft. located in Vancouver, British Columbia for a total purchase price of approximately $9.8 million.
Excluding properties held for sale, the Company currently owns approximately $364 million in investment properties, comprising 2.1 million rentable sq. ft. of industrial and commercial space, of which, over 99% of the available space is leased.
For a review of the risks and uncertainties to which the Company is subject see the August 31, 2013 annual MD&A.
Madison Pacific Properties Inc.
Mr. Marvin Haasen
President & CEO
(604) 732-6550 (FAX)
Madison Pacific Properties Inc.
Mr. Dino Di Marco
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