|By Marketwired .||
|July 10, 2014 07:45 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/10/14 -- Madison Pacific Properties Inc. (TSX: MPC)(TSX: MPC.C) (the Company), a Vancouver-based real estate company announces the results of operations for the nine months ended May 31, 2014.
The results reported are pursuant to International Financial Reporting Standards (IFRS) for public companies.
For the nine months ended May 31, 2014, the Company is reporting net income of $12.3 million (2013: $7.0 million); cash flows from operating activities, before changes in non-cash operating balances, of $8.3 million (2013: $5.9 million); and income per share of $0.20 (2013: $0.12). Included in net income is a pre-tax net gain from the fair value adjustment on investment properties of $6.8 million (2013: $2.2 million).
The Company currently owns approximately $366 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.
The Company is pleased to announce that a $.0525 per share dividend on each of the Class B voting common shares and Class C non-voting shares will be payable September 4, 2014 to shareholders of record on August 21, 2014.
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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