Madison Pacific Properties Reports Q1 Results and Special Dividend
Madison Pacific Properties Inc. Reports Q1 Results
Vancouver-based Madison Pacific Properties Inc. (TSX: MPC and MPC.C) has recently shared its operational results for the first quarter. The company reported a net income of $6.2 million for the period ending March 31, reflecting a notable change from the previous year’s figures. These results reveal a net income decrease compared to last year, which reported $14.4 million for the same duration.
Change in Financial Reporting Year-End
In an effort to streamline operations and align with industry standards, the Company’s Board of Directors has approved a change in its financial year-end from August 31 to December 31. This adjustment will be in effect starting from the coming financial year which begins September 1. Consequently, the results presented this quarter reflect a shift, with three months of comparative figures now ending on February 29, 2024, instead.
Financial Highlights for Q1
During the three months ending March 31, the company reported cash flows from operating activities of $3.3 million, up from $2.7 million the previous year. The income per share also saw a downturn, now at $0.10, compared to $0.24 from the last year’s same period. A significant component of the net income comes from fair value adjustments on investment properties, which accounted for about $5.2 million, down from $12.3 million previously. Furthermore, Madison Pacific recorded interest expenses of $3.7 million this quarter, above last year’s $3.2 million.
Investment Properties and Portfolio Insights
As of the end of March, Madison Pacific Properties boasts an impressive portfolio of approximately $731 million in investment properties, a slight increase from $724 million at the end of December. The portfolio comprises 55 properties, providing around 1.9 million rentable square feet of space for industrial and commercial use. Moreover, the company holds a 50% interest in seven multi-family rental properties, totaling 219 residential units. Impressively, 94.49% of their industrial and commercial properties are currently leased, alongside a leasing rate of 97.26% within the multi-family residential sector.
Dividend Announcement
Highlighting its commitment to shareholder value, Madison Pacific Properties has announced a special cash dividend of $0.34 per Class B voting common share and Class C non-voting share. This dividend is scheduled for payment on June 4, with shareholders of record on May 27 set to benefit. This special dividend allows the company to maintain agility in pursuing further real estate opportunities while providing capital returns to its shareholders. Notably, this payment is classified as an eligible dividend for Canadian tax purposes.
Contact Information
If you have any inquiries about these recent developments, you can reach out to:
Mr. John Delucchi
President & CEO
(604) 732-6540
Ms. Bernice Yip
Chief Financial Officer
(604) 732-6540
Office Address:
389 West 6th Avenue
Vancouver, B.C. V5Y 1L1
Frequently Asked Questions
What were the key financial results for Madison Pacific in Q1?
For the first quarter, the company reported a net income of $6.2 million and an income per share of $0.10.
What change was made regarding the financial year-end?
The financial year-end was changed from August 31 to December 31, effective starting with the upcoming financial year.
What is the amount of the special dividend declared?
A special cash dividend of $0.34 per Class B voting common share and Class C non-voting share was declared.
How much of the property portfolio is currently leased?
Approximately 94.49% of the industrial and commercial properties and 97.26% of the residential properties are currently leased.
Who can I contact for more information?
For inquiries, you can contact Mr. John Delucchi at (604) 732-6540 or Ms. Bernice Yip at the same number.
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