VANCOUVER, British Columbia, July 12, 2018 (GLOBE NEWSWIRE) -- Madison Pacific Properties Inc. (the Company), a Vancouver-based real estate company announces the results of operations for the nine months ended May 31, 2018.
The results reported are pursuant to International Financial Reporting Standards (IFRS) for public companies.
For the nine months ended May 31, 2018, the Company is reporting net income of $33.1 million (2017: $38.3 million); cash flows from operating activities before changes in non-cash operating balances of $10.1 million (2017: $9.8 million); and income per share of $0.54 (2017: $0.64). Included in net income is an after-tax net gain from the fair value adjustment on investment properties of $24.1 million (2017: $22.3 million).
The Company currently owns approximately $500 million in investment properties, comprised of 49 properties with approximately 1.7 million rentable sq. ft. of industrial and commercial space, and residential development land. Approximately 99% of the available space, excluding properties under development is currently leased.
For a review of the risks and uncertainties to which the Company is subject see the August 31, 2017 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 6, 2018 to shareholders of record on August 17, 2018. The dividend is considered an “eligible dividend” for tax purposes.
| Contact: | Mr. Marvin Haasen | Mr. Dino Di Marco | ||
| President & CEO | Investor Information | |||
| Telephone: | (604) 732-6540 | (604) 732-6540 | ||
| Fax: | (604) 732-6550 | |||
| Address: | 389 West 6th Avenue | |||
| Vancouver, B.C. | ||||
| V5Y 1L1 |
