Madison Pacific Properties Inc. pronounces the outcomes for the six months ended February 28, 2022

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VANCOUVER, British Columbia, April 12, 2022 (GLOBE NEWSWIRE) — Madison Pacific Properties Inc. (the Firm) (TSX: MPC and MPC.C), a Vancouver-based actual property firm pronounces the outcomes of operations for the six months ended February 28, 2022.

The outcomes reported are pursuant to Worldwide Monetary Reporting Requirements (IFRS) for public firms.

For the six months ended February 28, 2022, the Firm is reporting web revenue of $20.3 million (2021: $22.3 million); money flows from working actions earlier than adjustments in non-cash working balances of $4.3 million (2021: $4.9 million); and revenue per share of $0.33 (2021: $0.34). Included in web revenue is an after-tax web acquire from the honest worth adjustment on funding properties of $8.5 million (2021: $14.9 million).

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The Firm at the moment owns roughly $713 million in funding and improvement properties, together with the Firm’s proportionate share of properties held by way of jointly-controlled partnerships. The Firm’s funding portfolio contains 54 properties with roughly 1.9 million rentable sq. ft. of business and industrial house and a 50% curiosity in a 54 unit multi-family rental property. Roughly 99.5% of accessible house throughout the industrial and industrial funding properties is at the moment leased. The Firm’s improvement properties embody a 50% curiosity within the Silverdale Hills Restricted Partnership which owns roughly 1,407 acres of residential designated improvement lands in Mission, British Columbia. In June 2020, the partnership commenced improvement of 162 townhomes and 65 single household heaps on the positioning, which consumed roughly 38 acres of land stock. Gross sales and presales on the 4 part townhome improvement and gross sales on the one household heaps has commenced.

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The COVID-19 pandemic has continued to trigger financial disruption. The Firm is at the moment nicely positioned, with a diversified revenue portfolio of business, workplace, retail, multi-family rental and residential belongings. Roughly 82% of the Firm’s industrial funding properties are positioned in British Columbia the place a lot of the provincial authorities restrictions have been lifted. These are unsure and difficult instances and administration will likely be persevering with to observe enterprise developments and market circumstances and any impact they could have on the enterprise.

For a evaluation of the dangers and uncertainties to which the Firm is topic see its most lately filed annual and interim MD&A.