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Press release from Marketwire

Madison Pacific Properties Inc. Announces Second Quarter Results

Wednesday, August 10, 2011

Madison Pacific Properties Inc. Announces Second Quarter Results13:36 EDT Wednesday, August 10, 2011VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 10, 2011) - 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 and six months ending June 30, 2011.The results reported incorporate changes required pursuant to International Financial Reporting Standards (IFRS).For the six months ending June 30, 2011 the Company is reporting net income for the period of $6.6 million (2010: $10.3 million); cash flow from continuing operations before changes in non-cash operating working capital of $2.3 million (2010: $3.2 million); and income per share of $0.07 (2010: $0.12). The Company sold two investment properties in the second quarter of 2011 resulting in a gain on disposition of investment properties before tax of $3.1 million. The decrease in net income for the six months ending June 30, 2011 is largely attributable the decrease in the net gain on fair value adjustment on investment properties of $1.8 million (2010: $7.5 million) offset by the gain on disposition of investment property of $3.1 million (2010: $1.5 million). As at June 30, 2011 the Company owned over $217.3 million in investment properties comprising 1.36 million rentable sq. ft. of industrial and commercial space of which 99% was leased. For a review of the risks and uncertainties to which the Company is subject, see the December 31, 2010 annual MD&A.The Company is pleased to announce $0.0525 cents per share dividend will be payable September 1, 2011 to shareholders of record August 17, 2011.FOR FURTHER INFORMATION PLEASE CONTACT: Mr. Alan FirthMadison Pacific Properties Inc.President & CEO(604) 732-6540ORMr. Bill RamseyMadison Pacific Properties Inc.Investor Information(604) 732-6540(604) 732-6550 (FAX)