Press release from Marketwire
Madison Pacific Properties Inc. Announces 2011 Results
Thursday, March 22, 2012
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 22, 2012) - Madison Pacific Properties Inc. (the Company) (TSX:MPC)(TSX:MPC.C), a Vancouver-based real estate company, announces the results of operations for the year ended December 31, 2011.
The results reported incorporate changes required pursuant to International Financial Reporting Standards (IFRS).
The Company is reporting net income of $30.2 million for the year (2010: $18.1 million); cash flows from operating activities, before changes in non-cash operating balances, of $5.9 million (2010: $6.4 million); and income per share of $0.51 (2010: $0.32).
The increase in net income for 2011 included a $16.6 million gain on recognition of the Company's deferred income tax assets (2010: nil).
In 2011, the Company recorded a pre-tax gain on disposition of investment property of $3.1 million (2010: $1.5 million) and a pre-tax gain on fair value adjustment on investment property of $7.4 million (2010: $13.7 million).
The Company owns over $277 million in investment properties comprising of 1.63 million rentable sq. ft. of industrial and commercial space, an increase of 224,352 sq.ft. during the year. As at December 31, 2011, 98.8% of the available space, excluding property that was under development, was leased.
For a review of the risks and uncertainties to which the Company is subject see the December 31, 2011 annual MD&A.
FOR FURTHER INFORMATION PLEASE CONTACT:
Mr. Alan Firth Madison Pacific Properties Inc. President & CEO (604) 732-6540
Mr. Bill Ramsey Madison Pacific Properties Inc. Investor Information (604) 732-6540 (604) 732-6550 (FAX)