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Press release from Marketwire

Madison Pacific Properties Inc. Announces First Quarter Results

Thursday, May 10, 2012

Madison Pacific Properties Inc. Announces First Quarter Results18:39 EDT Thursday, May 10, 2012VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 10, 2012) - Madison Pacific Properties Inc. (TSX:MPC)(TSX:MPC.C) (the Company), a Vancouver-based real estate company, announces the results of operations for the three months ended March 31, 2012.The Company is reporting net income attributable to shareholders of the Company of $5.7 million for the period (2011: $2.7 million); cash flows from operating activities, before changes in non-cash operating balances, of $1.8 million (2011: $1.4 million); and income per share of $0.10 (2011: $0.05).The net income for 2012 includes a pre-tax gain on fair value adjustment on investment property of $5.0 million (2011: $1.7 million).The Company owns over $285 million in investment properties comprising of 1.63 million rentable sq. ft. of industrial and commercial space. As at March 31, 2012 over 99% 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 FirthMadison Pacific Properties Inc.President & CEO(604) 732-6540(604) 732-6550 (FAX)ORMr. Bill RamseyMadison Pacific Properties Inc.Investor Information(604) 732-6540