Madison Pacific Properties Inc. announces the results for the year ended August 31, 2023
November 21 2023 - 7:29PM
Madison Pacific Properties Inc. (the Company) (TSX: MPC and MPC.C),
a Vancouver-based real estate company announces the results of
operations for the year ended August 31, 2023.
The results reported are pursuant to
International Financial Reporting Standards (IFRS) for public
companies.
For the year ended August 31, 2023, the Company
is reporting net income of $19.0 million (2022: $65.4
million); cash flows from operating activities before changes in
non-cash operating balances of $9.5 million (2022: $9.3 million);
and income per share of $0.31 (2022: $1.07). Included in net income
is a net gain on the fair value adjustment on investment properties
of approximately $5.7 million (2022: $44.1 million).
As at August 31, 2023, the Company owns
approximately $695 million in investment properties and
approximately $78 million in development properties, including the
Company’s proportionate share of properties held through
jointly-controlled partnerships. The Company’s investment portfolio
comprises 55 properties with approximately 1.9 million rentable sq.
ft. of industrial and commercial space and a 50% interest in two
multi-family rental properties with a total of 94 units.
Approximately 98.75% of available space within the industrial and
commercial investment properties is currently leased. The Company’s
development properties include a 50% interest in the Silverdale
Hills Limited Partnership which currently owns approximately 1,400
acres of residential designated development lands in Mission,
British Columbia. In June 2020, the partnership commenced
development of 162 townhomes and 65 single family lots on the site,
which consumed approximately 38 acres of land bank. All townhomes
in the four phase townhome development have been completed and
sold, and 64 single family lots have been sold to a single
developer.
The geopolitical events in the world have caused
global economic disruption as well as rising inflation and interest
rates. These are uncertain and challenging times, and management
will be continuing to monitor business developments and market
conditions and any effect they may have on the business.
For a review of the risks and uncertainties to
which the Company is subject, see its most recently filed annual
and interim MD&A.
Contact: |
Mr. John Delucchi |
Ms. Bernice Yip |
|
President & CEO |
Investor Information |
Telephone: |
(604) 732-6540 |
(604) 732-6540 |
|
|
|
Address: |
389 West 6th Avenue |
|
|
Vancouver, B.C. V5Y 1L1 |
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