Madison Pacific Properties Inc. announces the results for the nine months ended May 31, 2024 and declares dividend
July 12 2024 - 7:30PM
Madison Pacific Properties Inc. (the Company) (TSX: MPC and MPC.C),
a Vancouver-based real estate company announces the results of
operations for the nine months ended May 31, 2024.
The results reported are pursuant to
International Financial Reporting Standards (IFRS) for public
companies.
For the nine months ended May 31, 2024, the
Company is reporting a net loss of $44.2 million (2023: net
income of $26.2 million); cash flows generated from operating
activities before changes in non-cash operating balances of $7.9
million (2023: $8.2 million); and loss per share of $0.74 (2023:
income per share of $0.43). Included in net loss is a provision of
$51.5 million (2023: $nil) for uncertain tax positions recognizing
a tax liability for unpaid taxes, estimated interest and awarded
legal costs and provisions against the carrying value of the
Company’s tax deposits and deferred tax assets related to unused
carry forward amounts. Also included in net loss is a net gain on
the fair value adjustment on investment properties of approximately
$1.6 million (2023: $13.4 million).
As at May 31, 2024, the Company owns
approximately $706 million in investment properties.
As at the date of this Press Release, 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 five multi-family rental
properties with a total of 165 units. Approximately 95.11% 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
primarily residential designated development lands in Mission,
British Columbia.
For a review of the risks and uncertainties to
which the Company is subject, see its most recently filed annual
and interim MD&A.
The Company is pleased to announce that a $.0525
per share dividend on each of the Class B voting common shares and
Class C non-voting shares will be payable September 4, 2024 to
shareholders of record on August 14, 2024. The dividend is
considered an “eligible dividend” for tax purposes. The Company
also announces that it will change its fiscal year end from August
31 to December 31 effective for the financial year commencing
September 1, 2024.
Contact: |
Mr. John DelucchiPresident & CEO |
Ms. Bernice YipChief Financial Officer |
Telephone: |
(604) 732-6540 |
(604) 732-6540 |
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Address: |
389 West 6th AvenueVancouver, B.C. V5Y 1L1 |
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