Madison Pacific Properties Inc. announces the results for the year ended August 31, 2024
November 01 2024 - 6:30PM
Madison Pacific Properties Inc. (the Company) (TSX: MPC and MPC.C),
a Vancouver-based real estate company announces the results of
operations for the year ended August 31, 2024.
The results reported are pursuant to
International Financial Reporting Standards (IFRS) for public
companies.
For the year ended August 31, 2024, the Company
is reporting a net loss of $44.2 million (2023: net income of
$19.0 million); cash flows generated from operating activities
before changes in non-cash operating balances of $11.4 million
(2023: $9.5 million); and loss per share of $0.74 (2023: income per
share of $0.31). 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 expense and awarded
legal costs and provisions against the carrying value of the
Company’s tax deposits and deferred tax assets related to unused
carryforward amounts. Also included in net loss are equity earnings
of associate and joint ventures of $0.4 million (2023: $7.4
million), net loss on the fair value adjustment on investment
properties of approximately $0.2 million (2023: net gain of $5.7
million), losses on fair value adjustment on interest rate swaps of
$4.2 million (2023: $0.1 million) , property revenues of $44.5
million (2023: $40.5 million) and interest expense of $12.7 million
(2023: $10.7 million).
As at August 31, 2024, the Company owns
approximately $708 million in investment properties (August 31,
2023: $695 million).
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 seven multi-family rental
properties with a total of 219 units. Approximately 91.25% of
available space within the industrial and commercial investment
properties is currently leased and within the multi-family
residential properties, 98.2% is currently leased. The Company’s
development properties include a 50% interest in the Silverdale
Hills Limited Partnership which currently owns approximately 1,405
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.
Contact: |
Mr. John Delucchi |
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Ms. Bernice Yip |
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President & CEO |
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Chief Financial Officer |
Telephone: |
(604) 732-6540 |
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(604) 732-6540 |
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Address: |
389 West 6th Avenue |
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Vancouver, B.C. V5Y 1L1 |
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