VANCOUVER, British Columbia, Nov. 26, 2018 (GLOBE NEWSWIRE) — Madison Pacific Properties Inc. (the Company), a Vancouver-based real estate company announces the results of operations for the year ended August 31, 2018.
The results reported are pursuant to International Financial Reporting Standards (IFRS) for public companies.
For the year ended August 31, 2018, the Company is reporting net income of $44.0 million (2017: $55.1 million); cash flows from operating activities before changes in non-cash operating balances of $13.7 million (2017: $13.3 million); and income per share of $0.72 (2017: $0.91). Included in net income is an after-tax net gain from the fair value adjustment on investment properties of $32.4 million (2017: $35.1 million).
The Company currently owns approximately $512 million in investment and development properties, including the Company’s proportionate share of properties held through jointly-controlled partnerships, comprising 49 properties with approximately 1.74 million rentable sq. ft. of industrial and commercial space. Approximately 98.7% of the available space, excluding properties under development, is currently leased.
For a review of the risks and uncertainties to which the Company is subject see the August 31, 2018 annual MD&A.
| Contact: | Mr. Marvin Haasen | Mr. Dino Di Marco |
| President & CEO | Investor Information | |
| Telephone: | (604) 732-6540 | (604) 732-6540 |
| Fax: | (604) 732-6550 | |
| Address: | 389 West 6th Avenue | |
| Vancouver, B.C. | ||
| V5Y 1L1 |