Business
Madison Pacific Properties Inc. announces the results for the six months ended June 30, 2025, appointment of President and CEO, appointment of director and declares dividend
VANCOUVER, British Columbia, Aug. 13, 2025 (GLOBE NEWSWIRE) -- Madison Pacific Properties Inc. (t...
About this update from Madison Pacific Properties Inc. Class B
[{"type":"text","content":"Madison Pacific Properties Inc. announces the results for the six months ended June 30, 2025, appointment of President and CEO, appointment of director and declares dividend\n\n\n\n VANCOUVER, British Columbia, Aug. 13, 2025 (GLOBE NEWSWIRE) -- Madison Pacific Properties Inc. (the Company) (TSX: MPC and MPC.C), a Vancouver-based real estate company announces the results of operations for the six months ended June 30, 2025.\n \n\n In July 2024, the Company’s Board of Directors approved a change of financial year-end of the Company from August 31 to December 31. This change of year-end is effective for the financial year commencing September 1, 2024. The comparative figures presented for the six months ended June 30, 2025 are the six months ended May 31, 2024.\n \n\n The results reported are pursuant to International Financial Reporting Standards (IFRS) for public companies.\n \n\n For the six months ended June 30, 2025, the Company is reporting a net income of $22.4 million (six months ended May 31, 2024: $13.6 million); cash flows generated from operating activities before changes in non-cash operating balances of $6.0 million (six months ended May 31, 2024: $6.3 million); and income per share of $0.30 (six months ended May 31, 2024: $0.23). Net income includes a net gain on the fair value adjustment on investment properties of approximately $21.9 million (six months ended May 31, 2024: $9.7 million), interest income of $0.5 million (six months ended May 31, 2024: $1.3 million), interest expense of $7.6 million (six months ended May 31, 2024: $6.3 million), and equity losses of associate and joint ventures of $0.8 million (six months ended May 31, 2024: earnings of $0.8 million).\n \n\n As at June 30, 2025, the Company owns approximately $741 million in investment properties (December 31, 2024: $724 million).\n \n\n As at the date of this Press Release, the Company’s investment portfolio comprises 54 properties with approximately 2.0 million rentable sq. ft. of industrial and commercial space and a 50% interest in eight multi-family rental properties with a total of 239 units. Approximately 97.95% of available space within the industrial and commercial investment properties is currently leased and within the multi-family residential properties, 99.16% is currently leased. The Company’s development prope...