MI Developments Announces 2012 First Quarter Results

About this update from Granite Real Estate Investment Trust

AURORA, ON, May 9, 2012 /CNW/ - MI Developments Inc. (TSX/NYSE: MIM) ("MID" or the "Company") today announced its results for the three-month period ended March 31, 2012. "Our revenue and operating results for the first quarter were solid and in line with our expectations.  The Company continues to focus on all components of its strategic plan.  We believe that steps taken on several fronts during this first quarter with respect to our people, our properties and our relationship with Magna have strengthened the Company overall," commented Tom Heslip, Chief Executive Officer. MID's consolidated results for the three-month periods ended March 31, 2012 and 2011 are summarized below (all figures are in Canadian ("Cdn.") dollars):       (in thousands, except per share figures)       Three months ended  March 31,                             2012                2011         (previously reportedin US dollars) Revenues(1)       $ 45,660 $ 44,231             Income from continuing operations(1)       $ 18,563 $ 12,689 Income from discontinued operations(1)        —  10,765 Net income       $  18,563 $  23,454               Diluted earnings per share from:             - continuing operations       $ 0.40 $  0.27   -  discontinued operations         —    0.23 Diluted earnings per share       $ 0.40 $ 0.50             Funds from operations ("FFO")(2)       $ 29,406 $ 23,136 Diluted FFO per share (2)       $  0.63 $ 0.49                 __________________________ (1)  Following the close of business on June 30, 2011, the Racing & Gaming Business, substantially all of the Company's lands held for development, a property in the United States and an income producing property in Canada (the "Arrangement Transferred Assets & Business") were transferred to entities owned by Mr. Frank Stron...

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