Madison Pacific Properties Inc. Announces Nine Months Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 12, 2008) - Madison Pacific Properties Inc. (TSX:MPC)(TSX:MPC.C) a Vancouver-based real estate company announces the results of operations for the nine months ended September 30, 2008.

The Company is reporting net income from continuing operations of $3,007,000 for the nine months ended September 30, 2008 compared to $4,196,000 for the same period in 2007. Cash flow from operations before changes in non-cash working capital for the nine months ended September 30, 2008 is $4,954,000 compared to $5,416,000 for the same period in 2007. Earnings per share were $0.05 per share for the nine months ended September 30, 2008 compared to $0.08 per share for the same period in 2007.

For the three months ended September 30, 2008 net income from continuing operations was $1,000,000 compared to $1,166,000 for the same period in 2007. Cash flow from operations before changes in non-cash working capital for the three months ended September 30, 2008 is $1,643,000 compared to $2,078,000 for the same period in 2007. Earnings per share were $.01 per share for the three months ended September 30, 2008 compared to $.02 per share for the same period in 2007.

The Company owns real estate assets comprising 1,542,440 rentable sq. ft. of commercial and industrial space of which 97.4% is leased.