VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 9, 2012) - The following corrects and replaces the release sent on August 9th, 2012 at 2:46pm ET. The per share dividend amount was incorrectly stated. The correct per share dividend is $0.0525.
Madison Pacific Properties Inc. (TSX:MPC)(TSX:MPC.C)
(the Company) a Vancouver-based real estate company announces the results of operations for the three and six months ending June 30, 2012.
For the six months ending June 30, 2012 the Company is reporting net income for the period of $9.4 million (2011: $6.6 million); cash flow from continuing operations before changes in non-cash operating working capital of $3.9 million (2011: $2.3 million); and income per share of $0.16 (2011: $0.06).
There were no sales of investment properties in 2012. The Company sold two investment properties in 2011 resulting in a gain on disposition of investment properties before tax of $3.1 million.
The increase in net income for the six months ending June 30, 2012 is largely attributable to the increase in the net gain on fair value adjustment on investment properties of $7.4 million (2011: $2.4 million) offset by the gain on disposition of investment property in 2011 of $3.1 million.
As at June 30, 2012 the Company owned over $290.3 million in investment properties comprising 1.6 million rentable sq. ft. of industrial and commercial space of which 99% was leased.
For a review of the risks and uncertainties to which the Company is subject, see the December 31, 2011 annual MD&A.
The Company is pleased to announce $0.0525 per share dividend will be payable September 5, 2012 to shareholders of record August 21, 2012. [Note: an earlier version of this release incorrectly stated that the per share dividend was $0.525.]