VANCOUVER, BC, Nov. 22, 2022 (GLOBE NEWSWIRE) — Madison Pacific Properties Inc. (company) MPCa Vancouver-based real estate company, announces results of operations for the year ending August 31, 2022.
Reported results are in accordance with International Financial Reporting Standards (IFRS) for public companies.
For the year ended August 31, 2022, the Company reported net income of $65.4 million (2021: $53.6 million); cash flows from operating activities before changes in non-cash operating balances of $9.3 million (2021: $10.4 million); The share income was $1.07 (2021: $0.86). Net income includes net after-tax gains from fair value adjustment on investment properties of $36.4 million (2021: $39.1 million).
The Company currently owns approximately $765 million in investment and development real estate, including the Company’s proportionate share of properties owned through jointly controlled partnerships. The company’s investment portfolio consists of 55 properties with approximately 1.9 million leasable square feet of industrial and commercial space and 50% of the 54-unit multi-family rental properties. About 98.6% of the space available within industrial and commercial investment properties is currently leased. The company’s developed real estate includes a 50% interest in Silverdale Hills Limited Partnership which owns approximately 1,402 acres of residential land set aside for development in Mission, British Columbia. In June 2020, the partnership began development of 162 townhouses and 65 single-family plots on the site, which has taken up approximately 38 acres of land stock. About 82% of the four-phase home development has been completed and sold, and 100% of the remaining residential units are sold. In connection with the single-family plot development, 61 units have been allocated for sale to a single developer of which 34 plots have been sold.
The COVID-19 pandemic and geopolitical events in the world continue to cause global economic turmoil as well as soaring inflation and interest rates. These are uncertain and challenging times and management will continue to monitor business developments, market conditions and any impact they may have on the business.
To review the risks and uncertainties to which the company is subject, see the most recent annual and interim MD&A reports.
|Contact:||Mr. Marvin Hasen||Mrs. Bernice Yp|
|President and CEO||Investor information|
|phone:||(604) 732-6540||(604) 732-6540|
|Tabuk:||389 West 6The tenth way|
|Vancouver, BC V5Y 1L1|