Madison Pacific Properties Inc. (TSX: MPC and MPC.C) Announces First Quarter Results

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Madison Pacific Properties Inc. (TSX: MPC and MPC.C) Announces First Quarter Results

Madison Pacific Properties Inc. (TSX: MPC and MPC.C) Announces First Quarter Results

^{Published on 2010-05-12 07:41:15 - Market Wire}

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 12, 2010) - Madison Pacific Properties Inc. (TSX:MPC)(TSX:MPC.C) a Vancouver-based real estate company announces the results of operations for the 3 months ended March 31, 2010.

For the first quarter 2010 the Company is reporting net income from continuing operations of $2,205,000 (2009: $2,737,000); cash flow from continuing operations before changes in non-cash working capital of $1,485,000 (2009: $1,082,000); and earnings per share from continuing operations of $0.04 (2009: $0.05).

The decrease in net income is largely due to a non-recurring tax recovery provision in 2009.

The Company owns over $138 million in real estate assets comprising 1,312,154 rentable sq. ft. of industrial and commercial space of which 99.8% is leased.