VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 10, 2012) - 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 months ended March 31, 2012.

The Company is reporting net income attributable to shareholders of the Company of $5.7 million for the period (2011: $2.7 million); cash flows from operating activities, before changes in non-cash operating balances, of $1.8 million (2011: $1.4 million); and income per share of $0.10 (2011: $0.05).

The net income for 2012 includes a pre-tax gain on fair value adjustment on investment property of $5.0 million (2011: $1.7 million).

The Company owns over $285 million in investment properties comprising of 1.63 million rentable sq. ft. of industrial and commercial space. As at March 31, 2012 over 99% of the available space, excluding property that was under development was leased.

For a review of the risks and uncertainties to which the Company is subject see the December 31, 2011 annual MD&A.

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