Vancouver, British Columbia (GLOBE NEWSWIRE), April 13, 2021 — Vancouver-based real estate company Madison Pacific Properties Inc. (TSX: MPC and MPC.C) has closed for six months. Announced business results. February 28, 2021.
The reported results comply with International Financial Reporting Standards (IFRS) for public companies.
For the six months ended February 28, 2021, we reported net income of $ 22.3 million (2020: $ 14.7 million). Non-cash operating balance is $ 4.9 million (2020: $ 7 million) Cash flow from operating activities before the change. Earnings per share is $ 0.34 (2020: $ 0.25). Net income includes net income after tax of $ 14.9 million (2020: $ 9.9 million) due to fair value adjustment of investment property.
We currently own approximately $ 628 million in investment and development real estate, including our proportional share of real estate held through jointly controlled partnerships. Our investment portfolio consists of 52 properties with a leasable area of approximately 1.83 million square feet and a 50% stake in 54 apartment rental properties. Currently, approximately 98.9% of the available space within industrial and commercial investment properties is leased. Our developed real estate includes a 50% stake in the Silverdale Hills Limited Partnership, which owns approximately 1,389 acres of undeveloped residential land on a British Columbia mission. Approximately 38 acres of these residential lands within the mission are currently under development as town homes and single-family homes. Construction of the first phase of 34 town home development began in late 2020. Town home and single-family home sales are expected to begin in the third quarter of 2021.
The COVID-19 pandemic continues to cause economic turmoil, and it is difficult to predict the duration and extent of the pandemic and whether it will have a long-term impact on our business. We are currently in a good position with a diverse income portfolio of industrial, office, retail and multi-family rental assets. Approximately 82% of our commercial investment property is in British Columbia, where the state government has various social gatherings and business restrictions. We have provided some short-term rent deferrals and rent reductions, including rent reductions through government-sponsored programs, for certain tenants heavily affected by the COVID-19 pandemic. As of February 28, 2021, the deferral of unpaid repayable rent reached $ 324,000, and the six-month rent relief ended February 28, 2021 reached $ 105,000. These are uncertain and difficult times, and management continues to monitor business development and market conditions, as well as their potential impact on the business.
Please refer to the most recently submitted annual and interim MD & A for a review of the risks and uncertainties we are exposed to.
We will today pay registered shareholders a special cash dividend of $ 0.34 per Class B voting common stock and Class C non-voting stock paid on May 4, 2021 on April 23, 2021. Announced that it was declared.
The amount of special dividends allows us to continue to pursue real estate opportunities while returning capital to our shareholders. Special dividends are in addition to any dividends that may be declared in accordance with our normal dividend policy.
Dividends are Canadian tax-qualified dividends.
The Board of Directors also announces that John Delcchi has been appointed to the Board of Directors of the Company. DeLucchi was recently appointed President and Chief Executive Officer of Madison Venture Corp. Madison Venture Corp. Prior to joining the company, he was a partner at PricewaterhouseCoopers LLP and was a managing partner in British Columbia from 2009 to 2017.
The board is pleased with the addition of De Lucchi and looks forward to working with him.
|contact information:||Marvin Hasen||Bernice Yip|
|President and CEO||Investor information|
|phone:||(604) 732-6540||(604) 732-6540|
|Street address:||389 West 6th Avenue|
|Vancouver, British Columbia|
Madison Pacific Property, Inc. announced its six-month results, which ended on February 28, 2021, declared a special dividend and announced the appointment of its directors.
https://financialpost.com/globe-newswire/madison-pacific-properties-inc-announces-the-results-for-the-six-months-ended-february-28-2021-declares-special-dividend-and-announces-appointment-of-director Madison Pacific Property, Inc. announced its six-month results, which ended on February 28, 2021, declared a special dividend and announced the appointment of its directors.