Madison Pacific Properties Inc. announces the results for the six months ended June 30, 2025, appointment of President and CEO, appointment of director and declares dividend

Executive Summary

• Madison Pacific Properties Inc. reported net income of $22.4 million for the six months ended June 30, 2025, an increase from $13.6 million in the comparable prior period.
• The results include a significant net gain on fair value adjustments of investment properties totaling approximately $21.9 million.
• The company announced key executive and board appointments, including Dino Di Marco as the new President & CEO effective September 1, 2025, and Robert Pringle as a new director.

Key Details

• Net Income: $22.4 million for the six months ended June 30, 2025 (compared to $13.6 million for the six months ended May 31, 2024).
• Income Per Share: $0.30 for the six months ended June 30, 2025 (compared to $0.23 for the comparable prior period).
• Operating Cash Flow: Cash flows generated from operating activities before changes in non-cash operating balances were $6.0 million (compared to $6.3 million in the prior period).
• Fair Value Adjustments: Net gain on fair value adjustment on investment properties was approximately $21.9 million (compared to $9.7 million in the prior period).
• Interest Income: $0.5 million (compared to $1.3 million in the prior period).
• Interest Expense: $7.6 million (compared to $6.3 million in the prior period).
• Equity Losses: Equity losses of associates and joint ventures were $0.8 million (compared to earnings of $0.8 million in the prior period).
• Investment Portfolio Value: Approximately $741 million in investment properties as of June 30, 2025 (compared to $724 million as of December 31, 2024).
• Portfolio Composition:
  • 54 properties comprising approximately 2.0 million rentable sq. ft. of industrial and commercial space.
  • 50% interest in eight multi-family rental properties totaling 239 units.
  • Industrial and commercial leasing occupancy: 97.95%.
  • Multi-family residential leasing occupancy: 99.16%.
• Development Properties: 50% interest in the Silverdale Hills Limited Partnership, owning approximately 1,425 acres of primarily residential designated development lands in Mission, British Columbia.
• Executive Appointment: Dino Di Marco appointed President & CEO effective September 1, 2025; he previously served as CFO (2013–2021) and was President/CEO of Madison Industrial Group.
• Board Appointment: Robert Pringle appointed as a director; former CIBC Director/Regional Manager and former CEO of United Flower Growers.
• Dividend Declaration: A dividend of $0.0525 per share on Class B voting common shares and Class C non-voting shares.
• Dividend Payment Date: September 3, 2025.
• Shareholder Record Date: August 25, 2025.
• Fiscal Year Change: The company changed its financial year-end from August 31 to December 31, effective for the year commencing September 1, 2024. Comparative figures for the six months ended June 30, 2025, reflect the six months ended May 31, 2024.

Notable Quotes

• "The board of directors is pleased to announce that Dino Di Marco will be appointed President & CEO of the Company effective September 1, 2025."
• "We thank Mr. DeLucchi for his leadership and contribution to the growth and success of the company over the last few years and look forward to his continued involvement at the board level supporting the management team."