Madison Pacific Properties Inc. announces the results for the year ended December 31, 2025

Executive Summary

• Madison Pacific Properties reported a net income of $31.7 million for the year ended December 31, 2025, reversing a $44.2 million loss from the prior fiscal year.
• Income per share turned positive to $0.44 versus a loss of $0.74 in the comparable period.
• Investment property portfolio grew to approximately $768 million, with 97% industrial/commercial occupancy and 99% multi‑family occupancy.

Key Details

• Net income for FY2025: $31.7 million (FY2024 loss: $44.2 million).
• Cash flow from operating activities (before non‑cash changes): $11.1 million (FY2024: $11.4 million).
• Income per share FY2025: $0.44 vs. loss per share FY2024: $(0.74).
• Major components of FY2025 net income:
• Fair‑value gain on investment properties: ≈ $28.6 million.
• Gain on fair‑value adjustment of interest‑rate swaps: $0 million (FY2024 loss: $4.2 million).
• Equity losses from associates/joint ventures: $(2.5) million (FY2024 equity earnings: $0.4 million).
• Interest expense: $15.9 million (FY2024: $12.7 million).
• Interest income: $0.8 million (FY2024: $2.5 million).
• FY2025 tax provision: prior year included a $51.5 million provision for tax deposits/deferred tax assets and estimated legal costs related to tax appeals.
• Investment property holdings as of 31‑Dec‑2025: ≈ $768 million (2024: $724 million).
• Portfolio composition: 54 properties, ~2.0 million rentable sq. ft. industrial/commercial space; 50% interest in nine multi‑family assets totaling 259 units.
• Occupancy rates: 97.03 % of industrial/commercial space leased; 98.84 % of multi‑family units leased.
• Development assets: 50% interest in Silverdale Hills LP, owning ~1,425 acres of primarily residential‑designated land in Mission, BC.

Notable Quotes

(No direct quotes provided in the release.)