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Earnings

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

By The Northwire Desk — AI Analysis Mar 11, 2026 · 19:30 MPC · 4.89 MADISON PACIFIC PROPERTIES INC. CL 'B'
MPC · Price

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.)

Read the original news release →

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