Mr. Marvin Haasen reports

MADISON PACIFIC PROPERTIES INC. ANNOUNCES THE RESULTS FOR THE YEAR ENDED AUGUST 31, 2016

Madison Pacific Properties Inc. has released the results of operations for the year ended Aug. 31, 2016.

The results reported are pursuant to international financial reporting standards (IFRS) for public companies.

For the year ended Aug. 31, 2016, the company is reporting net income of $55.4-million; cash flows from operating activities, before changes in non-cash operating balances, of $13.8-million; and income per share of 91 cents. Included in net income is an after-tax net gain on fair value adjustment on investment properties of $44.3-million.

For the year ended Aug. 31, 2015, the company reported net income of $30.7-million; cash flows from operating activities, before changes in non-cash operating balances, of $12.0-million; and income per share of 48 cents. Included in net income was an after-tax net gain on fair value adjustment on investment properties of $21.8-million.

The company currently owns approximately $429-million in investment properties, comprising 45 properties, with 1.8 million rentable square feet of industrial and commercial space. Over 99 per cent of the available space, excluding properties under development, is currently leased.

For a review of the risks and uncertainties to which the company is subject, see the Aug. 31, 2016, annual management's discussion and analysis.