Mr. Marvin Haasen reports

MADISON PACIFIC PROPERTIES INC. ANNOUNCES THE RESULTS FOR THE NINE MONTHS ENDED MAY 31, 2023 AND DECLARES DIVIDEND

Madison Pacific Properties Inc. has released the results of operations for the nine months ended May 31, 2023.

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

For the nine months ended May 31, 2023, the company is reporting net income of $26.2-million (2022: $37.3-million); cash flows from operating activities before changes in non-cash operating balances of $8.2-million (2022: $7.4-million); and income per share of 43 cents (2022: 60 cents). Included in net income is a net gain on the fair value adjustment on investment properties of approximately $13.4-million (2022: $21.6-million).

The company currently owns approximately $695-million in investment properties and as at May 31, 2023, owns approximately $77-million in development properties, including the company's proportionate share of properties held through jointly controlled partnerships. The company's investment portfolio comprises 54 properties with approximately 1.9 million rentable square feet of industrial and commercial space and a 50-per-cent interest in two multifamily rental properties with a total of 94 units. Approximately 98.7 per cent of available space within the industrial and commercial investment properties is currently leased. The company's development properties include a 50-per-cent interest in the Silverdale Hills Limited Partnership, which currently owns approximately 1,400 acres of residential designated development lands in Mission, B.C. In June, 2020, the partnership commenced development of 162 townhouses and 65 single-family lots on the site, which consumed approximately 38 acres of land inventory. All townhouses in the four-phase townhouse development have been completed and sold. In respect of the single-family lot development, 64 units have been committed for sale to a single developer, all of which have been sold.

The geopolitical events in the world has caused global economic disruption, as well as rising inflation and interest rates. These are uncertain and challenging times, and management will be continuing to monitor business developments and market conditions and any effect they may have on the business.

For a review of the risks and uncertainties to which the company is subject see its most recently filed annual and interim management's discussion and analysis.

The company is pleased to announce that a 5.25-cent-per-share dividend on each of the Class B voting common shares and Class C non-voting shares will be payable Sept. 6, 2023, to shareholders of record on Aug. 16, 2023. The dividend is considered an eligible dividend for tax purposes.