Mr. John Delucchi reports

MADISON PACIFIC PROPERTIES INC. ANNOUNCES THE RESULTS FOR THE YEAR ENDED AUGUST 31, 2023

Madison Pacific Properties Inc. has released the results of operations for the year ended Aug. 31, 2023.

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

For the year ended Aug. 31, 2023, the company is reporting net income of $19.0-million (2022: $65.4-million); cash flows from operating activities before changes in non-cash operating balances of $9.5-million (2022: $9.3-million); and income per share of 31 cents (2022: $1.07). Included in net income is a net gain on the fair value adjustment on investment properties of approximately $5.7-million (2022: $44.1-million).

As at Aug. 31, 2023, the company owns approximately $695-million in investment properties and approximately $78-million in development properties, including the company's proportionate share of properties held through jointly controlled partnerships. The company's investment portfolio comprises 55 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 98.75 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 LP, 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 townhomes and 65 single-family lots on the site, which consumed approximately 38 acres of land bank. All townhomes in the four-phase townhome development have been completed and sold, and 64 single-family lots have been sold to a single developer.

The geopolitical events in the world have 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 MD&A (management's discussion and analysis).