Announcement • Apr 14
Madison Pacific Properties Inc., Annual General Meeting, Jun 18, 2026 Madison Pacific Properties Inc., Annual General Meeting, Jun 18, 2026. Location: british columbia, Canada Recent Insider Transactions • Mar 20
Chairman recently bought CA$64k worth of stock On the 17th of March, John DeLucchi bought around 13k shares on-market at roughly CA$4.90 per share. This transaction increased John's direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. John has been a buyer over the last 12 months, purchasing a net total of CA$94k worth in shares. Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: CA$0.44 (vs CA$0.24 in FY 2024) Full year 2025 results: EPS: CA$0.44 (up from CA$0.24 in FY 2024). Revenue: CA$45.8m (up 7.3% from FY 2024). Net income: CA$26.1m (up 81% from FY 2024). Profit margin: 57% (up from 34% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. New Risk • Mar 01
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2024. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported December 2024 fiscal period end). Interest payments are not well covered by earnings (1.5x net interest cover). Shares are highly illiquid. Revenue has declined by 1.6% over the past year. Minor Risk Large one-off items impacting financial results. Board Change • Feb 12
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Michael Delesalle was the last independent director to join the board, commencing their role in 2000. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Feb 02
Upcoming dividend of CA$0.052 per share Eligible shareholders must have bought the stock before 09 February 2026. Payment date: 19 February 2026. Trailing yield: 2.0%. Lower than top quartile of Canadian dividend payers (5.7%). Higher than average of industry peers (0.8%). Announcement • Jan 22
Madison Pacific Properties Inc. Declares Dividend on Class B Voting Common Shares and Class C Non-Voting Shares, Payable February 19, 2026 Madison Pacific Properties Inc. declares dividend. The Company announced that a $0.0525 per share dividend on each of the Class B voting common shares and Class C non-voting shares will be payable February 19, 2026 to shareholders of record on February 9, 2026. The dividend is considered an “eligible dividend” for tax purposes. Board Change • Jan 07
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Michael Delesalle was the last independent director to join the board, commencing their role in 2000. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 22
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Michael Delesalle was the last independent director to join the board, commencing their role in 2000. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 13
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Michael Delesalle was the last independent director to join the board, commencing their role in 2000. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Nov 13
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.5% to CA$5.01. The fair value is estimated to be CA$6.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.5% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Sep 19
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.5% to CA$5.20. The fair value is estimated to be CA$6.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.5% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Sep 19
Madison Pacific Properties Inc. Announces Board Changes, Effective September 30, 2025 Madison Pacific Properties Inc. announced changes to its Board of Directors. After many years of dedicated service, Mark Elliott will be stepping down from the Board effective September 30, 2025. Mr. Elliott has contributed over twelve years of leadership and commitment to the Company throughout his tenure and also served as Chairman of the Audit Committee for 9 years. Effective September 30, 2025, Jonathan Rees will also be stepping down from the Board after providing over 6 years of dedicated service. The Company announced that Alistair Duncan, Jr. and Robert Wiens will be appointed to its Board of Directors effective September 30, 2025. Both individuals bring extensive experience in corporate governance and strategic development, further strengthening the leadership of the Company. Mr. Duncan brings a wealth of leadership experience to the Board. He is currently the President and Chief Executive Officer of viDA Therapeutics Inc. Prior to this, Mr. Duncan was President and Chief Executive Officer at Chromos Molecular Systems Inc., also served as a director. In addition to his executive roles, Mr. Duncan was a Principal with Ernst &Young LLP, Chartered Accountants. Mr. Wiens has over 30 years of management experience, holding various executive positions including Chief Financial Officer of D-Wave Systems, President and Chief Executive Officer of FACS Records Centre Inc., and as Managing Partner of the Vancouver office for Arthur Andersen &Co. Mr. Wiens is recognized as both a member and fellow of the Chartered Professional Accountants of British Columbia (FCPA) and a member of the New York State Institute of Certified Public Accountants (CPA) and has also served on the boards of a number of Toronto Stock Exchange listed companies including FACS Records Centre, Extreme CCTV, and Liquidation World. Mr. Duncan and Mr. Wiens served as directors of Metro Vancouver Properties Corp. (MVP). New Risk • Sep 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). Shares are highly illiquid. Earnings have declined by 33% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Paying a dividend despite being loss-making. Large one-off items impacting financial results. Buy Or Sell Opportunity • Aug 29
Now 27% undervalued Over the last 90 days, the stock has risen 23% to CA$5.10. The fair value is estimated to be CA$6.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.5% over the last 3 years. Meanwhile, the company has become profitable. Declared Dividend • Aug 17
Dividend of CA$0.052 announced Shareholders will receive a dividend of CA$0.052. Ex-date: 25th August 2025 Payment date: 3rd September 2025 Dividend yield will be 8.4%, which is higher than the industry average of 1.2%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (37% cash payout ratio). The dividend has not increased over the past 10 years but has been stable with no material reductions to payments, indicating a long track record of dividend stability. Board Change • Jul 14
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. President, CEO & Chairman John DeLucchi was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • May 26
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to CA$4.15, the stock trades at a trailing P/E ratio of 17.1x. Average trailing P/E is 8x in the Real Estate industry in Canada. Total loss to shareholders of 38% over the past three years. Upcoming Dividend • May 20
Upcoming dividend of CA$0.34 per share Eligible shareholders must have bought the stock before 27 May 2025. Payment date: 04 June 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 2.1%. Lower than top quartile of Canadian dividend payers (6.1%). Higher than average of industry peers (0.7%). Announcement • May 16
Madison Pacific Properties Inc., Annual General Meeting, Jun 19, 2025 Madison Pacific Properties Inc., Annual General Meeting, Jun 19, 2025. Location: suite 2500, 700 west georgia street, british columbia, v7y 1b3, vancouver Canada Announcement • May 15
Madison Pacific Properties Inc. Declares Special Cash Dividend, Payable on June 4, 2025 Madison Pacific Properties Inc. announced that it has declared the payment of a special cash dividend of $0.34 per Class B voting common share and Class C non-voting share, payable on June 4, 2025 to shareholders of record on May 27, 2025. Upcoming Dividend • Feb 17
Upcoming dividend of CA$0.052 per share Eligible shareholders must have bought the stock before 24 February 2025. Payment date: 03 March 2025. The company is not currently making a profit and is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of Canadian dividend payers (6.4%). Higher than average of industry peers (1.0%). Announcement • Feb 13
Madison Pacific Properties Inc. Declares Dividend on Class B and C Voting Common Shares, Payable on March 3, 2025 Madison Pacific Properties Inc. announced that a $0.0525 per share dividend on each of the Class B voting common shares and Class C non-voting shares will be payable March 3, 2025 to shareholders of record on February 24, 2025. Announcement • Dec 16
Madison Pacific Properties Inc., Annual General Meeting, Feb 20, 2025 Madison Pacific Properties Inc., Annual General Meeting, Feb 20, 2025. Reported Earnings • Nov 03
Full year 2024 earnings released: CA$0.74 loss per share (vs CA$0.31 profit in FY 2023) Full year 2024 results: CA$0.74 loss per share (down from CA$0.31 profit in FY 2023). Revenue: CA$44.5m (down 7.0% from FY 2023). Net loss: CA$44.1m (down 337% from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Aug 07
Upcoming dividend of CA$0.052 per share Eligible shareholders must have bought the stock before 14 August 2024. Payment date: 04 September 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of Canadian dividend payers (6.3%). Higher than average of industry peers (1.0%). Declared Dividend • Jul 17
Dividend of CA$0.052 announced Shareholders will receive a dividend of CA$0.052. Ex-date: 14th August 2024 Payment date: 4th September 2024 Dividend yield will be 2.0%, which is higher than the industry average of 1.2%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has not increased over the past 10 years but has been stable with no material reductions to payments, indicating a long track record of dividend stability. Reported Earnings • Jul 13
Third quarter 2024 earnings released: CA$0.02 loss per share (vs CA$0.05 profit in 3Q 2023) Third quarter 2024 results: CA$0.02 loss per share (down from CA$0.05 profit in 3Q 2023). Revenue: CA$11.6m (flat on 3Q 2023). Net loss: CA$908.0k (down 131% from profit in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Announcement • Jul 13
Madison Pacific Properties Inc. Declares Dividend on Class B Voting Common Shares and Class C Non-Voting Shares, Payable on September 4, 2024 Madison Pacific Properties Inc. declared dividend $0.0525 per share on each of the Class B voting common shares and Class C non-voting shares will be payable September 4, 2024 to shareholders of record on August 14, 2024. Announcement • Jul 04
Madison Pacific Properties Inc. (TSX:MPC) completed the acquisition of remaining 0.28% stake in Metro Vancouver Properties Corp. Madison Pacific Properties Inc. (TSX:MPC) proposed to acquire remaining 0.28% stake in Metro Vancouver Properties Corp. for CAD 0.7 million on May 27, 2024. The Transaction is being structured as a consolidation of Metro Vancouver’s Class B Voting Common Shares (the “Class B Shares”) with all Class B Shares being consolidated on the basis of one post-consolidation Class B Share for each 1,941,489 pre-consolidation Class B Shares, without any entitlement to receive fractional shares (including any beneficial shareholder). In lieu of receiving a fractional share, minority shareholders will be paid cash consideration of CAD 0.36 per pre-consolidation Class B share (with no amount payable to registered shareholders who would be entitled to receive, net of withholding taxes, less than CAD 5). The Transaction will provide liquidity for Metro Vancouver’s shareholders as the Class B Shares are not currently listed on any stock exchange. As a result of the consolidation, Metro Vancouver’s largest shareholder, Madison Pacific Properties Inc., would become the holder of the sole post-consolidation Class B Share. Following the consolidation, Metro Vancouver intends to apply to the securities regulatory authorities to cease to be a reporting issuer.
The completion of the Transaction is subject to the approval by a majority of the votes cast by holders of Metro Vancouver’s Class B Shares, excluding the votes attached to the shares of Madison Pacific Properties Inc. and its related parties and any of their joint actors. The board of directors of Metro Vancouver appointed an independent committee (the “Special Committee”) to evaluate the Transaction. If the Transaction is approved, the effective date of the consolidation is expected to occur in early July 2024. Metro Vancouver Properties sahreholders approved the transaction at special meeting held on June 27, 2024. The share consolidation is expected to be completed on or about July 4, 2024. The Special Committee subsequently retained Evans & Evans, Inc. to provide a fairness opinion in respect of the Transaction.
Madison Pacific Properties Inc. (TSX:MPC) completed the acquisition of remaining 0.28% stake in Metro Vancouver Properties Corp. on July 3, 2024. New Risk • Jun 07
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.8% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.9x net interest cover). Shares are highly illiquid. Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 12% per year over the past 5 years. Announcement • May 28
Madison Pacific Properties Inc. (TSX:MPC) proposed to acquire remaining 0.2% stake in Metro Vancouver Properties Corp. for CAD 0.7 million. Madison Pacific Properties Inc. (TSX:MPC) proposed to acquire remaining 0.2% stake in Metro Vancouver Properties Corp. for CAD 0.7 million on May 27, 2024. The Transaction is being structured as a consolidation of Metro Vancouver’s Class B Voting Common Shares (the “Class B Shares”) with all Class B Shares being consolidated on the basis of one post-consolidation Class B Share for each 1,941,489 pre-consolidation Class B Shares, without any entitlement to receive fractional shares (including any beneficial shareholder). In lieu of receiving a fractional share, minority shareholders will be paid cash consideration of CAD 0.36 per pre-consolidation Class B share (with no amount payable to registered shareholders who would be entitled to receive, net of withholding taxes, less than CAD 5). The Transaction will provide liquidity for Metro Vancouver’s shareholders as the Class B Shares are not currently listed on any stock exchange. As a result of the consolidation, Metro Vancouver’s largest shareholder, Madison Pacific Properties Inc., would become the holder of the sole post-consolidation Class B Share. Following the consolidation, Metro Vancouver intends to apply to the securities regulatory authorities to cease to be a reporting issuer.
The completion of the Transaction is subject to the approval by a majority of the votes cast by holders of Metro Vancouver’s Class B Shares, excluding the votes attached to the shares of Madison Pacific Properties Inc. and its related parties and any of their joint actors. The board of directors of Metro Vancouver appointed an independent committee (the “Special Committee”) to evaluate the Transaction. If the Transaction is approved, the effective date of the consolidation is expected to occur in early July 2024. The Special Committee subsequently retained Evans & Evans, Inc. to provide a fairness opinion in respect of the Transaction. Board Change • May 15
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. President, CEO & Chairman John DeLucchi was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • May 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. President, CEO & Chairman John DeLucchi was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 16
Second quarter 2024 earnings released: EPS: CA$0.24 (vs CA$0.27 in 2Q 2023) Second quarter 2024 results: EPS: CA$0.24 (down from CA$0.27 in 2Q 2023). Revenue: CA$11.1m (down 9.3% from 2Q 2023). Net income: CA$14.3m (down 11% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Upcoming Dividend • Jan 29
Upcoming dividend of CA$0.052 per share at 1.5% yield Eligible shareholders must have bought the stock before 05 February 2024. Payment date: 21 February 2024. The company is not currently making a profit and its cash payout ratio is 83%. Trailing yield: 1.5%. Lower than top quartile of Canadian dividend payers (6.3%). Higher than average of industry peers (1.2%). Reported Earnings • Jan 14
First quarter 2024 earnings released: CA$0.97 loss per share (vs CA$0.11 profit in 1Q 2023) First quarter 2024 results: CA$0.97 loss per share (down from CA$0.11 profit in 1Q 2023). Revenue: CA$10.4m (down 27% from 1Q 2023). Net loss: CA$57.5m (down CA$63.9m from profit in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Announcement • Jan 13
Madison Pacific Properties Inc. Announces Dividend, Payable on February 21, 2024 Madison Pacific Properties Inc. announced that a $0.0525 per share dividend on each of the Class B voting common shares and Class C non-voting shares will be payable February 21, 2024 to shareholders of record on February 6, 2024. The dividend is considered an “eligible dividend” for tax purposes. Announcement • Jan 05
Madison Pacific Properties Inc. Announces Tax Court of Canada Judgement on Tax Court Case Madison Pacific Properties Inc. announced judgement issued by the Tax Court of Canada (“TCC”) on its tax court case. As previously reported in the Company’s Consolidated Financial Statements, the Company and certain subsidiaries have received from the Canada Revenue Agency (“CRA”) and Alberta Tax and Revenue Administration (“ATRA”) tax notices of reassessment for various taxation years. The reassessments deny the application and usage of certain non-capital losses, capital losses, deductions and investment tax credits arising from prior years. The Company and its subsidiaries have filed notices of objection and notices of appeal to the reassessments with the CRA and ATRA. The appeal with the Tax Court of Canada (“TCC”) for one of the reassessed companies, Madison Pacific Properties Inc., was heard in March 2022 and in November 2023 (the “MPP Appeal”). The TCC released its judgement on the MPP Appeal on December 27, 2023 in favour of the CRA, confirming the CRA’s and ATRA’s reassessments. The decision denied Madison Pacific Properties Inc.’s ability to use certain carryforward losses for certain taxation years within its 2009 to 2017 taxation years. Additional taxes payable for the reassessed years plus estimated interest and awarded legal costs totals approximately $6.2 million for the MPP Appeal. The Company had previously made deposits of $2.3 million related to the MPP Appeal with the balance owing now payable. The Company and its counsel are currently assessing whether to appeal the decision issued by the TCC. In addition, the Company and its counsel are also assessing the impact that this decision may have on its subsidiaries’ tax appeals. The Company is also assessing the impact the decision may have on any financial statement adjustments. For a review of the risks and uncertainties to which the Company is subject, see its most recently filed annual and interim MD&A. Announcement • Dec 15
Madison Pacific Properties Inc., Annual General Meeting, Feb 22, 2024 Madison Pacific Properties Inc., Annual General Meeting, Feb 22, 2024. Reported Earnings • Nov 24
Full year 2023 earnings released: EPS: CA$0.31 (vs CA$1.07 in FY 2022) Full year 2023 results: EPS: CA$0.31 (down from CA$1.07 in FY 2022). Revenue: CA$40.5m (down 23% from FY 2022). Net income: CA$18.6m (down 71% from FY 2022). Profit margin: 46% (down from 121% in FY 2022). Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 18% per year. Upcoming Dividend • Aug 09
Upcoming dividend of CA$0.052 per share at 1.7% yield Eligible shareholders must have bought the stock before 15 August 2023. Payment date: 06 September 2023. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Canadian dividend payers (6.2%). Higher than average of industry peers (1.4%). Upcoming Dividend • Aug 08
Upcoming dividend of CA$0.052 per share at 1.7% yield Eligible shareholders must have bought the stock before 15 August 2023. Payment date: 06 September 2023. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Canadian dividend payers (6.2%). Higher than average of industry peers (1.4%). Reported Earnings • Jul 16
Third quarter 2023 earnings released: EPS: CA$0.05 (vs CA$0.27 in 3Q 2022) Third quarter 2023 results: EPS: CA$0.05 (down from CA$0.27 in 3Q 2022). Revenue: CA$10.5m (down 24% from 3Q 2022). Net income: CA$2.98m (down 82% from 3Q 2022). Profit margin: 28% (down from 118% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 26% per year. Announcement • Jul 14
Madison Pacific Properties Inc. Declares Dividend on Class B Voting Common Shares and Class C Non-Voting Shares, Payable on September 6, 2023 Madison Pacific Properties Inc. announced that a $0.0525 per share dividend on each of the Class B voting common shares and Class C non-voting shares will be payable September 6, 2023 to shareholders of record on August 16, 2023. The dividend is considered an “eligible dividend” for tax purposes. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CA$7.00, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 7x in the Real Estate industry in Canada. Total returns to shareholders of 146% over the past three years. Board Change • May 09
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. Independent Chairman John DeLucchi was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 16
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: CA$10.5m (down 11% from 2Q 2022). Net income: CA$16.0m (up 50% from 2Q 2022). Upcoming Dividend • Jan 30
Upcoming dividend of CA$0.052 per share at 1.5% yield Eligible shareholders must have bought the stock before 06 February 2023. Payment date: 21 February 2023. Payout ratio is a comfortable 10% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of Canadian dividend payers (5.8%). Higher than average of industry peers (1.0%). Board Change • Jan 25
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. Independent Chairman John DeLucchi was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jan 18
First quarter 2023 earnings released: EPS: CA$0.11 (vs CA$0.15 in 1Q 2022) First quarter 2023 results: EPS: CA$0.11 (down from CA$0.15 in 1Q 2022). Revenue: CA$14.3m (up 22% from 1Q 2022). Net income: CA$6.42m (down 27% from 1Q 2022). Profit margin: 45% (down from 75% in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 26% per year. Announcement • Jan 13
Madison Pacific Properties Inc. Announces Dividend on Each of the Class B Voting Common Shares and Class C Non-Voting Shares, Payable on February 21, 2023 Madison Pacific Properties Inc. announced that a $0.0525 per share dividend on each of the Class B voting common shares and Class C non-voting shares will be payable February 21, 2023 to shareholders of record on February 7, 2023. Announcement • Dec 16
Madison Pacific Properties Inc., Annual General Meeting, Feb 23, 2023 Madison Pacific Properties Inc., Annual General Meeting, Feb 23, 2023. Reported Earnings • Nov 26
Full year 2022 earnings released: EPS: CA$1.07 (vs CA$0.86 in FY 2021) Full year 2022 results: EPS: CA$1.07 (up from CA$0.86 in FY 2021). Revenue: CA$37.4m (up 2.6% from FY 2021). Net income: CA$63.3m (up 26% from FY 2021). Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 24% per year. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. Independent Director John DeLucchi was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Aug 09
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. Independent Director John DeLucchi was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Aug 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. Independent Director John DeLucchi was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 16
Third quarter 2022 earnings released Third quarter 2022 results: Net income: CA$16.3m (up 13% from 3Q 2021). Reported Earnings • Apr 14
Second quarter 2022 earnings released: EPS: CA$0.18 (vs CA$0.28 in 2Q 2021) Second quarter 2022 results: EPS: CA$0.18 (down from CA$0.28 in 2Q 2021). Revenue: CA$9.58m (flat on 2Q 2021). Net income: CA$10.6m (down 34% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jan 28
Upcoming dividend of CA$0.052 per share Eligible shareholders must have bought the stock before 04 February 2022. Payment date: 21 February 2022. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of Canadian dividend payers (4.9%). Higher than average of industry peers (0.7%). Reported Earnings • Jan 16
First quarter 2022 earnings: Revenues and EPS in line with analyst expectations First quarter 2022 results: EPS: CA$0.15 (up from CA$0.059 in 1Q 2021). Revenue: CA$11.7m (up 51% from 1Q 2021). Net income: CA$8.75m (up 152% from 1Q 2021). Profit margin: 75% (up from 45% in 1Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 27
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: CA$32.8m (flat on FY 2020). Net income: CA$50.3m (up 68% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 06
Upcoming dividend of CA$0.052 per share Eligible shareholders must have bought the stock before 13 August 2021. Payment date: 07 September 2021. Trailing yield: 1.5%. Lower than top quartile of Canadian dividend payers (4.6%). Higher than average of industry peers (0.6%). Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improved over the past week After last week's 20% share price gain to CA$7.48, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 11x in the Real Estate industry in Canada. Total returns to shareholders of 125% over the past three years. Reported Earnings • Jul 18
Third quarter 2021 earnings released: EPS CA$0.25 (vs CA$0.18 in 3Q 2020) Third quarter 2021 results: Revenue: CA$8.35m (up 12% from 3Q 2020). Net income: CA$14.4m (up 35% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improved over the past week After last week's 22% share price gain to CA$6.25, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 13x in the Real Estate industry in Canada. Total returns to shareholders of 115% over the past three years. Reported Earnings • Apr 17
Second quarter 2021 earnings released: EPS CA$0.28 (vs CA$0.12 in 2Q 2020) Second quarter 2021 results: Revenue: CA$9.65m (up 4.2% from 2Q 2020). Net income: CA$16.2m (up 133% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Recent Insider Transactions • Feb 10
Independent Director recently bought CA$92k worth of stock On the 3rd of February, Peter Bonner bought around 23k shares on-market at roughly CA$4.09 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$74k more in shares than they have sold in the last 12 months. Upcoming Dividend • Feb 01
Upcoming Dividend of CA$0.052 Per Share Will be paid on the 23rd of February to those who are registered shareholders by the 8th of February. The trailing yield of 2.5% is below the top quartile of Canadian dividend payers (5.2%), but it is higher than industry peers (1.1%). Reported Earnings • Jan 17
First quarter 2021 earnings released: EPS CA$0.059 The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: CA$7.76m (down 1.7% from 1Q 2020). Net income: CA$3.48m (down 54% from 1Q 2020). Profit margin: 45% (down from 96% in 1Q 2020). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 19% share price gain to CA$4.46, the stock is trading at a trailing P/E ratio of 8.7x, up from the previous P/E ratio of 7.3x. This compares to an average P/E of 23x in the Real Estate industry in Canada. Total returns to shareholders over the past three years are 30%.