Madison Pacific Properties Inc. reveals financial results for the half-year ending June 30, 2025, names new president and CEO, adds a new director, and declares a dividend.
Madison Pacific Properties Announces Strong Financial Performance and Leadership Changes
Madison Pacific Properties Inc., a leading real estate company, has announced its results for the six months ended June 30, 2025, demonstrating significant growth and strategic changes.
The company's financials showed substantial improvement over the past year, with key highlights including a 65% increase in net income, rising from $13.6 million in the six months ended May 31, 2024, to $22.4 million for the same period in 2025. This increase was driven mainly by a $21.9 million fair value gain on industrial and commercial properties, indicating strong asset appreciation and operational performance.
The earnings per share (EPS) grew 30% year-over-year to $0.30 for the first half of 2025. The company maintained a conservative dividend payout ratio of 25%, paying an eligible dividend of $0.0525 per share in H1 2025, which supports shareholder returns while preserving capital for growth.
The company's investment portfolio comprises 54 properties with approximately 2.0 million rentable sq. ft. of industrial and commercial space. Notably, within the multi-family residential properties, 99.16% is currently leased. As at June 30, 2025, the Company owns approximately $741 million in investment properties.
In a strategic move, the fiscal year-end was shifted from August 31 to December 31 starting in September 2024 to align with industry norms and improve financial comparability. This change coincided with a leadership transition, with Dino Di Marco appointed as the President & CEO of Madison Pacific Properties Inc., effective September 1, 2025.
Dino Di Marco, a Chartered Professional Accountant and Chartered Accountant, has held various leadership roles within the Madison Group, including his recent position as President and CEO of the Madison Industrial Group. He was also previously the Chief Financial Officer of the company from 2013 to 2021.
John DeLucchi will continue as Chairman of the Board of Directors. Robert Pringle, who had a distinguished career with CIBC for over 20 years, has also been appointed as a director of the company. Meanwhile, Mr. Pringle was recruited as CEO of United Flower Growers.
The results reported are pursuant to International Financial Reporting Standards (IFRS) for public companies. The company's cash flows generated from operating activities before changes in non-cash operating balances were $6.0 million for the same period. While precise cash flow details were not explicitly provided, the substantial net income growth and high occupancy rates suggest positive operating cash flow trends. However, the reported $21.9 million fair value gain is a non-cash item, so cash flow improvements are driven more by core rental operations rather than valuation adjustments.
In summary, Madison Pacific Properties demonstrated strong earnings growth, driven by asset fair value appreciation and stable high occupancy, while maintaining a balanced dividend policy and improving governance structures between mid-2024 and mid-2025.
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