The Board of Directors of Madison Pacific Properties Inc. announced that Jonathan Rees has been appointed to the Board of Directors of the Company. Mr. Rees is a principal at PCRE Group. Mr. Rees brings real estate and financial expertise to the Company and was formerly an executive vice-president and chief financial officer for a large public real estate investment and property management firm.

The Company also 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, 2019 to shareholders of record on August 16, 2019. The dividend is considered an “eligible dividend” for tax purposes.

The company announced earnings results of operations for the nine months ended May 31, 2019. The results reported are pursuant to International Financial Reporting Standards (IFRS) for public companies. For the nine months ended May 31, 2019, the Company is reporting net income of $24.4 million (2018: $33.1 million) income per share of $0.40 (2018: $0.54). Included in net income is an after-tax net gain from the fair value adjustment on investment properties of $16.5 million (2018: $24.1 million).