CORRECTION FROM SOURCE: Madison Pacific Properties Inc. Announces Second Quarter Results and Corrects Per Share Dividend Amount

The following corrects and replaces the release sent on August 9th, 2012 at
2:46pm ET. The per share dividend amount was incorrectly stated. The correct per
share dividend is $0.0525.


Madison Pacific Properties Inc. (TSX:MPC)(TSX:MPC.C) (the Company) a
Vancouver-based real estate company announces the results of operations for the
three and six months ending June 30, 2012.


For the six months ending June 30, 2012 the Company is reporting net income for
the period of $9.4 million (2011: $6.6 million); cash flow from continuing
operations before changes in non-cash operating working capital of $3.9 million
(2011: $2.3 million); and income per share of $0.16 (2011: $0.06).


There were no sales of investment properties in 2012. The Company sold two
investment properties in 2011 resulting in a gain on disposition of investment
properties before tax of $3.1 million.


The increase in net income for the six months ending June 30, 2012 is largely
attributable to the increase in the net gain on fair value adjustment on
investment properties of $7.4 million (2011: $2.4 million) offset by the gain on
disposition of investment property in 2011 of $3.1 million.


As at June 30, 2012 the Company owned over $290.3 million in investment
properties comprising 1.6 million rentable sq. ft. of industrial and commercial
space of which 99% was leased.


For a review of the risks and uncertainties to which the Company is subject, see
the December 31, 2011 annual MD&A.


The Company is pleased to announce $0.0525 per share dividend will be payable
September 5, 2012 to shareholders of record August 21, 2012. (Note: an earlier
version of this release incorrectly stated that the per share dividend was
$0.525.)