Madison Pacific Properties Inc. (MPC-C.TO) Stock Analysis
A cash-flow-stable, BC industrial landlord trading at a deep NAV discount—with a massive Silverdale landbank that could unlock outsized upside for patient investors.
Overview
Madison Pacific Properties is a Vancouver-based real estate operator focused on acquiring, managing, and developing industrial, commercial, and residential income properties concentrated in Western Canada—especially BC’s supply-constrained Lower Mainland. At FY2025 year-end, it owned 54 properties totaling ~2.0M rentable sq ft of industrial/commercial space and held a 50% interest in nine multi-family properties (259 units). The model is rent-led and stability-driven, reflected in very high occupancy (97.03% industrial/commercial; 98.84% multi-family). A defining element of the long-term story is Silverdale Hills: a 50%-owned partnership controlling ~1,425 acres of residential-designated land in Mission, BC. While not yet income-producing, this landbank offers substantial latent value through phased rezoning/servicing and eventual lot sales. FY2025 results showed strong profitability (CA$31.7M net income) and a large investment property valuation base (~CA$768M), with the shares trading at a notable discount to book/NAV.