second quarter results, declares quarterly dividend of $0.12 EDMONTON, Alberta, Aug. 05, 2021 (GLOBE NEWSWIRE) -- Melcor Developments Ltd. (TSX: MRD), an Alberta-based real estate development and asset management company, today reported results for the second quarter and six months ended June 30, 2021. Year-to-date revenue was up 49% to $108.82 million compared to the first half of 2020. Strong market demand for new homes led to 299 single-family lot sales in Canada in the first half of the year compared to 106 last year, resulting in revenue growth of 196% for the Community Development division.
Investment Properties owned gross leasable area (GLA) grew by 8% as a result of properties transferred from our Property Development division over the past 12 months. Revenue in our income-producing divisions (Investment Properties and REIT) was down 2% over Q2-2020 and up 2% year-to-date. These divisions are down slightly in occupancy and base rents due to challenging market conditions; however, results in both divisions remain relatively stable. See the COVID-19 section for rent collection information.
Year-to-date net income was impacted by non-cash fair value losses of $26.96 million on REIT units related to unit price appreciation compared to December 31, 2020 resulting in a net loss of $5.02 million or $0.15 per share (basic) compared with a net income of $4.05 million or $0.12 per share (basic) in the same period of 2020.
These drastic swings in net income caused by non-cash gains and losses are the reason that management relies on Funds from Operations (FFO) as a better reflection of Melcor's true operating performance. Funds from operations (FFO) increased 76% to $16.33 million or $0.49 per share over Q2-2020 and 74% to $26.50 million or $0.80 per share year-to-date. This increase is a result of the impact of fair value adjustments on REIT units and investment properties, lower distributions on REIT units, and an increase in Community Development, Property Development and Recreational Properties revenue earned than in the comparative period.
https://www.globenewswire.com/news-release/2021/08/05/2276113/0/en/Melcor-Developments-announces-second-quarter-results-declares-quarterly-dividend-of-0-12-per-share.html