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Melcor Developments Ltd T.MRD

Alternate Symbol(s):  MODVF

Melcor Developments Ltd. is a diversified real estate development and asset management company The Company develops and manages mixed-use residential communities, business and industrial parks, office buildings, retail commercial centers, and golf courses. The Company operates in four segments: Land, Properties, REIT, and Golf. The Land segment is responsible for purchasing and developing land to be sold as residential, industrial and commercial lots. The Properties segment owns approximately 24 leasable commercial, retail and residential properties and other rental income producing assets, such as parking lots and land leases. The REIT segment owns approximately 38 leasable commercial and retail properties and other rental income producing assets, such as residential property, parking lots and land leases. The Golf segment owns and manages three 18-hole golf course operations (one of which is 60% owned) and has a 50% ownership interest in one 18-hole golf course.


TSX:MRD - Post by User

Comment by babybunnyon Apr 25, 2023 1:42am
49 Views
Post# 35411703

RE:AGM Bucket List

RE:AGM Bucket ListHi longrun86, some good topics.  The NCIB is definitely worth asking about.  Was 2022 a fluke where a particular large shareholder wanted out and sold blocks into the NCIB?  Or does management see a good prospect of completing the next NCIB and the one after that? 

I would like some colour on their total land inventory.  There is so much capital tied up in that, and only a small fraction is developed each year.  We get plenty of details about land under development, but I am in the dark about the remaining raw land.  For example, are there patches that once looked promising but now look as though they will never be developed?  And if this is the case, why are these landholdings not being written down?  Overall, has the value of the land purchased over past decades merely held its value, or is it worth much more than the purchase price?

On a somewhat related note, I am wondering what it would take to boost margins on Canadian lot sales.  If the land value has appreciated since it was purchased, why do we struggle to make a juicy margin and thereby earn a respectable return on equity?   



  
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