EDMONTON, Alberta, Nov. 02, 2021 (GLOBE NEWSWIRE) --
Highlights
- Rental revenue was steady at $18.09 million in the quarter, $55.55 million year-to-date;
- Net operating income (NOI) grew 13% to $11.92 million in the quarter, 5% to $36.12 million year-to-date;
- Funds from operations (FFO) grew 23% to $6.64 million or $0.23 per unit in the quarter, 9% to $20.31 million or $0.70 per unit year-to-date;
- Adjusted cash flow from operations (ACFO) grew 43% to $5.13 million or $0.18 per unit per unit in the quarter, 19% to $15.84 million or $0.54 per unit year-to-date;
- Occupancy was up slightly over Q4-2020 at 88.8%;
- Distributions of $0.035 per unit were paid in January through July and increased by 14% to $0.04 for August and September for a year-to-date ACFO payout ratio of 60%
Melcor REIT (TSX: MR.UN) today announced results for the third quarter ended September 30, 2021. Rental revenue remained steady at $18.09 million in the quarter and $55.55 million year-to-date. NOI grew 13% to $11.92 million in the quarter and 5% to $36.12 million year-to-date. ACFO grew 43% to $5.13 million or $0.18 per unit in the quarter and 19% to $15.84 million or $0.54 year-to-date. Positive leasing performance contributed to growth in NOI, FFO, AFFO and ACFO in both the quarter and year-to-date; however, we caution that the comparative quarter (Q3-2020) was atypical as described below, making direct comparison less meaningful than in a typical quarter.
Darin Rayburn, President & CEO of Melcor REIT commented: "The REIT’s results in 2021 to date remain stable, trending towards positive, despite ever-changing business restrictions due to COVID-19. With the implementation of the restrictions exemption program in Alberta in mid-September, our admiration goes to our tenants for adapting, again, to new operating rules.
Our results reflect our tenants’ tenacity with 99% of rent collected in both the quarter and year-to-date. However, the long-term impact of restrictions and the eventual cessation of government support programs is yet to be seen.
We have been pleased with the volume of new leasing activity across the portfolio. We have signed 114,358 sf of new and 179,164 sf of renewed leasing (including holdovers) and retained 80.0% of expiring leases year-to-date. We have commitment on an additional 57,000 sf of future renewals and 25,000 sf in new deals. While the market is slightly soft, activity and opportunity across our portfolio in all asset classes continues.
https://www.globenewswire.com/news-release/2021/11/02/2325942/0/en/Melcor-REIT-announces-third-quarter-2021-results.html