EDMONTON, Alberta, April 01, 2020 (GLOBE NEWSWIRE) -- Melcor Real Estate Investment Trust (TSX:MR.UN) (the REIT) announced today that it is postponing its annual general meeting (AGM) until June 25, 2020 in response to the COVID-19 pandemic and the current restriction on gatherings of larger than fifteen people in Alberta.
Darin Rayburn, President and Chief Executive Officer of Melcor REIT commented: “Delaying our annual general meeting in the rapidly evolving COVID-19 environment is another of the measured and intentional actions we are taking to both stop the spread of the virus and position the REIT to respond with agility to the potential economic impact on our business and those of our clients and stakeholders. Tenants in our retail developments are a mix of essential services such as national grocers, gas stations and pharmacies and businesses that have been shut down by the government of Alberta, such as smaller local service providers. Retail property rental revenue comprised 46% of the REIT’s total rental revenue in 2019.
We are continuing to monitor the situation and respond accordingly. We will continue to keep all stakeholders informed and appreciate your ongoing support.”
On March 20, the REIT announced a 47% cut to its April distribution, payable May 15, to improve our ability to manage the potential for a sudden reduction in the amount of rent we are able to collect until government funding and support program details become available.
On March 25, Melcor Developments Ltd. (Melcor), the REIT’s Property and Asset Manager, announced additional measures in light of COVID-19. These measures will not have a material impact on the REIT. The majority of team members involved in Melcor’s temporary layoffs did not support the REIT and we do not anticipate any change in Melcor’s ability to manage our properties or continue to provide signature care to our tenants. The REIT has also deferred capital spending of approximately $1.3 million planned for 2020.
Further details about the REIT’s AGM and how it will be handled in this new environment will be made available at a later date.
About Melcor REIT
Melcor REIT is an unincorporated, open-ended real estate investment trust. Melcor REIT owns, acquires, manages and leases quality retail, office and industrial income-generating properties in Western Canada. Its portfolio is currently made up of interests in 39 properties representing approximately 3.2 million square feet of gross leasable area located across Alberta and in Regina, Saskatchewan and Kelowna, British Columbia. For more information, please visit www.melcorREIT.ca.
Contact Information: Investor Relations Nicole Forsythe Tel: 780.945.4707 Tel:1.855.673.6931 (x4707) ir@melcorREIT.ca
