EDMONTON, Alberta, Aug. 19, 2021 (GLOBE NEWSWIRE) —
Melcor Real Estate Investment Trust (Melcor REIT – TSX: MR.UN) has been advised by Melcor Developments Ltd. (Melcor) that Darin Rayburn will be retiring from his position of President & CEO of Melcor on December 31, 2021. As a result, Melcor will be recommending a new CEO for the REIT.
Ralph Young, Chair of the REIT commented on behalf of the REIT Trustees: “It is with regret that we learned of the planned retirement of Darin Rayburn, to be effective December 31, 2021.
The REIT board is exceptionally grateful to Darin for his instrumental role in the REIT’s formation and initial public offering (IPO) in May of 2013. Darin has had a significant impact on the REIT since inception as our founding CEO, Trustee, Melcor CEO and current REIT CEO. At IPO, the REIT owned 1.57 million sf of commercial property with an asset value of $397,000,000 compared to 3.22 million sf with an asset value of $728,000,000 at the end of Q2-2021, impressive growth given the economic and business volatility in the markets where the REIT has operated.
The REIT board is pleased that Darin will continue in his CEO role for the REIT until his retirement. The REIT board will work closely with Melcor to name a successor in the months ahead, to ensure an effective transition in leadership.
On behalf of the REIT board, I wish to thank Darin for his many contributions to our business success and for his loyal and dedicated service to the Trust and its unitholders. We wish him the very best in his future endeavours.”
Darin Rayburn commented: “I’ve greatly enjoyed the 8+ years spent with the REIT in addition to 19 great years at Melcor and consider the formation of the REIT, in conjunction with my colleagues, one of my greatest accomplishments. It was a difficult decision, but the time is right for me to retire to pursue personal interests. The last two years have been the most challenging, yet most rewarding years of my career. I’m so proud of our team and what we have achieved while under significant pressure outside of our control. I’m grateful to have had the opportunity to serve as the REIT’s leader and for the relationships built with team members, tenants, partners, unitholders and all stakeholders. My retirement will allow new leadership for the future as we adjust to a post-pandemic business world.”
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: Contact Information: Nicole Forsythe Director, Corporate Communications Tel: 780-945-4707 ir@melcorREIT.ca