EDMONTON, Alberta, April 17, 2020 (GLOBE NEWSWIRE) — Melcor Real Estate Investment Trust (TSX:MR.UN) (the REIT) today announced an operations update as well as a change to the Q1 earnings date and AGM details.
The REIT announced that as of today, it has collected 71% of April rents. By asset class, Retail tenants paid 58% of their total rent due, Office tenants paid 79%, Industrial tenants paid 99% and we received 100% of rents in our residential property.
Darin Rayburn, President & CEO commented: âWe are proactively working with tenants on a case by case basis and making arrangement for deferrals where appropriate, depending on the tenantâs financial need and potential to access government relief programs. As such, we want to caution unitholders that April rent collections may not be representative of collections going forward.
We are all in this together. We see ourselves as partners with our clients and our main objective is to help each other survive and thrive when the COVID-19 impact on the economy levels out.â
Q1 EARNINGS & CONFERENCE CALL
The REITâs first quarter earnings results will be available May 14, 2020 after market close. We invite you to join management on a conference call the following morning at 11:00 am ET (9:00 am MT) on May 15.
Toronto area: 416-915-3239
Toll free: 1-800-319-4610
The call will also be webcast (listen only) at www.gowebcasting.com/10536. A replay of the call will be available at the same URL shortly after the call is concluded.
ANNUAL GENERAL MEETING
As previously announced, the REIT will hold its Annual General Meeting on June 25, 2020 at 9:30 am. The AGM will be webcast only. Unfortunately we have cancelled the in-person elements of the AGM due to COVID-19 and our responsibility to stop the spread. No physical meeting will be held and unitholders will not be able to attend the meeting in-person. No trustees or management will be at the meeting, other than the minimum people required to run the meeting. We plan to only conduct the formal business of the AGM.
Unitholders will need to vote their units in advance of the meeting as a live vote will not be possible. We provide several ways to vote including by telephone, online and by mail. Specific instructions will be included in the package that all unitholders will receive in May.
Votes must be received by the REITâs transfer agent, AST Trust Company of Canada, no later than June 23, 2020.
Unitholders can join the June 25 AGM via webcast at http://www.gowebcasting.com/10533. A replay of the AGM will also be available at this URL shortly after the call is concluded.
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 RelationsNicole ForsytheTel: 780.945.4707Tel:1.855.673.6931 (x4707)