Melcor REIT Response to Press Release Issued Today by Firm Capital

FOR IMMEDIATE DISTRIBUTION. NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES.

EDMONTON, Alberta, Nov. 23, 2020 (GLOBE NEWSWIRE) — In response to the press release issued today by FC Private Equity Realty Management Corp. (“Firm Capital“), Melcor Real Estate Investment Trust (TSX:MR.UN) (“Melcor REIT“) would advise as follows:

1. The Board of Trustees confirms its commitment to preserve and maximize value for all Unitholders.
2. Melcor REIT confirms that the first it has been made aware of the November 4^th, 2020 letter from Firm Capital was today.
3. Melcor REIT and its Board of Trustees will consider the substance of the November 4^th, 2020 letter from Firm Capital and respond appropriately in due course.
4. Melcor REIT and its Board of Trustees will continue to act in the best interests of all Unitholders, including Melcor Developments Ltd. (“MDL“), noting that the interests of all Unitholders are completely aligned.

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 3.21 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.

Forward-Looking Statements

This press release may contain forward‐looking information within the meaning of applicable securities legislation, which reflects the REIT’s current expectations regarding future events. Forward‐looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT’s control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward‐looking information. Such risks and uncertainties include, but are not limited to, general and local economic and business conditions; the financial condition of tenants; the REIT’s ability to refinance maturing debt; leasing risks, including those associated with the ability to lease vacant space; and interest rate fluctuations. The REIT’s objectives and forward‐looking statements are based on certain assumptions, including that the general economy remains stable, interest rates remain stable, conditions within the real estate market remain consistent, competition for acquisitions remains consistent with the current climate and that the capital markets continue to provide ready access to equity and/or debt. All forward‐looking information in this press release speaks as of the date of this press release. The REIT does not undertake to update any such forward‐looking information whether as a result of new information, future events or otherwise.

Additional information about these assumptions and risks and uncertainties is contained in the REIT’s filings with securities regulators.

Contact Information:Investor RelationsNicole ForsytheTel: 780.945.4707Tel:1.855.673.6931 (x4707)