Melcor REIT (TSX: MR.UN) today announced results for the second
quarter ended June 30, 2023. Revenue was stable at $18.12
million in the quarter and $37.11 million year-to-date. Second
quarter same-asset NOI was up 4% to $11.02 million and was up 1%
year-to-date at $21.92 million. In-place occupancy currently sits
at 87% with committed occupancy at 89%.
Andrew Melton, CEO of Melcor REIT commented: "I'm
pleased to report another quarter of stable results for the REIT.
We continue to be encouraged with progress we are making on new and
renewed leasing, and have achieved a 92% retention rate to date in
2023. We believe our leasing efforts will show benefits in the
quarters to come.
The REIT is experiencing many of the same current
challenges of the real estate industry including escalating
financing costs, increasing inflation in operating and leasing
costs, occupancy and leasing challenges in office space, and
increasing capitalization rates impacting valuations and
financing.
During the quarter we listed our Saskatchewan
properties for sale as part of a strategic decision to focus on our
Alberta markets. The sale of these properties would serve to reduce
the REIT's operating loan providing additional liquidity for future
opportunities. We remain committed on achieving value for our
unitholders and believe these assets can be sold at a price that is
reflective of current market conditions."
HIGHLIGHTS:We continue to focus
efforts on leasing and completed 48,767 sf of new leasing and
418,132 sf in renewals and holdovers year-to-dater for a 92%
retention rate. Occupancy remains strong at 87% with commitment on
an additional 40,158 sf bringing committed occupancy up to 89%.
Weighted average base rents (WABR) improved 2% since year end
despite challenging market conditions. Our portfolio produced
stable results in the second quarter despite rising costs and
inflationary pressures in all our markets.
Retail properties continue to anchor our portfolio,
and have seen slight improvements in both occupancy and WABR
compared to last year. Retail represents 44% of our total GLA and
61% of net rental income in Q2-2023. Our office properties continue
to navigate downward pressure on rental rates and an increase in
supply in some of our key geographic areas, specifically our
Edmonton office properties which have seen an increase in new
development of office space in recent years.
We remain prudently focussed on identifying
opportunities to strategically acquire or dispose of assets, with
intentionality around pruning non-core assets. In Q1-2023, we sold
Kelowna Business Centre for $19.50 million. This was an
opportunistic sale that enabled the REIT to pay down our line of
credit while also achieving a good return on investment for
unitholders. In Q2-2023, we listed our five Saskatchewan properties
for sale. Under International Financial Reporting Standards (IFRS),
this required a balance sheet reclassification of the three retail
properties as assets held for sale and the exclusion of these
properties from our same-asset NOI calculations. These properties
have a combined 198,000 sf and were listed for sale due to their
geographic location as part of a strategic decision to focus on our
Alberta markets. The asset sales would generate net cash proceeds
which would be used to pay down the revolving credit facility.
In the quarter and year-to-date, rental revenue
remained steady, with net rental consistent over Q2-2022 and a
slight decrease of 2% year-to-date, due to the amortization of
tenant incentives recognized in the period. Comparative to Q2-2022,
NOI increased 3%, and is consistent year-to-date. Our same-asset
NOI calculations normalize out Kelowna Business Center, which was
sold in 2023, as well as assets held for sale, and is up 1%
year-to-date and 4% in the quarter. NOI variance is largely due to
the timing of operating expenses and increased utility costs
including gas/heat and power, offset by the recovery revenues
collected.
We adjusted our normalized capital expenditures
estimates at the end of 2022 to account for increases realized in
the past and projections for future spend required to properly
manage our assets to attract and retain tenants. This increase in
estimate resulted in a reduction in the quarter and year to date to
both adjusted funds from operations, which was down 6% in the
quarter and down 16% year-to-date, as well as adjusted cash from
operations which was down 7% in the quarter and 17% year to date.
These reductions had an inverse effect on our payout ratios, which
have gone up in both the quarter and year-to-date.
FINANCIAL HIGHLIGHTSFinancial
highlights of our performance are summarized below.
Second quarter:
- Revenue remained stable at $18.12
million (Q2-2022: $18.15 million)
- NOI was up 3% at $11.69 million
(Q2-2022: $11.39 million)
- FFO was up 1% to $6.17 million or
$0.21 per unit (Q2-2022: $6.11 million or $0.21 per unit)
- ACFO was down 7% at $4.20 million or
$0.14 per unit (Q2-2022: $4.51 million or $0.15 per unit) for a
quarterly payout ratio of 83% based on ACFO (Q2-2022: 77%)
Year-to-date:
- Revenue remained stable at $37.11
million (2022: $37.12 million)
- NOI remained stable at
$23.21 million (2022: $23.25 million)
- FFO was down 4% at $12.18 million
or $0.42 per unit (Q2-2022: $12.64 million or $0.43 per
unit)
- ACFO was down 17% at
$7.97 million or $0.27 per unit (Q2-2022: $9.57 million
or $0.33 per unit) for a year-to-date payout ratio of 88% based on
ACFO (2022: 73%)
As at June 30, 2023 we had $3.18 million in
cash and $8.60 million in undrawn liquidity under our revolving
credit facility. In the quarter, we paid out one mortgage using our
revolving credit facility for $4.00 million, and paid out $14.26
million of one of our Class C mortgages with $12.74 million in
proceeds from a new mortgage signed in the quarter at a rate of
4.62% over a five year term, with the remaining balance paid out
using our revolving credit facility.
Management believes FFO best reflects our true
operating performance and ACFO best reflects our cash flow and
therefore our ability to pay distributions. Net income in the
current and comparative period is significantly impacted by the
non-cash fair value adjustments described above and thus not a
meaningful metric to assess financial performance.
OPERATING HIGHLIGHTSWe are pleased
with the volume of new leasing activity across our portfolio.
Leasing in the quarter includes 466,899 sf of new and renewed
leases (including holdovers) and we have retained 92% of expiring
leases. Future leasing is promising, with commitments on an
additional 40,158 sf in new deals which would bring committed
occupancy up to 89%. Leasing efforts yielded a WABR increase of 2%
across the portfolio in Q2-2023, which will help offset rising
costs.
DISTRIBUTIONSOur monthly
distributions remained at $0.04 per unit, stable over year-end. The
quarterly payout ratio was 83% (88% year-to-date) based on ACFO and
57% (57% year-to-date) based on FFO.
SUBSEQUENT EVENTOn July 14, 2023
we declared a distribution of $0.04 per unit payable on August 15,
2023 to unitholders on record on July 31, 2023.
Non-standard KPI's:
|
Three months ended June 30 |
|
Six months ended June 30 |
|
($000's) |
|
2023 |
|
|
2022 |
|
Δ% |
|
2023 |
|
|
2022 |
|
Δ% |
NOI1 |
|
11,689 |
|
|
11,391 |
|
3 |
|
|
23,211 |
|
|
23,246 |
|
— |
|
Same-asset NOI1 |
|
11,019 |
|
|
10,564 |
|
4 |
|
|
21,920 |
|
|
21,648 |
|
1 |
|
FFO1 |
|
6,173 |
|
|
6,108 |
|
1 |
|
|
12,181 |
|
|
12,638 |
|
(4 |
) |
AFFO1 |
|
4,081 |
|
|
4,352 |
|
(6 |
) |
|
7,740 |
|
|
9,263 |
|
(16 |
) |
ACFO1 |
|
4,198 |
|
|
4,506 |
|
(7 |
) |
|
7,974 |
|
|
9,571 |
|
(17 |
) |
Rental revenue |
|
18,123 |
|
|
18,154 |
|
— |
|
|
37,113 |
|
|
37,119 |
|
— |
|
Income before fair value adjustments1 |
|
3,245 |
|
|
3,267 |
|
(1 |
) |
|
6,260 |
|
|
6,961 |
|
(10 |
) |
Fair value adjustment on investment properties2 |
|
(7,830 |
) |
|
(5,540 |
) |
nm |
|
|
(9,416 |
) |
|
(9,202 |
) |
nm |
|
Cash flows from operations |
|
3,087 |
|
|
2,430 |
|
27 |
|
|
4,969 |
|
|
6,723 |
|
(26 |
) |
Distributions paid to unitholders |
|
1,555 |
|
|
1,556 |
|
— |
|
|
3,111 |
|
|
3,112 |
|
— |
|
Distributions paid3 |
$0.12 |
|
$0.12 |
|
— |
|
$0.24 |
|
$0.24 |
|
— |
|
- Non-GAAP financial
measure. Refer to the Non-GAAP and Non-Standard Measures section
for further information.
- The abbreviation nm is shorthand for
not meaningful and is used through this MD&A where
appropriate.
- Distributions have
been paid out at $0.04 per unit per month since August 2021.
Operational Highlights:
|
June 30, 2023 |
December 31, 2022 |
Δ% |
Number of properties |
|
38 |
|
|
39 |
|
(3 |
) |
GLA (sf) |
|
3,148,015 |
|
|
3,216,141 |
|
(2 |
) |
Occupancy (weighted by GLA) |
|
87.2 |
% |
|
88.1 |
% |
— |
|
Retention (weighted by GLA) |
|
92.2 |
% |
|
86.1 |
% |
11 |
|
Weighted average remaining lease term (years) |
|
4.08 |
|
|
4.25 |
|
(11 |
) |
Weighted average base rent (per sf) |
$16.80 |
|
$16.55 |
|
1 |
|
Per Unit Metrics:
|
Three months ended June 30 |
|
Six months ended June 30 |
|
|
|
2023 |
|
|
2022 |
|
Δ% |
|
2023 |
|
|
2022 |
|
Δ% |
Per Unit Metrics |
|
|
|
|
|
|
Net income (loss) |
|
|
|
|
|
|
Basic |
$0.56 |
|
$1.39 |
|
|
$0.84 |
|
$0.89 |
|
|
Diluted |
($0.05 |
) |
$0.11 |
|
|
$0.04 |
|
$0.20 |
|
|
Weighted average number of units for net income (loss)
(000s):1 |
|
|
|
|
Basic |
|
12,963 |
|
|
12,963 |
|
— |
|
|
12,963 |
|
|
12,964 |
|
— |
|
Diluted |
|
29,088 |
|
|
29,088 |
|
— |
|
|
29,088 |
|
|
29,089 |
|
— |
|
FFO |
|
|
|
|
|
|
Basic2 |
$0.21 |
|
$0.21 |
|
|
$0.42 |
|
$0.43 |
|
|
Diluted2 |
$0.20 |
|
$0.20 |
|
|
$0.40 |
|
$0.42 |
|
|
Payout ratio2 |
|
57 |
% |
|
57 |
% |
|
|
57 |
% |
|
56 |
% |
|
AFFO |
|
|
|
|
|
|
Basic 2 |
$0.14 |
|
$0.15 |
|
|
$0.27 |
|
$0.32 |
|
|
Payout ratio2 |
|
86 |
% |
|
80 |
% |
|
|
90 |
% |
|
75 |
% |
|
ACFO |
|
|
|
|
|
|
Basic2 |
$0.14 |
|
$0.15 |
|
|
$0.27 |
|
$0.33 |
|
|
Payout ratio2 |
|
83 |
% |
|
77 |
% |
|
|
88 |
% |
|
73 |
% |
|
Weighted average number of units for FFO, AFFO and ACFO
(000s):3 |
|
|
|
|
Basic |
|
29,088 |
|
|
29,088 |
|
— |
|
|
29,088 |
|
|
29,089 |
|
— |
|
Diluted |
|
34,257 |
|
|
36,255 |
|
(6 |
) |
|
34,257 |
|
|
36,255 |
|
(6 |
) |
- For the purposes of
calculating per unit net income the basic weighted average number
of units includes Trust Units and the diluted weighted average
number of units includes Class B LP Units and convertible
debentures, to the extent that their impact is dilutive.
- Non-GAAP ratio. Refer to the Non-GAAP
and Non-Standard Measures section for further information.
- For the purposes of calculating per
unit FFO, AFFO and ACFO the basic weighted average number of units
includes Trust Units and Class B LP Units.
Balance Sheet Highlights:
|
June 30, 2023 |
December 31, 2022 |
Δ% |
Total assets ($000s) |
702,881 |
|
730,769 |
|
(4 |
) |
Equity at historical cost ($000s)1 |
288,196 |
|
288,196 |
|
— |
|
Indebtedness ($000s)2 |
420,362 |
|
440,688 |
|
(5 |
) |
Weighted average interest rate on debt |
4.16 |
% |
4.01 |
% |
4 |
|
Debt to GBV, excluding convertible debentures (maximum threshold -
60%)3 |
50 |
% |
51 |
% |
(2 |
) |
Debt to GBV (maximum threshold - 65%)3 |
56 |
% |
57 |
% |
(2 |
) |
Finance costs coverage ratio4 |
2.26 |
|
2.32 |
|
(3 |
) |
Debt service coverage ratio5 |
1.93 |
|
1.88 |
|
3 |
|
- Calculated as the sum of trust units
and Class B LP Units at their historical cost value. In accordance
with IFRS the Class B LP Units are presented as a financial
liability in the consolidated financial statements. Please refer to
page 11 for calculation of Equity at historical cost.
- Calculated as the sum of total amount
drawn on revolving credit facility, mortgages payable, Class C LP
Units and convertible debentures, excluding unamortized discount
and transaction costs. Please refer to page 11 for calculation of
Indebtedness.
- Debt to GBV is a Non-GAAP ratio. Refer
to the Non-GAAP and Non-Standard Measures section for further
information.
- Non-GAAP financial ratio. Calculated
as the sum of FFO and finance costs; divided by finance costs,
excluding distributions on Class B LP Units and fair value
adjustment on derivative instruments. This metric is not calculated
for purposes of covenant compliance on any of our debt facilities.
Please refer to Non-GAAP and Non-Standard Measures section for
further information.
- Non-GAAP financial ratio. Calculated
as FFO; divided by sum of contractual principal repayments on
mortgages payable and distributions of Class C LP Units, excluding
amortization of fair value adjustment on Class C LP Units. This
metric is not calculated for purposes of covenant compliance on any
of our debt facilities. Please refer to Non-GAAP and Non-Standard
Measures section for further information.
MD&A and Financial
StatementsInformation included in this press release is a
summary of results. This press release should be read in
conjunction with the REIT's Q2-2023 quarterly report to
unitholders. The REIT’s consolidated financial statements and
management’s discussion and analysis for the three-months ended
June 30, 2023 can be found on the REIT’s website at
www.MelcorREIT.ca or on SEDAR (www.sedar.com).
Conference Call &
WebcastUnitholders and interested parties are invited to
join management on a conference call to be held July 28, 2023 at
11:00 AM ET (9:00 AM MT). Call 416-915-3239 in the Toronto area;
1-800-319-4610 toll free.
The call will also be webcast (listen only) at
https://www.gowebcasting.com/12635. A replay of the call will be
available at the same URL shortly after the call is concluded.
About Melcor REITMelcor 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 Canadian
markets. Its portfolio is currently made up of interests in 38
properties representing approximately 3.15 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.
Non-GAAP and Non-standard
MeasuresNOI, FFO, AFFO and ACFO are key measures of
performance used by real estate operating companies; however, they
are not defined by International Financial Reporting Standards
(IFRS), do not have standard meanings and may not be comparable
with other industries or income trusts. These non-IFRS measures are
defined and discussed in the REIT’s MD&A for the quarter ended
June 30, 2023, which is available on SEDAR at
www.sedar.com.
Finance costs coverage ratio:
Finance costs coverage ratio is a non-GAAP ratio and is calculated
as FFO plus finance costs for the period divided by finance costs
expensed during the period excluding distributions on Class B LP
Units and fair value adjustment on derivative instruments.
Debt service coverage ratio: Debt
service coverage ratio is a non-GAAP ratio and is calculated as FFO
for the period divided by principal repayments on mortgages payable
and Class C LP Units made during the period.
Debt to Gross Book Value: Debt to
GBV is a non-GAAP ratio and is calculated as the sum of total
amount drawn on revolving credit facility, mortgages payable, Class
C LP Units, excluding unamortized fair value adjustment on Class C
LP Units, liability held for sale (as applicable) and convertible
debenture, excluding unamortized discount and transaction costs
divided by GBV. GBV is calculated as the total assets acquired in
the Initial Properties, subsequent asset purchases and development
costs less dispositions.
Income before fair value adjustment and
taxes: Income before fair value adjustment and income
taxes is a non-GAAP financial measure and is calculated as net
income excluding fair value adjustments for Class B LP Units,
investment properties and derivative instruments.
|
Three months ended June 30 |
|
Six months ended June 30 |
|
($000s) |
2023 |
|
2022 |
|
Δ% |
2023 |
|
2022 |
|
Δ% |
Net income for the period |
7,198 |
|
18,059 |
|
|
10,854 |
|
11,521 |
|
|
Fair value adjustment on Class B LP Units |
(10,643 |
) |
(16,770 |
) |
|
(13,546 |
) |
(9,675 |
) |
|
Fair value adjustment on investment properties |
7,830 |
|
5,540 |
|
|
9,416 |
|
9,202 |
|
|
Fair value adjustment on derivative instruments |
(1,140 |
) |
(3,562 |
) |
|
(464 |
) |
(4,087 |
) |
|
Income before fair value adjustment and taxes |
3,245 |
|
3,267 |
|
(1 |
) |
6,260 |
|
6,961 |
|
(10 |
) |
Fair value of investment
properties: Fair value of investment properties in the
Property Profile and Regional Analysis sections of the MD&A is
a supplementary financial measure and is calculated as the sum of
the balance sheet balances for investment properties and other
assets (TIs and SLR).
NOI Reconciliation:
|
Three months ended June 30 |
|
Six months ended June 30 |
|
($000s) |
2023 |
|
2022 |
|
Δ% |
2023 |
|
2022 |
|
Δ% |
Net income for the period |
7,198 |
|
18,059 |
|
|
10,854 |
|
11,521 |
|
|
Net
finance costs |
5,492 |
|
2,985 |
|
|
13,012 |
|
8,934 |
|
|
Fair
value adjustment on Class B LP Units |
(10,643 |
) |
(16,770 |
) |
|
(13,546 |
) |
(9,675 |
) |
|
Fair
value adjustment on investment properties |
7,830 |
|
5,540 |
|
|
9,416 |
|
9,202 |
|
|
General
and administrative expenses |
736 |
|
810 |
|
|
1,515 |
|
1,598 |
|
|
Amortization of tenant incentives |
993 |
|
906 |
|
|
2,051 |
|
1,807 |
|
|
Straight-line rent adjustment |
83 |
|
(139 |
) |
|
(91 |
) |
(141 |
) |
|
NOI |
11,689 |
|
11,391 |
|
3 |
23,211 |
|
23,246 |
|
— |
Same-asset Reconciliation:
|
Three months ended June 30 |
|
Six months ended June 30 |
|
($000s) |
2023 |
|
2022 |
|
Δ% |
2023 |
|
2022 |
|
Δ% |
Same-asset NOI |
11,019 |
|
10,564 |
|
4 |
21,920 |
|
21,648 |
|
1 |
|
Disposals |
670 |
|
827 |
|
|
1,291 |
|
1,598 |
|
|
NOI1 |
11,689 |
|
11,391 |
|
3 |
23,211 |
|
23,246 |
|
— |
|
Amortization of tenant incentives |
(993 |
) |
(906 |
) |
|
(2,051 |
) |
(1,807 |
) |
|
SLR adjustment |
(83 |
) |
139 |
|
|
91 |
|
141 |
|
|
Net rental income |
10,613 |
|
10,624 |
|
— |
21,251 |
|
21,580 |
|
(2 |
) |
FFO & AFFO Reconciliation:
|
Three months ended June 30 |
|
Six months ended June 30 |
|
($000s, except per unit amounts) |
|
2023 |
|
|
2022 |
|
Δ% |
|
2023 |
|
|
2022 |
|
Δ% |
Net income for the period |
|
7,198 |
|
|
18,059 |
|
|
|
10,854 |
|
|
11,521 |
|
|
Add / (deduct) |
|
|
|
|
|
|
Fair value adjustment on investment properties |
|
7,830 |
|
|
5,540 |
|
|
|
9,416 |
|
|
9,202 |
|
|
Fair value adjustment on Class B LP Units |
|
(10,643 |
) |
|
(16,770 |
) |
|
|
(13,546 |
) |
|
(9,675 |
) |
|
Amortization of tenant incentives |
|
993 |
|
|
906 |
|
|
|
2,051 |
|
|
1,807 |
|
|
Distributions on Class B LP Units |
|
1,935 |
|
|
1,935 |
|
|
|
3,870 |
|
|
3,870 |
|
|
Fair value adjustment on derivative instruments |
|
(1,140 |
) |
|
(3,562 |
) |
|
|
(464 |
) |
|
(4,087 |
) |
|
FFO1 |
|
6,173 |
|
|
6,108 |
|
1 |
|
|
12,181 |
|
|
12,638 |
|
(4 |
) |
Deduct |
|
|
|
|
|
|
Straight-line rent adjustments |
|
83 |
|
|
(139 |
) |
|
|
(91 |
) |
|
(141 |
) |
|
Normalized capital expenditures |
|
(750 |
) |
|
(588 |
) |
|
|
(1,500 |
) |
|
(1,176 |
) |
|
Normalized tenant incentives and leasing commissions |
|
(1,425 |
) |
|
(1,029 |
) |
|
|
(2,850 |
) |
|
(2,058 |
) |
|
AFFO |
|
4,081 |
|
|
4,352 |
|
(6 |
) |
|
7,740 |
|
|
9,263 |
|
(16 |
) |
FFO/Unit |
$ |
0.21 |
|
$ |
0.21 |
|
|
$ |
0.42 |
|
$ |
0.43 |
|
|
AFFO/Unit |
$ |
0.14 |
|
$ |
0.15 |
|
|
$ |
0.27 |
|
$ |
0.32 |
|
|
Weighted average number of units (000s):1 |
|
29,088 |
|
|
29,088 |
|
— |
|
|
29,088 |
|
|
29,089 |
|
— |
|
- For the purposes of
calculating per unit FFO and AFFO, the basic weighted average
number of units includes Trust Units and Class B LP Units.
ACFO Reconciliation:
|
Three months ended June 30 |
|
Six months ended June 30 |
|
($000s, except per unit amounts) |
|
2023 |
|
|
2022 |
|
Δ% |
|
2023 |
|
|
2022 |
|
Δ% |
Cash flows from operations |
|
3,087 |
|
|
2,430 |
|
27 |
|
|
4,969 |
|
|
6,723 |
|
(26 |
) |
Distributions on Class B LP Units |
|
1,935 |
|
|
1,935 |
|
|
|
3,870 |
|
|
3,870 |
|
|
Actual payment of tenant incentives and direct leasing costs |
|
1,046 |
|
|
2,188 |
|
|
|
3,001 |
|
|
3,921 |
|
|
Changes in operating assets and liabilities |
|
601 |
|
|
(139 |
) |
|
|
1,133 |
|
|
(1,067 |
) |
|
Amortization of deferred financing fees |
|
(296 |
) |
|
(291 |
) |
|
|
(649 |
) |
|
(642 |
) |
|
Normalized capital expenditures |
|
(750 |
) |
|
(588 |
) |
|
|
(1,500 |
) |
|
(1,176 |
) |
|
Normalized tenant incentives and leasing commissions |
|
(1,425 |
) |
|
(1,029 |
) |
|
|
(2,850 |
) |
|
(2,058 |
) |
|
ACFO |
|
4,198 |
|
|
4,506 |
|
(7 |
) |
|
7,974 |
|
|
9,571 |
|
(17 |
) |
|
|
|
|
|
|
|
ACFO/Unit |
$ |
0.14 |
|
$ |
0.15 |
|
|
$ |
0.27 |
|
$ |
0.33 |
|
|
|
|
|
|
|
|
|
Weighted average number of units (000s)1 |
|
29,088 |
|
|
29,088 |
|
— |
|
|
29,088 |
|
|
29,089 |
|
— |
|
- The
diluted weighted average number of units includes Trust Units,
Class B LP Units and convertible debentures.
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:
Tel: 1.855.673.6931 Em: ir@melcorREIT.ca
Melcor Real Estate Inves... (TSX:MR.UN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Melcor Real Estate Inves... (TSX:MR.UN)
Historical Stock Chart
From Jul 2023 to Jul 2024