Melcor REIT (TSX: MR.UN) today announced results for the third
quarter ended September 30, 2023. The third quarter Management
Discussion & Analysis and Condensed Interim Financial
Statements are available on our website (www.MelcorREIT.ca) under
Financial Reports, or on SEDAR+ (www.sedarplus.ca)
Andrew Melton, CEO of Melcor REIT commented: "We are pleased to
report stable third quarter results despite challenging market
conditions. Our property management group remains dedicated to our
existing tenants and providing best-in-class service and our
leasing teams efforts have helped to increase in-place occupancy to
89% and committed occupancy to 91%. Efforts to improve occupancy
are expected to yield benefits in the quarters to come as tenants
occupy space and start paying rent and operating costs.
We continue to navigate challenges such as escalating financing
costs, continued inflation impacting operating and leasing costs,
and challenges within our office space portfolio. We remain focused
on retaining current tenants and leasing up vacant space to help
combat these rising costs. We expect to see continuing pressure on
operating cash flow resulting from reductions in office lease
rates, higher tenant incentives, increasing operating costs and
continuing higher financing costs.
Earlier in the year, we listed our Saskatchewan properties for
sale as part of a strategic decision to focus on our Alberta
markets and create additional liquidity for future opportunities
and to focus on remaining assets and financial resilience. We have
seen interest on these asset listings, and sales efforts
continue."
FINANCIAL HIGHLIGHTS:Financial highlights of
our performance are summarized below.
Third quarter:
- Revenue was up 1% at $18.29 million (Q3-2022: $18.19
million)
- Net operating income (NOI) was up 2% at $11.89 million
(Q3-2022: $11.61 million)
- Funds from operations (FFO) was down 4% to $6.03 million or
$0.21 per unit (Q3-2022: $6.31 million or $0.22 per unit)
- Adjusted cash flows from operations (ACFO) was down 14% at
$3.99 million or $0.14 per unit (Q3-2022: $4.62 million or $0.16
per unit) for a quarterly payout ratio of 88% based on ACFO
(Q3-2022: 76%)
Year-to-date:
- Revenue remained stable at $55.40 million (2022:
$55.31 million)
- Net operating income (NOI) remained stable at
$35.11 million (2022: $34.86 million)
- Funds from operations (FFO) was down 4% at $18.22 million
or $0.63 per unit (2022: $18.94 million or $0.65 per
unit)
- Adjusted cash flows from operations (ACFO) was down 16% at
$11.96 million or $0.41 per unit (2022: $14.19 million or
$0.49 per unit) for a year-to-date payout ratio of 88% based on
ACFO (2022: 74%)
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 non-cash fair value
adjustments and thus not a meaningful metric to assess financial
performance.
In the quarter rental revenue was up 1% and has remained stable
year-to-date. Net rental was consistent over Q3-2022 and has
decreased 1% year-to-date, due to swings in amortization of tenant
incentives compared to 2022. We saw a 2% increase in NOI in the
quarter and a 1% increase year-to-date. Our same-asset NOI
calculations, which normalize out Kelowna Business Center, which
was sold in 2023, as well as assets held for sale, is up 4% in the
quarter and 2% year-to-date.
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 13% in the quarter and down
15% year-to-date, as well as adjusted cash from operations which
was down 14% in the quarter and 16% 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.
OPERATIONAL HIGHLIGHTS:We continue to focus
efforts on leasing and completed 89,622 sf of new leasing and
458,229 sf in renewals and holdovers year-to-date for a 92%
retention rate. Occupancy remains strong at 89% with commitment on
an additional 67,930 sf bringing committed occupancy up to 91%.
Weighted average base rents (WABR) improved 2% since year-end
despite challenging market conditions and our weighted average
lease term remaining increased 2% to 4.33 years. Our portfolio
produced stable results in the third 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 as at
September 30, 2023 and 60% of net rental income for the nine
months ended September 30, 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 are actively seeking strategic opportunities, aiming to focus
on our core assets. In Q1-2023, we sold the Kelowna Business Centre
for $19.50 million, benefiting our investors and reducing our line
of credit. During the year, we also reclassified three retail
properties in Saskatchewan as assets held for sale as we shift
focus to our Alberta markets.
DISTRIBUTIONS:In the nine months ended
September 30, 2023 our monthly distributions remained at $0.04
per unit, stable over year-end. The quarterly payout ratio was 88%
(88% year-to-date) based on ACFO and 58% (57% year-to-date) based
on FFO. Distributions to unit holders and distributions on Class B
LP Units are recorded in the period they are declared to
unitholders. In August 2022, REIT declared distributions up to
October 2022, and thus the comparative quarter and year-to-date
finance costs and distributions to unitholders include four and ten
months of distributions. The current period would only include
three and nine months in the quarter and year-to-date. This
additional month of distributions is non-cash and adjusted for in
FFO, AFFO and ACFO calculations.
SUBSEQUENT EVENT:On October 16, 2023 we
declared a distribution of $0.04 per unit payable on November 15,
2023 to unitholders on record on October 31, 2023.
KPI's:
|
|
Three months ended September 30 |
|
Nine months ended September 30 |
|
|
($000's) |
|
2023 |
|
|
2022 |
|
Δ% |
|
2023 |
|
|
2022 |
|
Δ% |
|
NOI1 |
|
11,894 |
|
|
11,613 |
|
2 |
|
|
35,105 |
|
|
34,859 |
|
1 |
|
|
Same-asset NOI1 |
|
11,168 |
|
|
10,729 |
|
4 |
|
|
33,088 |
|
|
32,377 |
|
2 |
|
| FFO1 |
|
6,034 |
|
|
6,306 |
|
(4 |
) |
|
18,215 |
|
|
18,944 |
|
(4 |
) |
|
AFFO1 |
|
3,871 |
|
|
4,464 |
|
(13 |
) |
|
11,611 |
|
|
13,727 |
|
(15 |
) |
|
ACFO1 |
|
3,989 |
|
|
4,623 |
|
(14 |
) |
|
11,963 |
|
|
14,194 |
|
(16 |
) |
| Rental
revenue |
|
18,285 |
|
|
18,189 |
|
1 |
|
|
55,398 |
|
|
55,308 |
|
— |
|
| Income
before fair value adjustments1 |
|
3,131 |
|
|
2,770 |
|
13 |
|
|
9,391 |
|
|
9,731 |
|
(3 |
) |
| Fair
value adjustment on investment properties3 |
|
1,051 |
|
|
6,337 |
|
nm |
|
|
(8,365 |
) |
|
(2,865 |
) |
nm |
|
| Cash
flows from operations |
|
3,827 |
|
|
819 |
|
367 |
|
|
8,796 |
|
|
7,542 |
|
17 |
|
|
Distributions paid to unitholders |
|
1,556 |
|
|
1,555 |
|
— |
|
|
4,667 |
|
|
4,667 |
|
— |
|
|
Distributions paid2 |
|
$0.12 |
|
|
$0.12 |
|
— |
|
$0.36 |
|
$0.36 |
|
— |
|
- Non-GAAP financial measure. Refer to
the Non-GAAP and Non-Standard Measures section for further
information.
- Distributions have been paid out at $0.04 per unit per month
since August 2021.
- The abbreviation nm is shorthand for not meaningful and may be
used where appropriate.
Operational Highlights:
|
|
September 30,2023 |
December 31,2022 |
Δ% |
|
Number of properties |
|
38 |
|
|
39 |
|
(3 |
) |
| GLA
(sf) |
|
3,148,417 |
|
|
3,216,141 |
|
(2 |
) |
| Occupancy
(weighted by GLA) |
|
88.9 |
% |
|
88.1 |
% |
— |
|
| Retention
(weighted by GLA) |
|
92.1 |
% |
|
86.1 |
% |
11 |
|
| Weighted
average remaining lease term (years) |
|
4.33 |
|
|
4.25 |
|
(11 |
) |
|
Weighted average base rent (per sf) |
$16.93 |
|
$16.55 |
|
1 |
|
Per Unit Metrics:
|
|
Three months ended September 30 |
|
Nine months ended September 30 |
|
|
|
|
2023 |
|
|
2022 |
|
Δ% |
|
2023 |
|
|
2022 |
|
Δ% |
|
Per Unit Metrics |
|
|
|
|
|
|
| Net
income (loss) |
|
|
|
|
|
|
|
Basic |
$0.55 |
|
$1.48 |
|
|
$1.38 |
|
$2.37 |
|
|
|
Diluted |
$0.22 |
|
$0.44 |
|
|
$0.27 |
|
$0.66 |
|
|
|
Weighted average number of units for net income (loss)
(000s):1 |
|
|
|
|
|
Basic |
|
12,963 |
|
|
12,963 |
|
— |
|
|
12,963 |
|
|
12,964 |
|
— |
|
|
Diluted |
|
34,257 |
|
|
36,255 |
|
(6 |
) |
|
29,088 |
|
|
36,255 |
|
(20 |
) |
| FFO |
|
|
|
|
|
|
|
Basic2 |
$0.21 |
|
$0.22 |
|
|
$0.63 |
|
$0.65 |
|
|
|
Diluted2 |
$0.20 |
|
$0.21 |
|
|
$0.60 |
|
$0.62 |
|
|
|
Payout ratio2 |
|
58 |
% |
|
55 |
% |
|
|
57 |
% |
|
55 |
% |
|
| AFFO |
|
|
|
|
|
|
|
Basic 2 |
$0.13 |
|
$0.15 |
|
|
$0.40 |
|
$0.47 |
|
|
|
Payout ratio2 |
|
90 |
% |
|
78 |
% |
|
|
90 |
% |
|
76 |
% |
|
| ACFO |
|
|
|
|
|
|
|
Basic2 |
$0.14 |
|
$0.16 |
|
|
$0.41 |
|
$0.49 |
|
|
|
Payout ratio2 |
|
88 |
% |
|
76 |
% |
|
|
88 |
% |
|
74 |
% |
|
|
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:
|
|
September 30,2023 |
December 31,2022 |
Δ% |
|
Total assets ($000s) |
709,494 |
|
730,769 |
|
(3 |
) |
| Equity at
historical cost ($000s)1 |
288,196 |
|
288,196 |
|
— |
|
|
Indebtedness ($000s)2 |
420,074 |
|
440,688 |
|
(5 |
) |
| Weighted
average interest rate on debt |
4.50 |
% |
4.01 |
% |
12 |
|
| 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 |
2.24 |
|
2.32 |
|
(3 |
) |
|
Debt service coverage ratio5 |
1.94 |
|
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 Q3-2023
quarterly report to unitholders. The REIT’s consolidated financial
statements and management’s discussion and analysis for the period
ended September 30, 2023 can be found on the REIT’s website at
www.MelcorREIT.ca or on SEDAR+ (www.sedarplus.ca).
Conference Call & WebcastUnitholders and
interested parties are invited to join management on a conference
call to be held November 3, 2023 at 11:00 AM ET (9:00 AM MT). Call
1-416-915-3239 in the Toronto area; 1-800-319-4610 toll free.
The call will also be webcast (listen only) at
https://www.gowebcasting.com/12678. 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 September 30, 2023, which is
available on SEDAR+ at www.sedarplus.ca.
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 September 30 |
|
|
Nine months ended September 30 |
|
|
($000s) |
2023 |
|
2022 |
|
Δ% |
2023 |
|
2022 |
|
Δ% |
|
Net income for the period |
7,075 |
|
19,151 |
|
|
|
17,929 |
|
30,672 |
|
|
| Fair
value adjustment on Class B LP Units |
(2,257 |
) |
(7,095 |
) |
|
|
(15,803 |
) |
(16,770 |
) |
|
| Fair
value adjustment on investment properties |
(1,051 |
) |
(6,337 |
) |
|
|
8,365 |
|
2,865 |
|
|
|
Fair value adjustment on derivative instruments |
(636 |
) |
(2,949 |
) |
|
|
(1,100 |
) |
(7,036 |
) |
|
|
Income before fair value adjustment and taxes |
3,131 |
|
2,770 |
|
13 |
|
9,391 |
|
9,731 |
|
(3 |
) |
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 September 30 |
|
|
Nine months ended September 30 |
|
|
|
($000s) |
2023 |
|
2022 |
|
Δ% |
2023 |
|
2022 |
|
Δ% |
|
Net income for the period |
7,075 |
|
19,151 |
|
|
|
17,929 |
|
30,672 |
|
|
|
| Net
finance costs |
6,368 |
|
4,380 |
|
|
|
19,380 |
|
13,314 |
|
|
|
| Fair
value adjustment on Class B LP Units |
(2,257 |
) |
(7,095 |
) |
|
|
(15,803 |
) |
(16,770 |
) |
|
|
| Fair
value adjustment on investment properties |
(1,051 |
) |
(6,337 |
) |
|
|
8,365 |
|
2,865 |
|
|
|
| General
and administrative expenses |
779 |
|
783 |
|
|
|
2,294 |
|
2,381 |
|
|
|
|
Amortization of tenant incentives |
968 |
|
956 |
|
|
|
3,019 |
|
2,763 |
|
|
|
|
Straight-line rent adjustment |
12 |
|
(225 |
) |
|
|
(79 |
) |
(366 |
) |
|
|
|
NOI |
11,894 |
|
11,613 |
|
2 |
|
35,105 |
|
34,859 |
|
1 |
|
Same-asset Reconciliation:
|
|
Three months ended September 30 |
|
|
Nine months ended September 30 |
|
|
($000s) |
2023 |
|
2022 |
|
Δ% |
2023 |
|
2022 |
|
Δ% |
|
Same-asset NOI |
11,168 |
|
10,729 |
|
4 |
|
33,088 |
|
32,377 |
|
2 |
|
|
Disposals / Assets Held for Sale |
726 |
|
884 |
|
|
|
2,017 |
|
2,482 |
|
|
|
NOI1 |
11,894 |
|
11,613 |
|
2 |
|
35,105 |
|
34,859 |
|
1 |
|
|
Amortization of tenant incentives |
(968 |
) |
(956 |
) |
|
|
(3,019 |
) |
(2,763 |
) |
|
|
SLR adjustment |
(12 |
) |
225 |
|
|
|
79 |
|
366 |
|
|
|
Net rental income |
10,914 |
|
10,882 |
|
— |
|
32,165 |
|
32,462 |
|
(1 |
) |
FFO & AFFO Reconciliation:
|
|
Three months ended September 30 |
|
Nine months ended September 30 |
|
|
($000s, except per unit amounts) |
|
2023 |
|
|
2022 |
|
Δ% |
|
2023 |
|
|
2022 |
|
Δ% |
| Net
income for the period |
|
7,075 |
|
|
19,151 |
|
|
|
17,929 |
|
|
30,672 |
|
|
| Add /
(deduct) |
|
|
|
|
|
|
|
Fair value adjustment on investment properties |
|
(1,051 |
) |
|
(6,337 |
) |
|
|
8,365 |
|
|
2,865 |
|
|
|
Fair value adjustment on Class B LP Units |
|
(2,257 |
) |
|
(7,095 |
) |
|
|
(15,803 |
) |
|
(16,770 |
) |
|
|
Amortization of tenant incentives |
|
968 |
|
|
956 |
|
|
|
3,019 |
|
|
2,763 |
|
|
|
Distributions on Class B LP Units |
|
1,935 |
|
|
2,580 |
|
|
|
5,805 |
|
|
6,450 |
|
|
|
Fair value adjustment on derivative instruments |
|
(636 |
) |
|
(2,949 |
) |
|
|
(1,100 |
) |
|
(7,036 |
) |
|
|
FFO1 |
|
6,034 |
|
|
6,306 |
|
(4 |
) |
|
18,215 |
|
|
18,944 |
|
(4 |
) |
|
Deduct |
|
|
|
|
|
|
|
Straight-line rent adjustments |
|
12 |
|
|
(225 |
) |
|
|
(79 |
) |
|
(366 |
) |
|
|
Normalized capital expenditures |
|
(750 |
) |
|
(588 |
) |
|
|
(2,250 |
) |
|
(1,764 |
) |
|
|
Normalized tenant incentives and leasing commissions |
|
(1,425 |
) |
|
(1,029 |
) |
|
|
(4,275 |
) |
|
(3,087 |
) |
|
|
AFFO |
|
3,871 |
|
|
4,464 |
|
(13 |
) |
|
11,611 |
|
|
13,727 |
|
(15 |
) |
|
FFO/Unit |
$0.21 |
|
$0.22 |
|
|
$0.63 |
|
$0.65 |
|
|
|
AFFO/Unit |
$0.13 |
|
$0.15 |
|
|
$0.40 |
|
$0.47 |
|
|
|
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 September 30 |
|
Nine months ended September 30 |
|
|
($000s, except per unit amounts) |
|
2023 |
|
|
2022 |
|
Δ% |
|
2023 |
|
|
2022 |
|
Δ% |
|
Cash flows from operations |
|
3,827 |
|
|
819 |
|
367 |
|
|
8,796 |
|
|
7,542 |
|
17 |
|
|
Distributions on Class B LP Units |
|
1,935 |
|
|
2,580 |
|
|
|
5,805 |
|
|
6,450 |
|
|
|
Actual payment of tenant incentives and direct leasing costs |
|
1,357 |
|
|
2,798 |
|
|
|
4,358 |
|
|
6,719 |
|
|
|
Changes in operating assets and liabilities |
|
(670 |
) |
|
375 |
|
|
|
463 |
|
|
(692 |
) |
|
|
Amortization of deferred financing fees |
|
(285 |
) |
|
(332 |
) |
|
|
(934 |
) |
|
(974 |
) |
|
|
Normalized capital expenditures |
|
(750 |
) |
|
(588 |
) |
|
|
(2,250 |
) |
|
(1,764 |
) |
|
|
Normalized tenant incentives and leasing commissions |
|
(1,425 |
) |
|
(1,029 |
) |
|
|
(4,275 |
) |
|
(3,087 |
) |
|
|
ACFO |
|
3,989 |
|
|
4,623 |
|
(14 |
) |
|
11,963 |
|
|
14,194 |
|
(16 |
) |
|
|
|
|
|
|
|
|
|
ACFO/Unit |
$0.14 |
|
$0.16 |
|
|
$0.41 |
|
$0.49 |
|
|
|
|
|
|
|
|
|
|
|
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
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