News for Melcor Developments Ltd. (MODVF)

EDMONTON, Alberta, Jan. 14, 2021 (GLOBE NEWSWIRE) -- Melcor Real Estate Investment Trust (TSX: MR.UN) announces that the REIT’s Board of Trustees met to confirm Q1-2021 distributions and several other matters. Ralph Young, Chair of the Board commented: “I am pleased to report to unitholders, on behalf of the Board, that business conditions, financial results and our outlook for 2021 have precipitated a 17% increase to our distributions for the first quarter of 2021. In addition, we have reviewed and considered other measures that were undertaken in order to preserve cash at the beginning of the COVID pandemic. * The Board approved Q1 distributions of $0.035 per unit for each of the first three months of 2021. This represents a 17% increase over distributions for the previous three quarters. Distribution decisions will be made quarterly based on conditions at that time. The distributions will be payable as follows:MonthRecord DateDistribution DateDistribution Amount January 2021January 29, 2021February 16, 20210.035 per unit February 2021February 26, 2021March 15, 20210.035 per unit March 2021March 31, 2021April 15, 20210.035 per unit * The Board reviewed the reinstatement of the Normal Course Issuer Bid; however, have determined that the decision will have to await the completion of the regularly scheduled year-end trading blackout. The Board will review their decision when the Automatic Share Purchase Plan can be reactivated. * The Board has also formally established an Independent Committee to examine and recommend regular renewals and/or amendments to agreements between Melcor Developments Ltd. and the REIT and other matters as directed by the Board. The Independent Committee will be chaired by independent and Lead Trustee Larry Pollock. The Board of Trustees remains committed to preserving and enhancing value for all Unitholders.Q4/Fiscal Year 2020 Conference Call Earnings Announcement & Conference Call.Melcor REIT also announces that results for Q4/FY-2020 will be released on March 4, 2021 after market close. Management will host a conference call at 11:00 am ET (9:00 am MT) on Friday, March 5, 2021.Toronto & Area: 1-416-915-3239 Toll Free: 1-800-319-4610Webcast & ReplayThe call will also be webcast (listen only) at https://www.gowebcasting.com/11057. 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 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 StatementsThis 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: Contact Information: Investor Relations Nicole Forsythe Tel: 780.945.4707 Tel:1.855.673.6931 (x4707) [email protected]