Melcor Developments announces first quarter results, declares quarterly dividend of $0.08 per share

May 20, 2020

EDMONTON, Alberta, May 20, 2020 (GLOBE NEWSWIRE) -- Melcor Developments Ltd. (TSX: MRD), an Alberta-based real estate development and asset management company, today reported results for the quarter ended March 31, 2020. Revenue was down 3% to $33.77 million compared to Q1-2019. In spite of an increase in sales of single-family lots, the lack of land sales in the Community Development division led to a 36% decrease in divisional revenue over the same period last year. Revenue in our Investment Properties and REIT division grew by 5% over Q1-2019 as a result of transfers from the Property Development division and third party acquisitions over the past 12 months. Investment properties owned gross leasable area grew by 4%, while gross leasable area in the REIT grew by 12%.

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