Edmonton, Alberta  |  March 28, 2019

Edmonton, Alberta | March 28, 2019 – Melcor Real Estate Investment Trust (TSX:MR.UN) (the “REIT”) announced today that the Toronto Stock Exchange has accepted its notice of intention to make a normal course issuer bid through the facilities of the TSX and on alternative Canadian trading systems.

The notice provides that the REIT may, during the twelve month period commencing April 1, 2019 and ending March 31, 2020, purchase for cancellation up to 659,339 Trust Units in total, being approximately 5% of its issued and outstanding Trust Units. The daily repurchase restriction for the Trust Units is 2,908.

The price which the REIT will pay for any such Trust Units will be the market price at the time of acquisition. The actual number of Trust Units which may be purchased and the timing of any such purchases will be subject to compliance with the TSX guidelines.

No Trust Units were purchased for cancellation during the last twelve months. As of March 18, 2019, there were 13,186,779 Trust Units of the REIT outstanding and the average daily trading volume for the six month period ending February 28, 2019 was 11,632.

The REIT believes that, at times, its Trust Units trade in a price range which does not adequately reflect the value of such Trust Units in relation to the business of the REIT and its future business prospects. As a result, depending upon future price movements and other factors, the REIT believes that its outstanding Trust Units may represent an attractive investment for itself. Furthermore, the purchases may benefit all persons who continue to hold Trust Units by increasing their equity interest in the REIT. All Trust Units purchased by the REIT under the normal course issuer bid will be cancelled.

In connection with commencement of the NCIB the REIT also announced that it has entered into an automatic purchase plan agreement (“APP”) with a broker to allow for the purchase of Trust Units under the NCIB at times when the REIT ordinarily would not be active in the market due to regulatory restrictions or self-imposed trading blackout periods. Before entering into such restricted or blackout period, the REIT may, but is not required to, instruct the designated broker to make purchases under the NCIB in accordance with the terms of the APP. Such purchases will be determined by the broker in its sole discretion based on parameters established by the REIT prior to the restricted or blackout period in accordance with TSX rules, applicable securities laws and the terms of the APP. The terms of the APP have been pre-cleared by the TSX. Outside of these pre-determined restricted or blackout periods, Trust Units will be purchased based on management’s discretion, in compliance with TSX rules and applicable securities laws.

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 37 properties representing approximately 2.87 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 Relations
Nicole Forsythe
Director, Corporate Communications
Tel: 1.855.673.6931
ir@melcorREIT.ca

Information note:

Please note that the numerical information stated in press releases are outlined as-at the date of the press release.

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