Melcor REIT (TSX: MR.UN) today announced results for the first quarter ended March 31, 2023. Revenue was stable in the quarter at $18.99 million and net operating income was down 3% at $11.52 million. Occupancy currently sits at 88%, up 0.3% compared to year-end and we have retained 95% of expiring leases year-to-date.
Andrew Melton, CEO of Melcor REIT commented: “I’m pleased to report another quarter of stable results for the REIT. While our results remain stable, we have achieved some successes that will lead to further improvement in results, including occupancy improvement to 88%, retention of 95% of expiring leases and weighted average base rent growth compared both over period and sequentially.
These results demonstrate our ongoing commitment to strategic leasing efforts to improve occupancy and deliver value for our unitholders. We are also pleased to have closed on the sale of Kelowna Business Centre, generating proceeds that allowed us to pay down our credit line and achieve a favorable return on investment. As we navigate ongoing market challenges, the REIT remains focused on maintaining stable results.”
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 38 properties representing approximately 3.1 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.
Contact Information:
Nicole Forsythe
Director, Corporate Communications
Tel: 780-945-4707
ir@melcorREIT.ca
