Melcor Real Estate Investment Trust (“Melcor REIT” or the “REIT”) (TSX: MR.UN) today announces the appointment of Barry James, FCA, FCPA, ICD.D and Brandon Kot as new Trustees of Melcor REIT effective immediately.

Mr. James brings extensive board and financial experience to the REIT. Mr. James qualified as a Chartered Accountant in 1983 and became a Fellow of the Chartered Accountants in 2007. He was admitted to the PricewaterhouseCoopers partnership in 1989 and served as Managing Partner of the Edmonton office from 2001 to 2011. Since then, Mr. James has served on multiple boards, including current roles as Vice-Chair and Audit Committee Chair of ATB Financial, as well as Audit Committee Chair for Corus Entertainment, AutoCanada Inc., and the University of Alberta Property Trust. He also serves on several private fiduciary and advisory boards. Mr. James will serve as Chair of the Audit Committee.

Mr. Kot has extensive experience in the real estate market and has established himself as a leader in Canada’s commercial mortgage industry. Mr. Kot obtained his Bachelor of Commerce from the University of Alberta in 2005 and is currently Managing Partner of Canada ICI Capital Corporation, a national real estate finance group, having worked there for almost 20 years. He is also serves as a member of the Board of Trustees for the Stollery Children’s Hospital Foundation and is an active member of the Real Estate Council of Alberta and Mortgage Professionals Canada.

Ralph Young, Chairman of the REIT commented: “We are grateful to have Mr. James and Mr. Kot accept roles on the Board of Trustees, and we look forward to their experience and contributions benefitting the REIT’s Board of Trustees.”

Strategic Review Update

On February 22, 2024 the REIT announced the commencement of a strategic review process. This review process is being overseen by an Independent Committee (“the “Independent Committee”) comprised of members of the REIT’s Independent Trustees, specifically including Richard Kirby, Bernie Kollman, and Barry James.  Mr. Kirby is serving as Chair of the Committee.

The Independent Committee has now appointed BMO Capital Markets as financial advisor, and as previously disclosed, DLA Piper (Canada) LLP has been retained as legal counsel.

There can be no assurance that the strategic review process will result in the REIT pursuing or consummating any transaction or alternative, nor any assurance as to its outcome or timing. The Independent Committee has not set a completion date for the culmination of the strategic review process and the REIT does not intend to comment further on the review until it determines that additional disclosure is appropriate or required.

Q1-2024 Annual Results

Melcor REIT results for the first quarter and period ended March 31, 2024 are scheduled to be released on May 8, 2024. Management will host a conference call at 11:00am ET (9:00 am MT) on May 9, 2024.

Conference Call Details:
Canada/USA Toll Free: 1-844-763-8274
International Toll: 1-647-484-8814

Webcast & Replay:
The call will also be webcast (listen only) https://www.gowebcasting.com/13231. A replay of the call will be available at the same URL shortly after the call is concluded.

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.

Forward-Looking Information

Certain statements contained in this news release constitute forward-looking information within the meaning of applicable securities laws. In some cases, forward-looking information can be identified by such terms such as “may,” “might,” “will,” “could,” “should,” “would,” “occur,” “expect,” “plan,” “anticipate,” “believe,” “intend,” “estimate,” “predict,” “potential,” “continue,” “likely,” “schedule,” or the negative thereof or other similar expressions concerning matters that are not historical facts. The forward-looking information in this news release includes statements regarding, among others, the REIT’s distribution policy and the Independent Committee’s strategic review process.

The REIT has based these forward-looking statements on factors and assumptions about future events and financial trends that it believes may affect its financial condition, financial performance, business strategy and financial needs. These assumptions include, but are not limited to, those relating to the REIT being able to achieve its operating results and cash flows, interest rates remaining stable or decreasing, the REIT’s properties continuing to perform, and the outcome of potential strategic transaction alternatives.

Although the forward-looking statements contained in this news release are based upon assumptions that management of the REIT believe are reasonable based on information currently available to management, there can be no assurance that actual results will be consistent with these forward-looking statements. Forward-looking statements necessarily involve known and unknown risks and uncertainties, many of which are beyond the REIT’s control, including, among other things, the risk that the REIT’s business will be unable to generate the income needed to sustain the new distribution, no transaction or other changes will result from the strategic review process and other risks identified in materials filed under the REIT’s profile at www.sedar.com from time to time. The forward-looking statements in this news release relate only to events or information as of the date hereof. Except as required by applicable Canadian securities laws, the REIT undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

Contact Information:

Investor Relations
Tel: 1.780.945.4795
ir@melcorREIT.ca