EDMONTON, Alberta, April 21, 2020 (GLOBE NEWSWIRE) — Melcor Developments Ltd. (TSX:MRD) (Melcor) announced today that its first quarter earnings results will be available May 20, 2020 after market close. This release date falls outside of the typical period that TSX listed issuers have to release quarterly results (45 days from the end of the quarter).
Melcor is relying on Alberta Blanket Order 51-517: Temporary Exemption From Certain Corporate Finance Requirements and similar exemptions in other jurisdictions with respect to its obligation to file Q1 Interim Financial Report and Q1 Management Discussion & Analysis within 45 days following the end of its most recent interim period as required by Sections 4.3 and 5.1 of National Instrument 51-102 Continuous Disclosure Obligations. Blanket Order 51-517 was implemented due to COVID-19 and grants issuers an extension from the ordinary filing deadlines for up to an additional 45 days. All Melcor staff, including management and our board of directors, are subject to a trading black-out that began at our regularly scheduled time and it will extend until one day after our Q1 results are issued, as per our normal practice. Our black-out policy reflects the principles in section 9 of National Policy 11-207.Since March 11, 2020 (the date of the last financial reports that Melcor filed), Melcor has disclosed by way of news release certain measures taken by Melcor to respond to the current economic situation, Melcor’s normal course issuer bid and the delay of its annual general meeting. Given the current state of COVID-19 and restrictions on certain businesses, we are providing a current update on the state of impacts to each of our lines of business. Other than as disclosed, there have been no material business developments for Melcor since March 11, 2020.Community Development: We are carefully scrutinizing any planned new development to ensure that demand is in place before proceeding and have reduced the size of some phases approved in prior years to balance supply & demand.Property Development: We currently have 324,900 sf under development at various stages with leased or signed paper equivalent to 82% occupancy. This includes 116,500 sf under active constructions at a leased or signed paper equivalent to 70% occupancy. We continue to require that certain pre-lease thresholds be met prior to construction.Investment Properties: We collected 67% of April rents in Canada and 90% in the United States. The majority of our Canadian properties are new neighbourhood retail developments completed by Property Development, whereas our US properties are comprised of office and residential rental units.REIT: The REIT announced on Friday, April 17 that it had collected 71% of April rents. By asset class, Retail tenants paid 58% of their total rent due, Office tenants paid 79%, Industrial tenants paid 99% and we received 100% of rents in our residential property.Recreational Properties: Our golf courses will remain closed. We continue to complete spring maintenance activities on the courses. Even before golf courses were deemed closed by the Alberta government, we had announced that we would not open our courses until safe to do so.ANNUAL GENERAL MEETING
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