25 slides from Melcor Developments's shareholder meeting presentation, Jun 24, 2025
Slide 1: 2025 Annual General Meeting
2025 ANNUAL GENERAL MEETING June 24, 2025 1
Slide 2: Voting Instructions
1D Poll Open 1. To set the number of directors to be elected at the Meeting to at eight (8), 2a. Elect Director, Douglas Goss 2b. Elect Director, Andrew Melton
Slide 3: Q&A Instructions
Q&A INSTRUCTIONS x LUMI x 248-859-262 ft Home JR MEssaGING Language 2) Messaging Log out Ask a question Ls | ALL MESSAGES MY MESSAGES, MELCOR :
Slide 4: Forward Looking Statements
Forward Looking Statements This presentation contains statements that are forward-looking. Forward-looking statements are disclosures regarding possible events, conditions, or results of operations that are based on assumptions about future economic conditions, courses of action and include future-o
Slide 5: Agenda
AGENDA Formal Business • Call to Order ◦ Financial Statements ◦ Fixing the Size of the Board ◦ Election of Directors ◦ Appointment of Auditors • Adjournment Management Presentation Q&A 5
Slide 6: Director Nominees
DIRECTOR NOMINEES Doug Goss QC AOE Andrew Melton Kathy Melton ICD.D Timothy Melton Edmonton, AB Calgary, AB Calgary, AB Edmonton, AB Bruce Pennock CA CPA Janet Riopel ICD.D Catherine Roozen AOE LLD Ralph Young PENG MBA Edmonton, AB Edmonton, AB Edmonton, AB Edmonton, AB 6
Slide 7: Agenda
AGENDA Formal Business • Call to Order ◦ Financial Statements ◦ Fixing the Size of the Board ◦ Election of Directors ◦ Appointment of Auditors • Adjournment Management Presentation Q&A 7
Slide 8: Your Executive Team
YOUR EXECUTIVE TEAM Timothy Melton Naomi Stefura Executive Chair & Chief Operating Officer & Chief Executive Officer Chief Financial Officer O Years with Melcor: 50+ Years with Melcor: 17 Industry Experience: 50+ Industry Experience: 18 8
Slide 9: The Rest of the Team
THE REST OF THE TEAM Randy Ferguson Susan Keating Leah Margiotta Graeme Melton Sinead O'Meara Robyn Salik Senior VP, Properties VP, Land - Edmonton VP, Properties VP, Land - Calgary VP, Finance VP, Accounting & Corporate Services 9
Slide 10: 2024 Financial Results
2024 FINANCIAL RESULTS REVENUE GROSS MARGIN NET INCOME $349.5m 45.0% $33.5m 2023 $315.2m 2023 45.2% 2023 $63.0m FFO FFO/SHARE DIVIDEND PAID $93.8m $3.08 $0.44 2023 $84.5m 2023 $2.73 2023 $0.64 10
Slide 11: Funds From Operations ($000s)
FUNDS FROM OPERATIONS ($000s) $100,000 $90,000 $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 11
Slide 12: 2024 Key Metrics
2024 KEY METRICS LOTS SOLD (CAD) LOTS SOLD (US) ACRES SOLD 1,296 - 95.53 2023 1,149 2023 234 2023 36.06 SF COMPLETED COMMITTED OCCUPANCY ROUNDS PLAYED 95,558 93% 122,824 2023 22,140 2023 89% 2023 123,187 12
Slide 13: $2.1 billion in assets
LAND PROPERTIES (& REIT) GOLF $2.1 9,399 4.76m 4 billion in acres raw land sf commercial assets under management golf courses assets 437 452 single-family lots residential units At December 31, 2024 129 95,558 81,755 multi-family & sf completed sf in development other acres 13
Slide 14: Divisional Revenue 2014-2024
Golf Properties Land DIVISIONAL & REIT REVENUE: 2014-2024 14
Slide 15: Land
REVENUE LOT SALES BY REGION $227.3m Calgary Edmonton 2023 $201.8m USA Other LAND GROSS MARGIN 39% 2023 39% LOT SALES 1,296 2020 2021 2022 2023 2024 2023 1,383 15
Slide 16: Properties
REVENUE NEW DEVELOPMENT (sf) PROPERTIES $46.2m 95,558 2023 $43.2m 2023 22,140 GROSS MARGIN ACTIVE DEVELOPMENT (sf) 59% 81,755 2023 58% 2023 103,925 16
Slide 17: REIT
REVENUE NET OPERATING INCOME $72.3m $45.8m REIT 2023 $73.9m 2023 $46.6m GROSS MARGIN OCCUPANCY 57% 87% 2023 58% 2023 88% 17
Slide 18: Golf
REVENUE ROUNDS PLAYED $11.4m 122,824 GOLF 2023 $11.1m 2023 123,187 GROSS MARGIN 43% 2023 41% 18
Slide 19: Dividend & NCIB
DIVIDENDS PAID SHARE BUYBACK DIVIDEND & Year Paid per Share Year # of Shares Cost (m) % 2020 $0.34 2020-21 116,416 $ 0.79 7% 2021 $0.44 2021-22 373,761 $ 5.20 23% NCIB 2022 $0.58 2022-23 1,641,627 $ 19.51 100% 2023 $0.64 2023-24 870,422 $ 9.93 56% 2024 $0.44 2024-25 353,625 $ 4.46 23% 19
Slide 20: REIT Transaction
TRANSACTION APPROVED PRICE TOTAL BUYOUT $5.50 $71.3m REIT per unit CLOSED April 23 20
Slide 21: First Quarter Results
2025 FIRST QUARTER RESULTS 21
Slide 22: First Quarter 2025 Key Metrics
FIRST QUARTER 2025 KEY METRICS REVENUE GROSS PROFIT FFO $50.7m $27.3m $13.4m 2% 16% 2% Q1-2024 $49.7m Q1-2024 $23.6m Q1-2024 $13.7m QQ 22
Slide 23: First Quarter 2025 Key Operational Metrics
FIRST QUARTER 2025 KEY OPERATIONAL METRICS LOTS SOLD (CANADA) ACRES SOLD (CANADA) 80 lots 21.77 acres Q1-2024 66 Q1-2024 22.20 ACRES SOLD (US) OCCUPANCY 44.00 acres 85.7% Q1-2024 n/a Q1-2024 87.4% 23
Slide 24: Annual General Meeting
2025 ANNUAL GENERAL MEETING June 24, 2025 24
Slide 25: Q&A Instructions
MELCOR Q&A INSTRUCTIONS x LUMI x 248-859-262 ft Home JR MEssaGING Language 2) Messaging Log out Ask a question Ls | ALL MESSAGES MY MESSAGES, 25