Melcor Developments announces second quarter results, declares quarterly dividend of $0.13 per share

About this update from Melcor Developments Ltd.

Melcor Developments announces second quarter results, declares quarterly dividend of $0.13 per share EDMONTON, Alberta, Aug. 14, 2025 (GLOBE NEWSWIRE) -- Melcor Developments Ltd. ("Melcor") (TSX: MRD), an Alberta-based real estate development and asset management company, today reported results for the second quarter ended June 30, 2025. The second quarter Management Discussion & Analysis (MD&A) and Condensed Interim Financial Statements are available on our website ( www.melcor.ca ) under Investors, or on SEDAR+ ( www.sedarplus.ca ). Timothy Melton, Melcor’s Executive Chair and Chief Executive Officer, commented: "Melcor is pleased to report results for the second quarter of 2025. Consolidated revenues year-to-date reached $150.88 million, a 26.3% increase over 2024 . Gross margin also saw an improvement, which was up to 54.6%, from a gross margin of 49.1% to date last year. Funds from operations increased 36.7% to $85.96 million year-to-date (2024: $62.88 million) the result of strong performance across our operating divisions. The Land division delivered solid results in the first half of 2025, primarily the result of sales in our US region. We closed on the sale of 154.40 acres of subdivided but unserviced lots in April 2025 for revenue of $49.67 million (US$35.88 million) and earnings of $30.52 million (US$22.18 million). To date in 2025 we have sold 198.40 acres of unserviced lots in the US for revenue of $61.67 million (US$44.24 million) and earnings of $38.69 million (US$27.98 million). While our revenues from our Properties division decreased slightly as a result of recent property sales, we remain focused on long-term value creation. Overall occupancy rates have also decreased over year-end to 81.6% (December 31, 2024: 86.1%). We completed construction on one building in Woodbend Market (9,913 sf) and have an additional three buildings under construction or awaiting lease-up (71,842 sf). Our leasing team remains active and completed 208,293 sf in renewals and an additional 58,534 sf of new leasing. On April 23, 2025, we completed a major milestone when we closed on the acquisition of all outstanding public trust units (approximately 44.6%) in Melcor REIT for $5.50 per unit, bringing all our income producing properties back under Melcor's full ownership. Melcor has been focused on maintaining and build...

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