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

About this update from Melcor Developments Ltd.

Melcor Developments announces third quarter results, declares quarterly dividend of $0.13 per share EDMONTON, Alberta, Nov. 06, 2025 (GLOBE NEWSWIRE) -- Melcor Developments Ltd. ("Melcor") (TSX: MRD), an Alberta-based real estate development and asset management company, today reported results for the third quarter ended September 30, 2025. The third 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 third quarter of 2025. Revenue in the quarter was up 21.9% to $72.54 million (Q3-2024: $59.51 million) and year-to-date revenues are up 24.8% to $223.43 million (2024: $178.96 million). Funds from operations were also up 41.8% to $23.40 million (Q3-2024: $16.51 million) in the quarter and up 45.5% to $73.31 million (2024: $50.37 million) year-to-date. Our Land division continues to be a key contributor to overall results within our diversified portfolio. Third quarter revenues were up $13.60 million to $40.93 million (Q3-2024: $27.33 million) and year-to-date revenues in the division were up 54.6% or $46.74 million to $132.36 million (2024: $85.63 million). Year-to-date earnings for the division were up 103.6% or $32.31 million to $63.52 million (2024: $31.21 million). In the first half of 2025 we closed on the sale of 198.40 acres of subdivided but unserviced lots in our US region for revenue of $62.20 million (US$44.24 million) and earnings of $39.09 million (US$27.98 million) which was the largest factor in this increase. Our Properties division reported a decrease in revenue compared to 2024, the result of recent property sales and declining occupancy rates. We closed on the sale of two investment properties in the first nine months of the year, including Evans Business Centre, an office building located in Scottsdale, Arizona for net proceeds of $12.96 million (US$9.37 million) and Melcor Crossing, a retail power center located in Grande Prairie, Alberta for net proceeds of $47.63 million. Since quarter end, we closed on the sale of two additional properties including Coast Home Centre, located in Edmonton, AB for $12.70 million l...

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