Melcor Developments announces third quarter results, declares quarterly dividend of $0.08 per share

This post was originally published on this site

EDMONTON, Alberta, Nov. 10, 2020 (GLOBE NEWSWIRE) — Melcor Developments Ltd. (TSX: MRD), an Alberta-based real estate development and asset management company, today reported results for the third quarter and nine months ended September 30, 2020. Revenue was up 35% to $73.05 million compared to Q3-2019. Year to date revenue was up 12% to $145.87 million compared to the same period last year. Growth in revenue is due to the year to date increase in single-family lot sales in both Canada (290 compared to 250) and the United States (229 compared to 24). This led to the 66% increase in community development revenue over Q3-2019 and 1% year to date. Revenue in our Investment Properties and REIT divisions grew by 2% over Q3-2019 and 3% year to date as a result of transfers from the Property Development division and third party acquisitions over the past 12 months. Investment properties owned gross leasable area (GLA) grew by 2% as a result of four properties with a total of 36,314 sf transferred from our Property Development division during the quarter, while GLA in the REIT grew by 10%.