SOURCE: Melcor Real Estate Investment Trust

Melcor Real Estate Investment Trust

June 23, 2016 18:00 ET

Melcor REIT Announces Resignation of Chief Financial Officer

EDMONTON, AB--(Marketwired - June 23, 2016) - Melcor Real Estate Investment Trust (TSX: MR.UN) (the "REIT") announced today announced today that its Chief Financial Officer, Jonathan Chia, has resigned effective August 25, 2016. Mr. Chia has accepted an executive position with a private company. Mr. Chia, who was also the CFO of Melcor Developments Ltd. ("Melcor"), served as the REIT's CFO pursuant to the terms of the Asset Management Agreement with Melcor. Melcor will appoint Naomi Stefura as Interim CFO for Melcor and the REIT.

"We thank Jon for his significant contribution to the REIT. He played an instrumental role in establishing the REIT including setting up a solid financial team and scalable processes to support the growth of the REIT. We appreciate his role in the REIT's growth and success over the past 3 years. We wish Jon continued success in his new venture," said Darin Rayburn, the REIT's President and Chief Executive Officer.

About Melcor REIT

Melcor REIT is an unincorporated, open-ended real estate investment trust. Melcor REIT owns, acquires, manages and leases quality retail, office and industrial income-generating properties with exposure to high growth western Canadian markets. Its portfolio is currently made up of interests in 38 properties representing approximately 2.77 million square feet of gross leasable area located across Alberta and in Regina, Saskatchewan and Kelowna, British Columbia. For more information, please visit www.melcorREIT.ca.

Forward-Looking Statements

This press release may contain forward‐looking information within the meaning of applicable securities legislation, which reflects the REIT's current expectations regarding future events. Forward‐looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward‐looking information. Such risks and uncertainties include, but are not limited to, general and local economic and business conditions; the financial condition of tenants; the REIT's ability to refinance maturing debt; leasing risks, including those associated with the ability to lease vacant space; and interest rate fluctuations. The REIT's objectives and forward‐looking statements are based on certain assumptions, including that the general economy remains stable, interest rates remain stable, conditions within the real estate market remain consistent, competition for acquisitions remains consistent with the current climate and that the capital markets continue to provide ready access to equity and/or debt. All forward‐looking information in this press release speaks as of the date of this press release. The REIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise.

Additional information about these assumptions and risks and uncertainties is contained in the REIT's filings with securities regulators.

Contact Information

  • Contact Information:
    Business Contact
    Darin Rayburn
    Chief Executive Officer
    Tel: 780.423.6931
    info@melcorREIT.ca

    Investor Relations
    Naomi Stefura, CA
    Vice President, Finance
    Tel: 780.423.6931
    ir@melcorREIT.ca