Melcor REIT achieves 8% rise in rental revenue in 1Q 2020

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Melcor REIT has reported an 8% rise in rental revenue for its 1Q 2020, compared to the same period in the previous year.

The REIT’s operating income increased 9% over the prior year to CAD11.96 million (USD9.5 million).

Meanwhile, adjusted cash flow from operations (ACFO) was up 7%, while net operating income (NOI) increased by 9% year-on-year to CAD11.96 million.

Correspondingly, distribution per unit for the three months ended 31 March 2020 was CAD0.17, unchanged from the same period in 2019.

“Our results were enhanced by the acquisitions completed in 2019, and in particular the acquisition of Melcor Crossing in Grande Prairie in November 2019”, said Darin Rayburn, President & CEO of Melcor REIT.

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