Melcor Developments Ltd. EDMONTON, Alberta, May 13, 2025 (GLOBE NEWSWIRE) — Melcor Developments Ltd. (“Melcor”) (TSX: MRD), an Alberta-based real estate development and asset management company, today reported results for the first quarter ended March 31, 2025. The first 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 first quarter of 2025. Consolidated revenue was $50.74 million, a 2.0% increase over Q1-2024, primarily as a result of an increase in land revenues over Q1-2024. Gross profit rose 15.7% to $27.31 million over Q1-2024 at a gross margin of 53.8%, up 13.3% since Q1-2024. Our Land division had a good first quarter, contributing 44.5% of total revenue before intersegment elimination compared to 40.7% in 2024 for total revenues of $23.28 million. Our US region completed a 44 acre paper-lot sale in the first quarter, bringing in $12.00 million to revenues and $8.18 million to earnings in the period. On April 10, 2025 we sold 154 acres of land in the Greater Pheonix area, AZ for total revenue of $49.36 million ($35.22 million USD). Revenues from our Properties and REIT divisions were down 5.6% to $28.90 million (Q1-2024: $30.60 million) in Q1-2025, with the decrease partly attributed to recent property sales, partially offset by revenue generated from newly developed commercial properties. Our leasing team had an active quarter and completed 97,246 sf in renewals and an additional 18,146 sf of new leasing. We closed on the sale of Melcor Crossing (Grande Prairie, AB), a REIT held retail building for gross proceeds of $48.00 million. This asset was classified as assets held for sale at year end. We also sold 3 residential units located at the Edge at Grayhawk in Phoenix, AZ for gross proceeds of $1.22 million. Subsequent to the quarter, on April 23, 2025, Melcor closed on the acquisition of all outstanding public trust units (approximately 45%) in Melcor REIT for $5.50 per unit, for a total of $71.30 million. The REIT used these proceeds to repurchase and cancel all outstanding participating trust units at the same pr …
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