Melcor Developments Announces Results for 2021 and a Dividend of $0.14 per Share

EDMONTON, Alberta, March 16, 2022 (GLOBE NEWSWIRE) -- Melcor Developments Ltd. (TSX: MRD), a real estate development and asset management company with operations across western Canada and in the United States, today reported results for the fourth quarter and year ended December 31, 2021. Revenue increased by 39% to a record $315.63 million in 2021 compared to $226.82 million in 2020. Net income was up 391% to $56.31 million or $1.70 per share (basic) in 2021, compared to $11.46 million or $0.34 per share (basic) in 2020. Net income is impacted by non-cash items including fair value adjustments on REIT units and investment properties. These fair value adjustments are due to market factors outside management's control and that is why management prefers funds from operations (FFO)⁽¹⁾ as a better reflection of true operating performance. FFO per share was up 59% to $2.46 per share in 2021 compared to $1.55 per share in 2020.

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