Melcor REIT announces execution of Amended and Restated Asset Management and Property Management Agreements with Melcor Developments Ltd.
26 Mai 2022 - 11:56PM
NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED
STATES WIRE SERVICES.
Melcor Real Estate Investment Trust (TSX:MR.UN) (the “REIT”)
announced today that it entered into amended and restated asset
management and property management agreements with Melcor
Developments Ltd. (“Melcor”). Since Melcor REIT’s IPO in May 2013,
Melcor has provided asset management and property management
services to Melcor REIT.
The Asset Management Agreement was amended to give to Melcor
REIT the right to terminate such agreement on one year’s prior
written notice (or payment in lieu thereof) if a majority of the
independent trustees (i) determine that it is in the best interest
of the REIT to internalize asset management services; or (ii) are
not satisfied with the performance by Melcor of its duties under
such agreement.
The Property Management Agreement was amended to give to the
REIT the right to terminate such agreement on one year’s prior
written notice (or payment in lieu thereof) if a majority of the
independent trustees (i) determine that it is in the best interest
of the REIT to internalize property management services; or (ii)
are not satisfied with the performance by Melcor Developments of
its duties under the agreement.
The lease fee structure in the Property Management Agreement was
also amended to provide that effective January 1, 2022: (i) lease
fees would only be paid to Melcor for transactions in respect of
which a third party leasing agent was not engaged; and (ii) lease
fees payable to Melcor would represent current market terms in each
particular market within which leasing services are provided to the
REIT by Melcor, with the objective being to set each leasing fee at
no more, and no less, than an industry-standard rate in each
particular market within which leasing services are provided.
The Amended and Restated Asset Management Agreement and the
Amended and Restated Property Management Agreement will each be
available on www.sedar.com.
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
in western Canada. Its portfolio is currently made up of interests
in 39 properties representing approximately 3.2 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 Information
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:
Investor Relations
Nicole Forsythe
Director, Corporate Communications
Tel: 1.855.673.6931
ir@melcorREIT.ca
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