Melcor Response to COVID-19

Last edited: September 16, 2021 | 10:07 am MT

Over our 97 years of business, Melcor has weathered many storms. While we continue to face an unprecedented challenge brought on by the COVID-19 pandemic, our propensity for proactive decision-making, remaining conservative in uncertain times, and being thoughtful of our employees, clients, and stakeholders, properly position us to adjust accordingly as events unfold.

WE ARE OPEN FOR BUSINESS

We continue to transact business whether we are working from home, or as a skeleton staff in the office as necessary. Never hesitate to reach out to your Melcor contact with any questions you may have.

We are sharing the precautions we are taking in response to the COVID-19 pandemic. At Melcor, our business impacts hundreds of thousands of people daily – from the people we employ to those who shop at our retail centres and work in our buildings. For us, it is about taking meaningful action to STOP the spread of the virus.

We value caring for our exceptional team above all else. With that, we prioritize each other’s well-being.

Throughout our operating divisions, we have also taken steps to ensure the health and safety of everyone who works or shops in our office and retail buildings or golfs at our golf courses.

Internal Precautions:

As of September 10, 2021, we have paused return to office plans indefinitely
All Melcor employees continue to work from home, with the exception of a small skeleton crew required at the office
November 27, 2020: Melcor employees will work from home for a 3 week period
Employees return to full hours and compensation as of August 1, 2020
Board remuneration reduction for both Melcor and Melcor REIT
Wage roll-back for named executive officers and management committee members
Temporary lay-off notices given to approximately 25% of full-time staff
Reduction in remuneration for all remaining staff
Deferred all capital spending
Implemented work from home as of March 18 – except for a small crew performing essential business activities in the office
Both Melcor and Melcor REIT will host virtual Annual General Meetings in May 2020
Canceled all internal social gatherings
Canceled all business travel
Implemented a 2-week self-isolation policy for employees returning from travel outside of Canada
Reinforced our “stay at home” policy for anyone feeling ill
Changed all in-person meetings to digital meetings
Implemented a “no visitor” policy to all offices
Implemented mandatory workspace cleaning
Set-up employees to work from home if their job allows
Communicated our resources for employees facing mental health challenges while coping with the COVID-19 pandemic

External Precautions:

Masking is required in all common areas of our buildings
Melcor and Melcor REIT Annual General Meetings for 2021 will be held virtually for the second year
Melcor announces results for 2020 and increases dividend to $0.10 per share
Melcor REIT announces 17% increase to Q1-2021 distributions to $0.035 per unit
Q2 & Q3 rent collected: 93% and 85% respectively. For a complete update on rent collection, please read page 4 of our Q3-2020 MD&A
Melcor REIT distributions remain at $0.03 per trust unit for June – December
Melcor’s Q2 & Q3 dividend remains at $0.08 per share
Melcor and Melcor REIT host online Annual General Meetings on June 25, 2020
Office Return to Work tenant information
Golf courses in Albert and BC open with increased health and safety precautions in accordance with government recommendations
Postponed Annual General Meeting to June 25, 2020
47% reduction to the REIT’s April distribution, announced March 20, 2020
17% reduction to Melcor’s dividend announced March 11, 2020
Working with all clients and stakeholders on a case by case basis
Anticipating delayed openings for golf courses
Closed the pro shops and community restaurants at our golf courses
Canceled all community/showhome events
Canceled all tenant events
Supported our builders’ decision to close showhomes or implement viewings by appointment
Disinfect high touch surfaces 3x per day in our office properties with day porters
Sourced hand sanitizer and dispensers to add to common areas on each floor
Stocked up on paper and cleaning supplies

We are diligently monitoring the situation and making adjustments to our business as necessary. We will continue to update this page with further information on how we are supporting our employees, clients and tenants, and the public.

Below you will find helpful information that we have communicated regarding the pandemic:

May 25, 2020