EDMONTON, Alberta, Sept. 23, 2019 (GLOBE NEWSWIRE) -- Melcor Real Estate Investment Trust (“the REIT” - TSX: MR.UN) today announced that, as part of a planned succession, Andrew Melton will step down from his position of President and Chief Executive Officer effective October 1, 2019. Mr. Melton will remain a member of the REIT’s Board of Trustees. Pursuant to the terms of the Asset Management Agreement with Melcor Developments Ltd. (“Melcor” – TSX: MRD), the REIT’s Board of Trustees will appoint Darin Rayburn as President and Chief Executive Officer of the REIT in addition to his role of President and CEO of Melcor, effective the same date.
Mr. Rayburn has over 25 years of experience in commercial real estate and was instrumental in the formation and initial public offering of the REIT. He served as the REIT’s Chief Executive Officer until April 15, 2017 when he was appointed President and Chief Executive Officer of Melcor.
Mr. Melton is a respected business and community leader with over three decades of experience in commercial real estate. He was also instrumental in the formation of the REIT and served as the REIT’s Chairman until he was appointed President and Chief Executive Officer on April 15, 2017. Mr. Melton led the REIT team to achieve consistent results and returned $1.69 per unit to unitholders, representing 30 months of consistent distributions through challenging economic times.
Ralph Young, Chairman of the REIT commented: “We are grateful to Andrew for his dedicated service as CEO of the REIT over the past two and a half years and thank him for stepping in to manage during the transition. We will continue to benefit from Andrew’s skill and knowledge on the Board of Trustees.
“With two and a half years of experience as Melcor’s CEO, Darin now has the capacity to lead both companies and to drive synergies to create value for both shareholders and unitholders.”
Andrew Melton: “It has been a wonderful experience to work closely with the REIT team to drive the growth strategy. I am looking forward to my continued active involvement on the Board of Trustees, but it is time for me to give more focus to other opportunities to serve my community and Alberta, as well as to enjoy more time with my family.”
Don Lowry, Lead Trustee commented: “The continuity of leadership with Darin resuming his prior role with the REIT will make for a seamless transition and we welcome Darin back as CEO. Our independent trustee group has a structure in place to support decision-making and governance while driving the growth of the REIT.”
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 38 properties representing approximately 2.93 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.
Director, Corporate Communications