Melcor Developments (MRD) AGM 2024 summary

Opening remarks and agenda

• The meeting was held online, with all formal matters expedited due to sufficient advance proxy votes and quorum achieved at 79.79% of outstanding shares.

• Notice-and-access model was used for meeting materials, and voting was conducted electronically via the Lumi platform.

• The agenda included fixing the board size, electing directors, and appointing auditors.

Financial performance review

• Revenue reached CAD 350 million with a 45% gross margin for 2023.

• Net income was CAD 63 million; funds from operations (FFO) were CAD 84.5 million, up from CAD 60.9 million the previous year.

• Dividends of CAD 0.64 per share were paid, and 712,000 shares were repurchased for CAD 8.1 million.

• General debt was reduced by CAD 70 million, and total assets stood at CAD 2.1 billion at year-end.

• Land sales totaled 1,383 lots, with Calgary surpassing Edmonton in lot sales for the first time.

Board and executive committee updates

• Eight directors were elected: Douglas Goss, Andrew Melton, Kathleen Melton, Timothy Melton, Bruce Pennock, Janet Riopel, Catherine Roozen, and Ralph Young.

• Guy Pelletier, VP of Land for Red Deer, retired after 27 years.

• Senior leadership team roles and responsibilities were introduced.