Melcor Response to COVID-19

Melcor Response to COVID-19

Last edited: April 1, 2020 | 1:52pm MT

 

Over our 97 years of business, Melcor has weathered many storms. While we are currently facing an unprecedented challenge, 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

Regardless of whether we are supporting/responding/answering you from within the office, or from our homes while we practice safe social distancing, we are here for you. We value the relationships we have built with our business partners, our stakeholders and everyone in the greater Melcor community. Never hesitate to reach out to your primary contact at Melcor with any questions you 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:

  • 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:

  • NEW: Office Return to Work tenant information
  • NEW: 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 will continue to provide educational information regarding health, safety, and hygiene to our team and tenants via a variety of media.

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 information that we have communicated internally and externally regarding the pandemic:

April 1, 2020

March 25, 2020

March 19, 2020

March 18, 2020

March 13, 2020

Listen to the audio from Melcor’s virtual townhall meeting:

March 4, 2020

March 3, 2020