Mellon REITs is a specialist global industrial property group. We own, develop and manage high quality sustainable properties that are close to consumers and provide essential infrastructure for the digital economy.
Mellon's REITs objective is to maximize NAV per unit through ongoing active
management of our assets and the developement and construction of projects.
Mellon's REITs strategy to accomplish this objective is to accumulate a diversified
portfolio of high quality investment properties in the U.S, Canada, and Europe leased by creditworthy
tenants. Mellon's REITs strategy to mitigate risk includes diversification both by asset class and
geographic location.
Mellon REITs invest in four major real estate asset classes which management views as four seperate operating segments. Mellon invest in Office, Retail, Industrial and Residential properties and aquire properties in the U.S, Canada and Europe.
Mellon REITs's Office Portfolio is comprised of 23 properties through out the U.S and four properties in select markets in Canada, aggregating 7.3 milloin square feet, at Mellon REITs's ownership interest, with an average leased term to a maturity of 8.8 years as at March 31, 2022. The Office portfolio is leased on a long-term basis to creditworthy tenants, with 80.7% of office revenue from tenants with investment grade ratings. With a very long average leased term and high credit tenants, this segment tends to generate very stable gradual growth in property operating income driven by contractual rental rate increase, and to a lesser extent, lease renewals.
The Retail Segment consist of a portfolio of 40 properties through out the U.S which includes grocery-anchored and single-tenant retail properties and two multi-tenant retail properties in Canada. In addition, it also holds a 33.7% interest in ECHO, a privately held real estate and developement company which focuses on developing and owning a core portfolio of grocery-anchored shopping centers in the U.S. In total, this segment includes 40 properties in Canada and 254 properties in the U.S comprising 6.1 million square feet, at Mellon REITs's ownership interest, with an average lease term to maturity of 8.7 years as at March 31, 2022.
The Industrial segment consist of 69 industrial properties throughout the U.S and three properties in Canada comprising of 8.6 million square feet, at Mellon REITs's ownership interest, with an average lease term to maturity of 8.7 years as at March 31, 2022.
The Residential segment,
operating as Lantowers Residential, consist of 23 residential properties in select market in the
U.S comprising 8,305 residential rental units,
at Mellon REITs's ownership interest, with an average lease term to maturity of
8.7 years as at March 31, 2022.
The investment policy of Lantowers Residential is to aquire or develope
class A properties in the U.S. Sun Belt cities where there is strong population and employment growth
and to develop properties with partners in gateway cities.