Welcome to our dedicated page for Medalist Diversified Reit news (Ticker: MDRR), a resource for investors and traders seeking the latest updates and insights on Medalist Diversified Reit stock.
Medalist Diversified REIT, Inc. (symbol: MDRR) is a Maryland corporation that has been operational since September 28, 2015. The company believes it has met the criteria to be classified as a Real Estate Investment Trust (REIT) since its taxable year ended December 31, 2017, and has accordingly elected to be taxed as a REIT for federal income tax purposes.
Medalist Diversified REIT Inc. primarily engages in the acquisition, repositioning, renovation, leasing, and management of income-producing properties. Its key focus areas include:
- Commercial Properties: This includes flex-industrial and retail properties.
- Multi-Family Residential Properties: Targeting secondary and tertiary markets in the southeastern United States, particularly Virginia, North Carolina, South Carolina, Georgia, Florida, and Alabama.
- Limited Service Hotel Properties
The company operates as a UPREIT (Umbrella Partnership Real Estate Investment Trust) and owns properties through its subsidiary, Medalist Diversified Holdings, LP, a Delaware limited partnership formed on September 29, 2015. The principal objectives of Medalist Diversified REIT, Inc. include sourcing value-added investments in markets where it has deep industry relationships and local market knowledge. Through this strategic approach, the company aims to create significant value for its stockholders.
Medalist Diversified REIT Inc. has leveraged its industry relationships and local market expertise to acquire, reposition, and manage a varied portfolio of properties. This approach has enabled them to remain competitive and deliver consistent returns to their investors.
Recent Achievements and Current Projects:
- Acquisition of new income-producing properties in strategic locations.
- Successful renovation and repositioning of existing assets to maximize income and market value.
- Strong leasing performance across commercial, residential, and hotel properties.
- Partnerships with local real estate experts to enhance property management and value addition.
Overall, Medalist Diversified REIT, Inc. continues to focus on enhancing its property portfolio, optimizing asset performance, and creating long-term value for its shareholders.
Latest News: Source: Medalist Diversified REIT, Inc.
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Medalist Diversified REIT (NASDAQ: MDRR) has appointed Marc Carlson to its Board of Directors. Carlson brings extensive experience in technology, sales, and strategic leadership to support the company's growth plans. He currently serves as a CEO advisor, coach, and board member to several technology companies, including the Krach Institute for Tech Diplomacy at Purdue University.
Carlson's previous roles include Vice President of Enterprise Sales and Chief Customer Officer at DocuSign, CEO of Microposite, and early employee at Ariba (now SAP). He is also a successful real estate investor managing a multi-state portfolio of retail, industrial, medical, and land investments.
Frank Kavanaugh, Chairman, CEO and President of Medalist, highlighted Carlson's expertise in enterprise sales, technology, and strategic leadership as valuable assets for the company's mission.
Medalist Diversified REIT (NASDAQ: MDRR) has announced two significant developments. First, the company has appointed Kory J. Kramer to its Board of Directors. Kramer, currently a partner and investment officer at Eagle Four Partners, brings extensive experience with over $3 billion in transactions and expertise in real estate investment and development.
Second, the company has declared a quarterly cash dividend of $0.065 per share on its common stock, payable on January 23, 2025, to shareholders of record as of January 20, 2025. Kramer's appointment is expected to contribute to the company's mission of creating long-term value for shareholders through his experience in overseeing acquisitions, development, financing, and asset management.
Medalist Diversified REIT (NASDAQ: MDRR) announced plans to redeem 60,000 shares of its 8.0% Series A Cumulative Redeemable Preferred Stock on January 10, 2025. The redemption will be executed at $25.00 per share, plus approximately $0.44 per share in accrued and unpaid dividends, totaling $25.44 per share. Following this redemption, no Series A Preferred Stock shares will remain outstanding, marking a complete redemption of this series.
Medalist Diversified REIT (NASDAQ: MDRR) has increased its line of credit to $4 million from $1.5 million, enhancing financial flexibility and supporting future growth. The expanded credit facility has an interest rate of SOFR + 3.1%. CFO Brent Winn emphasized the importance of this development for seizing new opportunities in high-growth real estate markets.
Additionally, the company has declared a quarterly cash dividend of $0.06 per share on its common stock and $0.50 per share on its 8.0% Series A Cumulative Redeemable Preferred Stock. Both dividends will be payable on October 21, 2024, to holders of record as of October 16, 2024.
Medalist Diversified REIT (NASDAQ: MDRR) announced quarterly dividends for its common and preferred stock. The Board of Directors has declared a $0.05 per share dividend for common stockholders, payable on July 26, 2024, to those recorded by July 23, 2024. Additionally, the company declared a $0.50 per share dividend for its 8.0% Series A Cumulative Redeemable Preferred Stock, also payable on July 26, 2024, to holders recorded by July 23, 2024.
Medalist Diversified REIT (NASDAQ: MDRR), a Virginia-based real estate investment trust, announced the effectiveness of a 1-for-10 reverse stock split and a 5-for-1 forward stock split, both effective on July 2, 2024. The reverse stock split will reduce every ten shares of common stock to one, while the forward stock split will convert every share into five shares. These adjustments will uniformly impact all shareholders without altering their percentage ownership, except for fractional shares settled in cash. Trading on a split-adjusted basis will commence on July 3, 2024, under the ticker 'MDRR' with a new CUSIP number. The total number of outstanding common stock shares will be reduced from 2,236,631 to approximately 1,118,315.
Medalist Diversified REIT (NASDAQ: MDRR) announced a one-for-ten reverse stock split and a five-for-one forward stock split. Both splits will take effect on July 2, 2024, with trading on a split-adjusted basis starting July 3, 2024, under the new CUSIP number 58403P402. The reverse split will convert every ten shares into one, followed by the forward split which will convert every one share into five. These adjustments will not change any stockholder's ownership percentage, except for minor changes due to cash payments in place of fractional shares. Shareholders will be informed of their new stock ownership details by VStock Transfer , the company's transfer agent.
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