Medalist Diversified REIT Announces Extension of Clemson University Rental Agreement Through May 2021 for Its Clemson Best Western Property
Medalist Diversified REIT (NASDAQ: MDRR) has extended its rental agreement with Clemson University for the Clemson Best Western Plus property until May 5, 2021. The agreement covers the entire 148-room hotel, reflecting a strong partnership during challenging market conditions. CEO Thomas E. Messier noted that this deal positions Medalist favorably compared to industry peers, particularly in the Southeast's secondary and tertiary markets. The company aims to continue expanding its real estate portfolio in 2021 and beyond, focusing on value-add opportunities.
- Extended rental agreement with Clemson University for a key property enhances revenue stability.
- Continued strong performance relative to peers amid COVID-19 challenges.
- None.
Medalist Diversified REIT, Inc. (NASDAQ: MDRR) (the “Company” or “Medalist”), a Virginia-based real estate investment trust that specializes in acquiring, owning and managing value-add commercial real estate in the Southeast region of the U.S., today announced that it has extended its rental agreement with Clemson University for the Company’s Clemson Best Western Plus property. Under the terms of the agreement, the university has agreed to extend its rental contract for the entire 148-room Clemson Best Western Plus property through May 5, 2021.
“We are very pleased to continue our relationship with Clemson University,” stated Thomas E. Messier, Chairman and Chief Executive Officer of Medalist. “While many in our industry continue to struggle from the impact of COVID-19, our focus on secondary and tertiary markets in the southeast, combined with mutually beneficial agreements such as this contract with Clemson, have enabled us to continue to outperform many of our peers, placing us in a great position to further expand our portfolio in 2021 and beyond.”
About Medalist Diversified REIT
Medalist Diversified REIT Inc. is a Virginia-based real estate investment trust that specializes in acquiring, owning and managing value-add commercial real estate in the Mid-Atlantic and Southeast regions. The Company’s strategy is to focus on value-add and opportunistic commercial real estate which is expected to provide an attractive balance of risk and returns. Medalist utilizes a rigorous, consistent and replicable process for sourcing and conducting due diligence of acquisitions. The Company seeks to maximize operating performance of current properties by utilizing a hands-on approach to property management while monitoring the middle market real estate markets in the southeast for acquisition opportunities and disposal of properties as considered appropriate. For more information on Medalist, please visit the Company website at https://www.medalistreit.com.
Forward Looking Statements
This press release contains statements that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward looking statements are statements that are not historical, including statements regarding management’s intentions, beliefs, expectations, representations, plans or predictions of the future, and are typically identified by such words as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “may,” “will,” “should” and “could.” Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon the Company’s present expectations, but these statements are not guaranteed to occur, including, without limitation, with respect to the completion of the proposed public offering on the terms described or at all. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. Investors should not place undue reliance upon forward-looking statements. For further discussion of the factors that could affect outcomes, please refer to the “Risk Factors” section of the prospectus dated February 13, 2020, and in the Company’s subsequent annual and periodic reports and other documents filed with the SEC, copies of which are available on the SEC’s website, www.sec.gov.
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