Medalist Diversified REIT Announces the Sale of the Hampton Inn in Greensboro, North Carolina

Rhea-AI Summary

Medalist Diversified REIT (NASDAQ: MDRR), a Virginia-based real estate investment trust, announced the successful sale of its Hampton Inn property in Greensboro, North Carolina for $12.9 million. After settling a $10.4 million mortgage and covering sales costs, the net proceeds to Medalist were approximately $1.7 million. CEO Thomas Messier noted that this sale highlights the company's effective strategy. The REIT focuses on managing commercial real estate in the Southeast U.S., aiming to balance risk and returns through a disciplined acquisition process.

Positive

• Successful sale of Hampton Inn property for $12.9 million.
• Net proceeds of approximately $1.7 million enhance liquidity.
• Reinforces company strategy and operational effectiveness.

Negative

• None.

RICHMOND, Va.--(BUSINESS WIRE)-- Medalist Diversified REIT, Inc. (NASDAQ: MDRR) (the “Company” or “Medalist”), is a Virginia-based real estate investment trust that specializes in acquiring, owning and managing commercial real estate in the Southeast region of the U.S.

On August 31, 2021, Medalist Diversified Holdings, L.P., the operating partnership of Medalist Diversified REIT, Inc., completed a successful sale of the Company’s Hampton Inn Property in Greensboro, North Carolina (the “Property”) to an unaffiliated purchaser. The sales price of the Property was $12,900,000. After repayment of the $10.4 million mortgage on the Property and payment of the sales commission and closing costs, net proceeds from the transaction were approximately $2.1 million. Of these proceeds, approximately $380,000 were due to an unrelated, non-controlling owner of the Property. The Company’s net proceeds from the transaction were approximately $1.7 million.

Thomas Messier, CEO of Medalist Diversified REIT, commented that “the successful sale of the Hampton Inn Property demonstrates the Company’s continued successful implementation of its strategy.”

About Medalist Diversified REIT

Medalist Diversified REIT Inc. is a Virginia-based real estate investment trust that specializes in acquiring, owning and managing commercial real estate in the Southeast region of the U.S. The Company’s strategy is to focus on 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. 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. 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 April 8, 2021, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210901005545/en/

Dave Gentry

RedChip Companies

407-491-4498

Source: Medalist Diversified REIT, Inc.

FAQ

What was the sale price of the Hampton Inn property by Medalist Diversified REIT?

The sale price of the Hampton Inn property was $12.9 million.

How much net proceeds did Medalist Diversified REIT receive from the sale?

Medalist Diversified REIT received approximately $1.7 million in net proceeds from the sale.

When did Medalist Diversified REIT complete the sale of the Hampton Inn property?

The sale was completed on August 31, 2021.

What is the stock symbol for Medalist Diversified REIT?

The stock symbol for Medalist Diversified REIT is MDRR.

Where is Medalist Diversified REIT based?

Medalist Diversified REIT is based in Virginia.