Medalist Diversified REIT, Inc. Announces Appointment of Kory J. Kramer to Its Board of Directors and Cash Dividend of $0.065 Per Share on Its Common Stock

Rhea-AI Summary

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.

Positive

• Appointment of experienced board member with over $3B in transaction expertise
• Quarterly dividend of $0.065 per share maintained

Negative

• None.

Insights

REIT Investment Analyst

The announcement contains two key elements: a board appointment and a dividend declaration. The $0.065 quarterly dividend represents an annualized yield of approximately 7.8% based on current market prices, positioning MDRR competitively in the small-cap REIT space. Kory Kramer's appointment brings substantial real estate expertise, having overseen $3 billion in transactions at Eagle Four Partners. His experience in property transformation and development could enhance MDRR's ability to identify value-add opportunities in their Southeast US target market. For a micro-cap REIT with a market cap of $16.7 million, attracting board talent with multi-billion dollar transaction experience signals potential for strategic growth. The continuation of the dividend program demonstrates financial stability and commitment to shareholder returns, though investors should monitor the coverage ratio and FFO metrics to assess sustainability.

Portfolio Management Specialist

The strategic significance of this announcement lies in the strengthening of MDRR's governance structure through Kramer's appointment. His background in luxury property transformation at Eagle Four Partners, particularly with assets like Pendry Newport Beach, brings valuable institutional-grade expertise to a micro-cap REIT. This could potentially help MDRR improve asset quality and operational efficiency in their Southeast portfolio. The maintained quarterly dividend of $0.065 per share provides income visibility for investors, though the relatively small market capitalization may present liquidity considerations for institutional investors. The combination of enhanced board expertise and consistent dividend policy suggests a balanced approach to growth and shareholder returns, particularly important in the current commercial real estate environment where property values and market dynamics are evolving rapidly.

RICHMOND, Va.--(BUSINESS WIRE)-- Medalist Diversified REIT (NASDAQ: MDRR) (the “Company” or “Medalist”), 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., announced today that its Board of Directors has appointed Kory J. Kramer to its Board of Directors. A seasoned investment professional with a distinguished track record, Kramer is currently a partner and investment officer at Eagle Four Partners, a private equity firm based in Newport Beach, California, where he oversees acquisitions, development, financing, and asset management. With over $3 billion in transactions, his expertise spans transforming premier properties such as Pendry Newport Beach and VEA Newport Beach, among others.

Frank Kavanaugh, CEO of Medalist, expressed his enthusiasm for Kramer's appointment: “Kory’s deep expertise in real estate investment and development, combined with his strategic vision, makes him an invaluable addition to our board. We expect that his proven leadership will significantly contribute to our mission of creating long-term value for our shareholders.” Kramer’s appointment underscores Medalist’s commitment to leveraging top-tier talent to strengthen its portfolio and strategy.

In addition, the Company announced that its Board of Directors has authorized and the Company has declared a quarterly cash dividend on its common stock (the “Common Stock”) in the amount of $0.065 per share (the “Dividend”). The Dividend will be payable in cash on January 23, 2025 to holders of record of the Common Stock as of January 20, 2025.

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 not historical and are typically identified by such words as “believe,” “expect,” “anticipate,” “intend,” “estimate, “may,” “will,” “should,” “could” and “underscore” and include Kavanaugh’s quotation and statements about Medalist’s strategy and the impact of Kramer’s appointment to the Board of Directors. Forward-looking statements are based upon the Company’s present expectations but are not guarantees or assurances as to future developments or results. Factors that may cause actual developments or results to differ from those reflected in forward-looking statements include, without limitation, those included in the Company’s most recent Annual Report on Form 10-K and in the Company’s other filings with the Securities and Exchange Commission. Investors should not place undue reliance upon forward-looking statements. The Company disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes and new developments except as required by law or regulation.

About Medalist Diversified REIT, Inc.

Medalist Diversified REIT, Inc. (NASDAQ: MDRR) is a real estate investment trust specializing in the acquisition, management, and redevelopment of commercial real estate, with a focus on retail, office, and industrial properties in the Southeast U.S. Medalist is headquartered in Richmond, Virginia, and is committed to creating long-term value for its shareholders through a combination of strategic acquisitions, hands-on management, and financial discipline.

For additional information, please visit www.medalistreit.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250107999780/en/

Brent Winn

(804) 338-7708

bwinn@medalistreit.com

Kevin Egan, CFA, CAIA, CPA

(724) 757-0525

kegan@medalistreit.com

Source: Medalist Diversified REIT

FAQ

When will Medalist Diversified REIT (MDRR) pay its next dividend?

Medalist Diversified REIT will pay its quarterly dividend of $0.065 per share on January 23, 2025, to shareholders of record as of January 20, 2025.

What is the current quarterly dividend amount for MDRR stock?

The current quarterly dividend for MDRR stock is $0.065 per share.

Who is the new board member appointed to Medalist Diversified REIT (MDRR)?

Kory J. Kramer, a partner and investment officer at Eagle Four Partners with over $3 billion in transaction experience, has been appointed to MDRR's Board of Directors.

What experience does MDRR's new board member Kory Kramer bring?

Kory Kramer brings experience in overseeing acquisitions, development, financing, and asset management, with over $3 billion in transactions and expertise in transforming premier properties.