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Medalist Diversified REIT, Inc. - MDRR STOCK NEWS

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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Rhea-AI Summary
Medalist Diversified REIT appoints Francis P. Kavanaugh to its Board of Directors and Special Committee to explore strategic alternatives. Kavanaugh brings expertise in real estate investment and operational leadership.
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Medalist Diversified REIT, Inc. (NASDAQ: MDRR) announced a one-for-eight reverse stock split effective May 3, 2023, at 5:00 p.m. Eastern Time. This action will convert every eight shares of common stock into one share, aimed at meeting the $1.00 minimum bid price requirement for Nasdaq listing. The split-adjusted shares will begin trading on May 4, 2023. Fractional shares will not be issued; instead, stockholders will receive cash for any fractions. The Company’s Board also established a Special Committee to explore strategic alternatives for maximizing shareholder value, retaining financial and legal advisors. While progress is being made, there’s no guarantee of successful outcomes from this review or compliance with Nasdaq requirements.

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Medalist Diversified REIT, Inc. (NASDAQ: MDRR) announced a quarterly cash dividend of $0.01 per share on its common stock, payable on April 28, 2023, to shareholders of record as of April 25, 2023. Additionally, a $0.50 per share dividend was declared on the Company’s 8.0% Series A Cumulative Redeemable Preferred Stock, also payable on April 28, 2023. Medalist, based in Virginia, focuses on acquiring, owning, and managing commercial real estate in the Southeast U.S. and aims to provide an attractive balance of risk and returns through its value-add strategy.

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Medalist Diversified REIT, Inc. (NASDAQ: MDRR) has established a Special Committee of independent directors to explore strategic alternatives aimed at maximizing stockholder value. This initiative may involve a business combination, asset sales, joint ventures, or restructurings. The Committee has engaged Jones Lang LaSalle Securities, LLC as its financial advisor and Troutman Pepper Hamilton Sanders LLP for legal counsel. No guarantees are provided that these explorations will lead to any transactions, and the Company does not have a set timetable for the process. Updates will be shared only as required by law or deemed appropriate.

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Medalist Diversified REIT (NASDAQ:MDRR) reported its financial results for the year ending December 31, 2022, revealing an operating loss of $1,413,626, down from a prior operating income of $814,504. Despite this, the Company saw a 6.8% increase in Net Operating Income (NOI) to $6,884,918, and Funds from Operations (FFO) jumped to $997,253 compared to an FFO of ($974,219) the previous year. Additionally, Same Property NOI experienced a growth of 7.9%. The portfolio occupancy rate was 96.0% as of December 31, 2022, an increase from 94.7% in 2021. The Company also maintained a weighted average debt maturity of 6.1 years and paid a dividend of $0.01 on January 27, 2023.

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Medalist Diversified REIT, Inc. (NASDAQ: MDRR) has received a 180-day extension to comply with Nasdaq's Minimum Bid Price Requirement, following a previous deficiency notification on July 11, 2022. As of January 10, 2023, the Company has until July 10, 2023, to regain compliance, either by increasing its stock price to at least $1.00 for ten consecutive business days or by potentially implementing a reverse stock split. Failure to meet this requirement may result in delisting, although an appeal option is available.

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FAQ

What is the current stock price of Medalist Diversified REIT (MDRR)?

The current stock price of Medalist Diversified REIT (MDRR) is $13 as of December 24, 2024.

What is the market cap of Medalist Diversified REIT (MDRR)?

The market cap of Medalist Diversified REIT (MDRR) is approximately 14.5M.

What is Medalist Diversified REIT, Inc.?

Medalist Diversified REIT, Inc. is a Maryland-based Real Estate Investment Trust focused on acquiring, repositioning, renovating, leasing, and managing income-producing properties.

When was Medalist Diversified REIT, Inc. formed?

The company was formed on September 28, 2015.

What types of properties does Medalist Diversified REIT, Inc. focus on?

The company focuses on commercial properties, multi-family residential properties, and limited service hotel properties.

Which geographic areas does Medalist Diversified REIT, Inc. target?

The company targets secondary and tertiary markets in the southeastern United States, particularly Virginia, North Carolina, South Carolina, Georgia, Florida, and Alabama.

What is a UPREIT?

UPREIT stands for Umbrella Partnership Real Estate Investment Trust. It allows the REIT to own properties through a subsidiary partnership.

How does Medalist Diversified REIT, Inc. create value for its stockholders?

The company sources value-added investments in strategic markets, leveraging its industry relationships and local market expertise to optimize asset performance.

What are some recent achievements of Medalist Diversified REIT, Inc.?

Recent achievements include acquiring new income-producing properties, successful renovation of existing assets, and strong leasing performance.

What is the ticker symbol for Medalist Diversified REIT, Inc.?

The ticker symbol for Medalist Diversified REIT, Inc. is MDRR.

When did Medalist Diversified REIT, Inc. elect to be taxed as a REIT?

The company elected to be taxed as a REIT for federal income tax purposes beginning with its taxable year ended December 31, 2017.

Who is the general partner of Medalist Diversified Holdings, LP?

Medalist Diversified REIT, Inc. serves as the general partner of Medalist Diversified Holdings, LP.

Medalist Diversified REIT, Inc.

Nasdaq:MDRR

MDRR Rankings

MDRR Stock Data

14.50M
530.70k
50.67%
4.43%
0.21%
REIT - Diversified
Real Estate Investment Trusts
Link
United States of America
Richmond