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) announced a quarterly cash dividend of $0.01 per share on its common stock, payable on January 27, 2023, to shareholders of record as of January 24, 2023. Additionally, a dividend of $0.50 per share on its 8.0% Series A Cumulative Redeemable Preferred Stock will also be distributed on the same date to Series A shareholders of record as of January 24, 2023. The Company specializes in acquiring and managing commercial real estate in the Southeast U.S.
Medalist Diversified REIT (NASDAQ:MDRR) reported positive financial results for the nine months ended September 30, 2022. Net Operating Income (NOI) increased by 7.2% to $4,983,978, while Funds from Operations (FFO) improved substantially, reaching $767,728 compared to a loss of $1,587,459 in the prior year. The portfolio occupancy rate rose to 96.5%, and there was a 4.9% growth in Same Property NOI. The company also completed the sale of a property for over $10 million, enhancing liquidity. Despite potential economic challenges, the company aims to enhance shareholder value through strategic acquisitions.
Medalist Diversified REIT (NASDAQ: MDRR) declared a quarterly cash dividend of $0.01 per share on its common stock, payable on October 20, 2022, to holders of record as of October 17, 2022. Additionally, the Company announced a $0.50 dividend on its 8.0% Series A Cumulative Redeemable Preferred Stock, also payable on October 20, 2022, to record holders as of October 17, 2022. Medalist, based in Virginia, focuses on acquiring and managing commercial real estate in the Southeastern U.S.
Medalist Diversified REIT (NASDAQ: MDRR) has successfully sold the Clemson Best Western University Inn for $10,015,000 on September 29, 2022. After retiring a $7,750,000 mortgage and closing costs, the company realized approximately $1.8 million in net cash from the sale, totaling $3.2 million in unrestricted cash with reserve releases. CEO Thomas Messier stated this sale completes their portfolio repositioning, with plans to reinvest the cash into potential acquisitions focused on flex/industrial and retail sectors.
Medalist Diversified REIT (NASDAQ:MDRR) reported Q2 2022 financial results with FFO increasing to $671,346, a 119.4% rise from a loss of $1,524,956 in Q2 2021. Net Operating Income (NOI) grew 1.9% to $1.61 million. The company acquired Salisbury Marketplace for $10.05 million, which is 89.9% leased. A $20.1 million corporate credit facility with Wells Fargo supports this acquisition and refinancing existing mortgages. Occupancy increased to 96.4%, and the company paid its fourth consecutive dividend of $0.02 per share, emphasizing strong leasing activity.
Medalist Diversified REIT will be featured on The RedChip Money Report airing on Bloomberg TV on July 23 at 7 p.m. ET. CEO Tim Messier will discuss the company's diverse property portfolio and a financing agreement with Wells Fargo, aimed at enhancing future growth. The interview is accessible online for investors seeking insights into Medalist's strategies in the Southeast commercial real estate market.
Medalist Diversified REIT (NASDAQ: MDRR) reported strong leasing activity, achieving a 97.1% occupancy rate in its retail and flex center portfolio as of June 30, 2022, up from 94.0% on March 31, 2022. The company signed 10 new leases for 42,536 square feet and 7 lease renewals totaling 33,059 square feet. Five properties are now fully leased, and occupancy rates improved at the Greenbrier Business Center and Franklin Square. According to Vice Chairman William Elliott, demand for their properties remains high in the Southeast commercial real estate market.
Medalist Diversified REIT (NASDAQ: MDRR) has declared a quarterly cash dividend of $0.02 per share on its common stock. This dividend is payable on July 21, 2022, for shareholders on record as of July 18, 2022. CEO Thomas Messier highlighted that this dividend reflects the Board's confidence in the company's operating cash flow and portfolio strength. Medalist focuses on value-add commercial real estate in the Mid-Atlantic and Southeast regions, aiming to optimize property performance.
Medalist Diversified REIT (NASDAQ: MDRR) has announced a dividend of $0.50 per share on its 8.0% Series A Cumulative Redeemable Preferred Stock for the 2nd quarter of 2022. The dividend is payable on July 21, 2022 to shareholders on record as of July 18, 2022. The company focuses on acquiring and managing commercial real estate in the Southeast U.S., employing a strategy aimed at value-add opportunities for optimal returns.
Medalist Diversified REIT, Inc. (NASDAQ: MDRR) has successfully acquired the Salisbury Marketplace, a shopping center in Salisbury, North Carolina, for $10.025 million. This property spans 79,732 square feet and is anchored by major retailers like Food Lion and Family Dollar. Medalist invested approximately $3.3 million in cash for this acquisition. On June 13, 2022, Medalist secured $18.6 million in financing from Wells Fargo Bank to fund the purchase and refinance existing properties, enhancing their financial position for future growth.
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