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, 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.
Medalist Diversified REIT (NASDAQ:MDRR) reported financial results for Q1 2022, showing total revenues increased by 8.7% to $2.90 million. Retail center and flex property revenues rose significantly, by 27.8% and 235.5%, respectively. Net operating income increased 26% to $1.88 million, while EBITDA saw a substantial 54% rise, reaching $1.20 million. Despite a net loss of $(989,284), this represents an improvement from last year. The company maintained a 94.0% occupancy rate across its properties and paid a quarterly dividend of $0.02.
Medalist Diversified REIT (NASDAQ: MDRR) has declared a quarterly cash dividend of
Medalist Diversified REIT (NASDAQ: MDRR) has declared a dividend of
Medalist Diversified REIT (NASDAQ:MDRR) reported strong financial results for the year ended December 31, 2021. Total revenues rose by 24% to $11.48 million, with net operating income up 57% to $6.44 million. The net loss narrowed to $4.36 million, improving from $8.18 million in 2020. EBITDA surged by 378% to $4.54 million, while adjusted funds from operations turned positive at $332,514. The company also expanded its portfolio by 77% in square footage, achieving a 95.2% occupancy rate. Key acquisitions were made throughout the year, including three properties.
Medalist Diversified REIT (NASDAQ: MDRR) approved a share repurchase program allowing management to buy back up to 500,000 shares at a maximum price of $4.80 per share. As of February 8, 2022, the company has repurchased 268,070 shares. The decision to repurchase is based on factors such as capital needs, market conditions, and stock price. CEO Thomas E. Messier emphasized the commitment to enhance shareholder value while also focusing on property acquisitions. The program may be adjusted or suspended at the company's discretion.
Medalist Diversified REIT, Inc. (NASDAQ: MDRR) shared a Letter to Shareholders from CEO Thomas E. Messier, highlighting accomplishments in 2021. The company successfully navigated challenges posed by COVID-19, declaring its third consecutive quarterly dividend and introducing a 500,000-share buyback program. Notable portfolio growth includes a sale generating $1.7 million and a 92% increase in property square footage. Revenues reached $8.69 million, up 26% year-over-year. The company plans further acquisitions and share buybacks, emphasizing a strong outlook for 2022.
Medalist Diversified REIT (NASDAQ: MDRR) has announced a share repurchase program allowing the purchase of up to 500,000 shares at a maximum price of
Medalist Diversified REIT (NASDAQ: MDRR) has declared a quarterly cash dividend of
FAQ
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