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) has declared a cash dividend of $0.5000 per share for its 8.0% Series A Cumulative Redeemable Preferred Stock for Q2 2021. The dividend is payable on July 26, 2021 to shareholders on record as of July 12, 2021. This announcement reflects the company's ongoing commitment to providing returns to its investors while operating in the Mid-Atlantic and Southeast U.S. commercial real estate market.
Medalist Diversified REIT (NASDAQ: MDRR) has entered into a sales agreement for its Hampton Inn property in Greensboro, North Carolina. The agreement allows a prospective purchaser a 30-day due diligence period, with an optional 15-day extension, followed by an additional 30 days to close the deal. However, the completion of the sale is contingent on various conditions being met, and there is no assurance that the transaction will finalize as described. Medalist focuses on value-add commercial real estate in the Southeast U.S.
Medalist Diversified REIT (NASDAQ: MDRR) has extended its rental agreement with Clemson University for the Clemson Best Western Plus property until May 15, 2022. This property features 148 rooms and aligns with Medalist’s strategy to maintain valuable partnerships while transitioning out of hotel investments. CEO Thomas E. Messier expresses satisfaction with this ongoing relationship with the university, highlighting the commitment to enhancing operational performance during this interim period.
Medalist Diversified REIT (NASDAQ: MDRR) has acquired the Lancer Center in Lancaster, South Carolina, for $10.1 million, with a $200,000 credit for major repairs. The purchase was funded through a mix of a $3.75 million equity investment from its recent stock offering and a commercial loan. The Lancer Center features major tenants, including Big Lots and Harbor Freight, which are expected to enhance cash flow. The acquisition aligns with the company’s strategy to pivot from hotel investments and focus on cash-flowing properties to build shareholder value.
Medalist Diversified REIT (Nasdaq: MDRR) has announced an interview with Chairman and CEO Thomas E. Messier, scheduled to air on The RedChip Money Report on the Bloomberg Network on Saturday, April 24, at 7 p.m. local time. This report reaches 73 million homes, providing insights on small-cap investing and featuring executives from public companies. Medalist focuses on acquiring and managing value-add commercial real estate in the Southeast, aiming for a balanced risk-return profile through a diligent acquisition process and active property management.
Medalist Diversified REIT (NASDAQ: MDRR) announced that the contract for selling The Hampton Inn in Greensboro, NC was terminated by the buyer on April 19th. The company returned the deposit and has relisted the property for sale at a higher price due to expected increases in business travel. The initial contract price was $12,650,000. Despite this optimism, management cautioned that they cannot guarantee the sale of the property.
Medalist Diversified REIT (NASDAQ: MDRR) has declared a dividend of $0.5000 per share on its 8.0% Series A Cumulative Redeemable Preferred Stock for Q1 2021. This dividend will be payable in cash on April 30, 2021, to shareholders of record as of April 26, 2021. Medalist specializes in acquiring and managing value-add commercial real estate, focusing on the Southeast U.S. region.
Medalist Diversified REIT (NASDAQ: MDRR) has announced a public offering of 8,000,000 shares of its common stock, priced at $1.50 per share, totaling approximately $12 million in gross proceeds. The offering is set to close on or about April 13, 2021, pending customary conditions. The net proceeds will be used for acquiring additional properties and general corporate purposes. The offering includes a 45-day option for underwriters to buy up to 1,200,000 additional shares. This strategic move aims to bolster the company's capacity in the Southeast U.S. commercial real estate market.
Medalist Diversified REIT (NASDAQ: MDRR) announced a $0.5000 dividend for its Series A Cumulative Redeemable Preferred Stock for Q4 2020. The dividend will be payable on February 1, 2021, to shareholders of record as of January 29, 2021. The company focuses on acquiring and managing value-add commercial properties primarily in the Mid-Atlantic and Southeast regions, aiming for a balance of risk and returns through strategic property management and due diligence.
Medalist Diversified REIT (NASDAQ: MDRR) has extended its rental agreement with Clemson University for the Clemson Best Western Plus property until May 5, 2021. The agreement covers the entire 148-room hotel, reflecting a strong partnership during challenging market conditions. CEO Thomas E. Messier noted that this deal positions Medalist favorably compared to industry peers, particularly in the Southeast's secondary and tertiary markets. The company aims to continue expanding its real estate portfolio in 2021 and beyond, focusing on value-add opportunities.
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