Medalist Diversified Reit Inc Stock Price, News & Analysis

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.

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.

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.