Welcome to our dedicated page for Medalist Diversified news (Ticker: MDRR), a resource for investors and traders seeking the latest updates and insights on Medalist Diversified stock.
Medalist Diversified, Inc. reports developments tied to its commercial real estate portfolio and Delaware Statutory Trust sponsor platform. The company sponsors DST offerings through MDRR Sponsor TRS, LLC for accredited 1031 exchange investors, while its real estate activity has included retail centers, flex/industrial properties and single-tenant net lease properties.
Recurring updates include common stock dividends, DST offering announcements, property acquisitions and dispositions, credit arrangements, board composition and corporate repositioning from its prior REIT framework toward a broader public real estate company structure.
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.
Medalist Diversified REIT (NASDAQ: MDRR) announced a definitive agreement with YA II PN, Ltd. to issue convertible debentures totaling up to $5.0 million. This private offering is exempt from registration under the Securities Act. The issuance will occur in three closings: $1.5 million completed on October 27, 2020, $2.0 million upon filing a registration statement with the SEC, and another $1.5 million upon SEC approval. The debentures carry a 5% interest rate and mature in one year unless converted or redeemed. CEO Tim Messier highlighted the financing's role in enhancing the company's capital for acquisitions and operations.