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 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.
Medalist Diversified REIT (NASDAQ: MDRR) announced an upcoming interview with Chairman and CEO Thomas E. Messier on The RedChip Money Report. This program, which reaches 100 million homes in Europe, will air at 6 p.m. local time on Sundays. In the interview, Messier will discuss the company’s property portfolio and acquisition strategies. Medalist focuses on acquiring, owning, and managing value-add commercial real estate in the Southeast U.S., aiming for a balanced approach to risk and returns. For more details, watch the interview here: https://youtu.be/w2wzfkG8Pcs.
Medalist Diversified REIT (NASDAQ: MDRR) has declared a dividend of $0.5000 per share for the 3rd quarter of 2020 on its 8.0% Series A Cumulative Redeemable Preferred Stock. This dividend is payable in cash on October 26, 2020, to shareholders on record as of October 23, 2020. Medalist focuses on acquiring and managing value-add commercial real estate across the Southeast and Mid-Atlantic regions of the U.S., aiming for optimal operating performance and identifying market opportunities.