Medalist REIT Completes Acquisition

TL;DR

Medalist REIT just bought something, details TBD.

AI Summary

On March 13, 2024, Medalist Diversified REIT, Inc. reported the completion of an acquisition. The filing does not specify the nature of the acquisition, the assets involved, or any associated dollar amounts.

Why It Matters

This filing indicates a change in Medalist Diversified REIT's asset portfolio, which could impact its future revenue streams and investment strategy.

Risk Assessment

Risk Level: medium — The lack of specific details regarding the acquisition makes it difficult to assess the immediate financial impact or associated risks.

Key Players & Entities

• Medalist Diversified REIT, Inc. (company) — Registrant
• March 13, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.01 — ed Trading Symbol(s) Common Stock, $0.01 par value Nasdaq Capital Market MDR
• $13,000,000 — Square Property. The property sold for $13,000,000. After credits for repairs of $85,000,
• $85,000 — 3,000,000. After credits for repairs of $85,000, retiring the mortgage payable of $9,51
• $9,511,030 — 5,000, retiring the mortgage payable of $9,511,030, and payment of closing costs, the Comp
• $2,520,000 — sts, the Company realized approximately $2,520,000 in net cash from the sale of its 84% te
• $2,647,000 — er, the Company generated approximately $2,647,000 in unrestricted cash from the transacti

Filing Documents

• mdrr-20240313x8k.htm (8-K) — 40KB
• 0001558370-24-003238.txt ( ) — 191KB
• mdrr-20240313.xsd (EX-101.SCH) — 4KB
• mdrr-20240313_def.xml (EX-101.DEF) — 14KB
• mdrr-20240313_lab.xml (EX-101.LAB) — 19KB
• mdrr-20240313_pre.xml (EX-101.PRE) — 13KB
• mdrr-20240313x8k_htm.xml (XML) — 7KB

01

ITEM 2.01 COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS On December 29, 2023, Medalist Diversified REIT, Inc. (the "Company"), a Virginia-based real estate investment trust that specializes in acquiring, owning and managing commercial real estate in the Southeast region of the U.S., announced that Medalist Diversified Holdings, LP, the operating partnership of the Company had entered into a Purchase and Sale Agreement (the "Agreement"), a copy of which is filed as Exhibit 10.1 to the Company's Form 8-K filed on December 29, 2023, with an unaffiliated purchaser (the "Buyer") whereby the Company agreed to sell its 84% tenant-in-common interest in Hanover Square North located at 7230 Bell Creek Road, Mechanicsville, Virginia 23111 (the "Hanover Square Property"). The Company's tenant-in-common partner, PMI Hanover Square, LLC, also entered into the same agreement to sell its 16% tenant-in-common interest. On March 13, 2024, the Company completed the sale of the Hanover Square Property. The property sold for $13,000,000. After credits for repairs of $85,000, retiring the mortgage payable of $9,511,030, and payment of closing costs, the Company realized approximately $2,520,000 in net cash from the sale of its 84% tenant-in-common ownership interest. Including the release of a reserve held by the lender, the Company generated approximately $2,647,000 in unrestricted cash from the transaction. Exhibit Number Description of Exhibit 10.1 Purchase and Sale Agreement dated December 29, 2023 (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on D ecember 29 , 2023). 104 Cover Page Interactive Data File (embedded within the Inline XBRL Document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MEDALIST DIVERSIFIED REIT, INC. Dated: March 14, 2024 By: /s/ C. Brent Wi

View Full Filing

View this 8-K filing on SEC EDGAR