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Medalist Diversified REIT, Inc. Announces Partial Redemption of Its 8% Series A Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share
RICHMOND, Va.--(BUSINESS WIRE)-- Medalist Diversified REIT, Inc. (NASDAQ: MDRR) (the “Company” or “Medalist”), a Virginia-based real estate investment trust
About this update from Medalist Diversified, Inc.
[{"type":"text","content":" RICHMOND, Va.--(BUSINESS WIRE)--\nMedalist Diversified REIT, Inc. (NASDAQ: MDRR) (the “Company” or “Medalist”), a Virginia-based real estate investment trust that specializes in acquiring, owning and managing commercial real estate, gave notice of its intent to redeem 60,000 shares (the “Redeemed Shares”) of its outstanding 8.0% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”) on January 10, 2025 (the “Optional Redemption Date”). The Redeemed Shares will be redeemed at a cash redemption price of $25.00 per share, plus any accrued and unpaid dividends up to, but not including, the Optional Redemption Date in an amount equal to approximately $0.44 per share, for a total payment of $25.44 per share. Upon the completion of the redemption of the Redeemed Shares, the Series A Preferred Stock will be fully redeemed and no shares of the Series A Preferred Stock will remain outstanding.\n\n\nAbout Medalist Diversified REIT\n\n\nMedalist Diversified REIT Inc. is a Virginia-based real estate investment trust that specializes in acquiring, owning and managing value-add commercial real estate in the Mid-Atlantic and Southeast regions. The Company’s strategy is to focus on value-add and opportunistic commercial real estate which is expected to provide an attractive balance of risk and returns. The Company seeks to maximize operating performance of current properties by utilizing a hands-on approach to property management while monitoring the middle market real estate markets in the southeast for acquisition opportunities and disposal of properties as considered appropriate. For more information on Medalist, please visit the Company website at www.medalistreit.com.\n\n\nForward-Looking Statements\n\n\nThis press release contains statements that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward looking statements are not historical and are typically identified by such words as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “may,” “will,” “should” and “could” and include statements about the redemption of the Series A Preferred Stock. Forward-looking statements are based upon the Company’s present expectations but are not guarantees or assurances as to future developments or res...