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Medalist Diversified REIT, Inc. Announces Transition to Internalized Management and Leadership Changes
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 in the Southeast region of the U.S., announced today that the Company has completed its process to internalize management, and resultant changes to the Company’s leadership and to the Company’s Board of Directors (the “Board”).\n\n\nIn connection with these actions, Thomas (Tim) Messier and William Elliott will be leaving their respective roles with the Company effective immediately, Tim Messier, as the former Chairman and Chief Executive Officer, and William Elliott, as the former Vice Chairman, President, and Chief Operating Officer. The Board appreciates Messrs. Messier and Elliott’s dedicated service and substantial contributions to the Company. In the interim, Timothy O’Brien will step in as Chairman of the Board, Francis Kavanaugh will step in as interim Chief Executive Officer, and Brent Winn will continue in his role as Chief Financial Officer.\n\n\nThese changes are expected to lead to streamlined operations, reduced costs, and increased agility. Medalist is committed to a smooth transition process and ensuring continuity of leadership, with the primary focus on preserving and enhancing shareholder value.\n\n\nMessrs. Messier and Elliott made this joint statement, “Since Medalist Diversified REIT’s founding, we have worked to build a diversified real estate portfolio that is now approximately 98 percent leased, has consistently produced positive cash flow, and performed throughout the COVID-19 pandemic. We are proud that Medalist has paid dividends to its shareholders for nine consecutive quarters, even as the REIT industry in general, and microcap REITs in particular, have been impacted by market forces that are causing REITs to trade at a fraction of their worth. We believe Medalist has a strong platform and portfolio that is well positioned for the future.”\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 es...