Business
Medalist Diversified REIT, Inc Provides Corporate Update and Reports Third Quarter 2021 Results
RICHMOND, Va.--(BUSINESS WIRE)-- Medalist Diversified REIT, Inc. (NASDAQ:MDRR), a Virginia-based real estate investment trust that specializes in acquiring,
About this update from Medalist Diversified, Inc.
[{"type":"text","content":" RICHMOND, Va.--(BUSINESS WIRE)--\nMedalist Diversified REIT, Inc. (NASDAQ:MDRR), 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., today reported financial results for the third quarter ended September 30, 2021 and provided an update on its corporate activities.\n\nKey Highlights:\n\n\nFor the nine months ended September 30, 2021, net loss attributable to common shareholders was $3.83 million, or $(0.32) per basic and diluted share, compared to a net loss attributable to common shareholders of $4.58 million, or $(0.98) per basic and diluted common share, for the nine months ended September 30, 2020, representing an improvement of $0.66 per basic and diluted common share\n\n\nFor the three months ended September 30, 2021, net loss attributable to common shareholders was $0.87 million, or $(0.05) per basic and diluted share, compared to a net loss attributable to common shareholders of $1.29 million, or $(0.27) per basic and diluted share, for the three months ended September 30, 2020, representing an improvement of $0.22 per basic and diluted share\n\n\nNet operating income increased 55% to $1.57 million in the third quarter, up from $1.01 million in Q3 2020; for the nine months ended September 30, 2021, net operating income increased 57% to $4.65 million, up from $2.96 million in the year ago period\n\n\n76% year-over-year increase in the square footage of retail and flex properties, ending the third quarter of 2021 with six properties encompassing 700,831 square feet, compared to 397,874 square feet as of the end of the third quarter of 2020.\n\n\nAverage occupancy rate for the Company’s six retail and flex properties increased to 94.2% as of September 30, 2021, compared to 91.9% on September 30, 2020 for the Company’s four retail and flex properties owned on September 30, 2020.\n\n\n100% average occupancy rate for 148-room hotel property for the nine months ended September 30, 2021, compared to 29.6% in the nine months ended September 30, 2020\n\n\nEBITDA increased 58% to $0.88 million in the third quarter, up from $0.56 million in the year ago period; for the nine months ended September 30, 2021, EBITDA increased 42% to $1.26 million, up from $0.86 million in the year ago period\n\n\n“Our third quarter results continue ...