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Medalist Diversified REIT, Inc. Reports 2022 Results
RICHMOND, Va.--(BUSINESS WIRE)-- Medalist Diversified REIT, Inc. (NASDAQ:MDRR) (the “Company”), a Virginia-based real estate investment trust that
About this update from Medalist Diversified, Inc.
[{"type":"text","content":" RICHMOND, Va.--(BUSINESS WIRE)--\nMedalist Diversified REIT, Inc. (NASDAQ:MDRR) (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., today reported financial results for the year ended December 31, 2022 and provided an update on its corporate activities. In addition, the Company released supplemental financial information about its first quarter financial results.\n\nKey Highlights:\n\n\nOperating loss was $1,413,626 for the year ended December 31, 2022, compared to operating income of $814,504 for the year ended December 31, 2021.\n\n\nNet Operating Income (NOI) grew 6.8% to $6,884,918 for the year ended December 31, 2022, compared to NOI of $6,443,860 for the year ended December 31, 2021.\n\n\nFunds from operations (FFO) increased by $1,971,472 to $997,253 for the year ended December 31, 2022, compared to FFO of ($974,219) for the year ended December 31, 2021.\n\n\nSame Property NOI growth of 7.9% for the year ended December 31, 2022, compared to the year ended December 31, 2021.\n\n\nPortfolio occupancy rate of 96.0% as of December 31, 2022, compared 94.7% as of December 31, 2021.\n\n\nWeighted average lease term (“WALT”) of 3.9 years on retail and flex / industrial portfolios.\n\n\n\n\nWeighted average debt maturity of 6.1 years and weighted average interest rate of 4.2% as of December 31, 2022.\n\n\nOn January 27, 2023, the Company paid its fourth quarter 2022 dividend of $0.01 per common share, its seventh consecutive quarter paying a dividend.\n\n\nAbout Medalist Diversified REIT\n\nMedalist Diversified REIT Inc. is 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. The Company’s strategy is to focus on commercial real estate which is expected to provide an attractive balance of risk and returns. Medalist utilizes a rigorous, consistent and replicable process for sourcing and conducting due diligence of acquisitions. For more information on Medalist, including additional supplemental financial information, please visit the Company website at https://www.medalistreit.com.\n\nNon-GAAP Financial Measures\n\nThe foregoing supplemental financial data includes certain non-GAAP financial measures that we b...