Business
Medalist Diversified REIT, Inc. Reports First Quarter 2022 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 three months ended March 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\nTotal revenues increased 8.7% to $2.90 million, up from $2.67 million for the same quarter in 2021.\n\n\nRetail center property revenues increased by 27.8% and flex center property revenues increased by 235.5%, demonstrating the full impact of the company’s 2021 acquisitions\n\n\n\n\nNet operating income increased 26% to $1.88 million, up from $1.49 million for the same quarter in 2021.\n\n\nEBITDA increased 54% to $1,202,545, up from $782,860 for the prior year quarter.\n\n\nNet loss attributable to common shareholders was $989,284, or $(0.06) per basic and diluted share, compared to a net loss attributable to common shareholders of $2,277,524, or $(0.39) per basic and diluted common share, for the first quarter of 2021, representing an improvement of $0.33 per basic and diluted common share.\n\n\nFunds from operations (FFO) was $387,155, up from ($1,654,509) in the prior year quarter.\n\n\nAdjusted funds from operations (AFFO) was $217,023, up from ($82,534) in the prior year quarter.\n\n\n77% year-over-year increase in the square footage of retail and flex properties, ending the year with seven properties encompassing 771,550 square feet, compared to 436,571 square feet in four properties as of the end of the first quarter of 2021.\n\n\nAverage occupancy rate for the Company’s seven retail and flex properties increased to 94.0% as of March 31, 2022, compared to 92.1% for the Company’s four retail and flex properties owned as of March 31, 2021.\n\n\nThe Company paid its third consecutive quarterly common dividend of $0.02 per common share.\n\n\n“Our first quarter results demonstrate the full impact of our 2021 acquisitions,” stated Thomas E. Messier, Chairman and Chief Executive Officer of the Company. “These three acquisitions have increased our revenues, net operating income and funds from operations (FFO) and adjusted funds from op...