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Medalist Diversified REIT, Inc. Reports Fourth Quarter and Full Year 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 year ended December 31, 2021 and provided an update on its corporate activities. In addition, the Company released supplemental financial information about its fourth quarter financial results.\n\nKey Highlights:\n\nYear ended December 31, 2021\n\n\nTotal revenues were $11.48 million, representing a 24% increase over revenues for 2020.\n\n\nSame property revenues increased 11% year over year.\n\n\n\n\nNet operating income increased 57% to $6.44 million, up from $4.09 million for 2020.\n\n\nSame property NOI increased 31% year over year\n\n\n\n\nNet loss attributable to common shareholders was $4.36 million, or $(0.33) per basic and diluted share, compared to a net loss attributable to common shareholders of $8.18 million, or $(1.74) per basic and diluted common share, for 2020, representing an improvement of $1.41 per basic and diluted common share.\n\n\nEBITDA increased 378% to $4.54 million, up from $(1.63) million for the prior year.\n\n\nAdjusted funds from operations (AFFO) was $332,514, up from ($982,764) in the prior year.\n\n\n77% year-over-year increase in the square footage of retail and flex properties, ending the year with seven properties encompassing 764,940 square feet, compared to 432,915 square feet as of the end of 2020.\n\n\nAverage occupancy rate for the Company’s seven retail and flex properties increased to 95.2% as of December 31, 2021, compared to 92.8% for the Company’s four retail and flex properties owned as of December 31, 2020.\n\n\n100% average occupancy rate for the Company’s 148-room hotel property for 2021, compared to 47.2% for 2020.\n\n\nThree months ended December 31, 2021 (unaudited)\n\n\nTotal revenues were $2.78 million for fourth quarter 2021, representing a 16% increase over revenues for fourth quarter 2020.\n\n\nEBITDA was $1.5 million, a $4.06 million increase over the fourth quarter 2020 EBITDA of ($2,544,507).\n\n\nNet operating income was $1.8 million, a 58% increase over fourth quarter 2020 NOI of $1,133,817.\n\n\n“Our 2021 results demonstrate the underlying strength of the Company’s portfolio,” stated Thoma...