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Medalist Diversified REIT, Inc. Reports Third 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 September 30, 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\nNet Operating Income (NOI) grew 7.2% to $4,983,978 for the nine months ended September 30, 2022, compared to NOI of $4,650,452 for the nine months ended September 30, 2021.\n\n\n\nFunds from operations (FFO) increased by $2,355,187 to $767,728 for the nine months ended September 30, 2022, compared to FFO of ($1,587,459) for the nine months ended September 30, 2021.\n\n\n\nSame Property NOI growth of 4.9% for the nine months ended September 30, 2022, compared to the nine months ended September 30, 2021.\n\n\n\nPortfolio occupancy rate of 96.5% as of September 30, 2022, compared 93.8% as of September 30, 2021.\n\n\nWeighted average lease term (“WALT”) of 4.1 years on retail and flex / industrial portfolios.\n\n\n\n\n\nWeighted average debt maturity of 6.3 years and weighted average interest rate of 4.2% as of September 30, 2022.\n\n\n\nCompleted the repositioning of the portfolio through the sale of the Clemson Best Western University Inn on September 29, 2022, for $10,015,000, which generated $3.5 million of unrestricted cash.\n\n\n\nOn October 20, 2022, MDRR paid its third quarter dividend of $0.01 per common share, the sixth consecutive quarter paying a dividend.\n\n\n“During the third quarter, we completed the repositioning of our portfolio, which is now exclusively comprised of retail and flex/industrial properties that have proven to be resilient throughout COVID-19. Our operating portfolio is strong with occupancy of 96.5% and long-tenured, primarily fixed rate debt. Our focus remains on maximizing the margins within our current portfolio and opportunistically recycling the Clemson Best Western proceeds into an accretive acquisition. We believe our portfolio will prove to be recession-resistant should there be further economic headwinds and we hope to create significant shareholder value by trading more in-line with our peers,”...