Business
Medalist Diversified REIT Provides Update on Its Commercial and Hotel Properties
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 value-add commercial real estate in the Mid-Atlantic and Southeast regions, is pleased to provide this property update.\n\n\nCommercial Properties\n\n\nOur company owns three retail properties and one flex center property in the Southeast. As of today, each of our company’s properties are open and operating. The occupancy rate of each property is as follows:\n\n\nHanover Square Shopping Center – Located in Mechanicsville Virginia – 94.6% occupied\nAshley Plaza Shopping Center - Located in Goldsboro, North Carolina – 98.0% occupied\nFranklin Square Shopping Center - Located in Gastonia, North Carolina – 83.3% occupied\nBrookfield Flex/Industrial Center – Located in Greenville, North Carolina – 93.8% occupied\n\n\nWhile our company has granted relief to certain tenants through rent deferral and abatement agreements due to the impact of COVID-19, during the months of July and August, our company received 85% of contractual base rents across its portfolio.\n\n\nHotels Properties\n\n\nThough the REIT’s hotel properties (the Hampton Inn and the Clemson Best Western Property) have experienced a reduction in occupancy rates due to COVID-19, both hotels continue to be open and operating. The Hampton Inn Property in Greensboro, North Carolina had an occupancy rate of 64.6% during July and 49.96% in August. The Clemson Best Western Plus Hotel in Clemson, South Carolina had an occupancy rate of 22.7% in July and 27.1% in August. Clemson University is expected to open on September 21st and currently has a slate of activities scheduled during the fall months, including graduation in October, and home football games with fans attending at 20% of the stadium’s capacity. We can provide no assurance that Clemson University will open on the date or terms expected at all or whether the home football games will occur with or without fans.\n\n\nAbout Medalist Diversified REIT\n\n\nMedalist Diversified REIT Inc. is a Virginia-based real estate investment trust that specializes in acquiring, owning and managing value-add commercial real estate in the Mid-Atlantic and Southeast regions. The Company's strategy is to focus on value-add and opportunistic commercial...