- March 14, 2025
- 8:27 pm
Richmond, VA - March 14, 2025- Medalist Diversified REIT, Inc. (NASDAQ: MDRR), a Virginia-based real estate investment trust specializing in acquiring, owning, and managing value-add properties in the Southeast, announced its financial and operational results for the year ended December 31, 2024.
Annual 2024 Highlights
Net Income: Net income per diluted share was $0.024.
Funds from Operations (FFO): FFO per diluted share was $1.52, reflecting the company's strong focus on operational efficiency and portfolio stability.
Adjusted Funds from Operations (AFFO): AFFO per diluted share was $1.09, providing a solid foundation for dividends and continued portfolio performance.
Same-Store Net Operating Income (SS NOI) Growth:
- Total Portfolio: SS NOI posted an increase of 4.6% year-over-year, reflecting the stability of the company's assets.
- Retail Properties: SS NOI increased 0.9% year-over-year, supported by high tenant retention in key locations.
- Flex Industrial Properties: SS NOI rose significantly by 14.6% year-over-year, highlighting strong demand for the company's industrial assets.
Portfolio Composition: As of December 31, 2024, Medalist owned 10 assets across 4 states, comprising a diversified mix of retail, flex industrial, and net lease properties.
External Growth: During 2024, the company completed the acquisition of one property for a total purchase price of $2.4 million and successfully divested one asset for $3.1 million, further optimizing its portfolio composition.
"Our 2024 financial results reflect the continued strength of our portfolio and disciplined approach to capital allocation. The year-over-year growth in Same-Store Net Operating Income, particularly in our flex industrial assets, underscores the resilience of our investment strategy. We remain focused on driving operational efficiency and delivering long-term value for our shareholders." said Chief Financial Officer Brent Winn.