Exhibit 99.2
Supplemental 2024 Financial Information
Year Ending December 31, 2024 | Nasdaq: MDRR |
medalistreit.com |
Exhibit 99.2
Medalist Diversified REIT Announces 2024 Annual Financial Results
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-StoreNet 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.
© 2025, All Rights Reserved | 2 |
2024 Overview
Key Highlights and Portfolio Data
Key Highlights
$0.02 | $1.52 | $1.09 | ||
Net Income | FFO | AFFO | ||
per Share | per Share | per Share | ||
4.6% | 0.9% | 14.6% | ||
Portfolio Cash | Retail Cash | Flex Cash | ||
SS NOI Growth | SS NOI Growth | SS NOI Growth | ||
$2.4M | $3.1M | |||
Acquisitions | Dispositions | |||
$5.0M | $7.2M | |||
EBITDAre | GAAP NOI | |||
Portfolio Data
10 | 112 | 4 |
Owned | Unique | States |
Assets | Tenants | |
93.6% | 4.0 yrs | ||
Portfolio | Portfolio | ||
Occupancy | WALTR | ||
6.7K | $7.7M | ||
Average Lease SQF | Annualized | ||
Base Rent | |||
49.1% | 51.1% | ||
Retail | Flex / Industrial | ||
Top 10 Tenants | Top 10 Tenants | ||
Exhibit 99.2
Medalist Diversified REIT (NASDAQ: MDRR) is a real estate investment trust that
specializes in acquiring, owning, and managing value-add commercial real estate. As of December 31, 2024, our portfolio consists of 9 assets in the Southeast and 1 asset in Illinois totaling approximately 782 thousand square feet.
© 2025, All Rights Reserved | 3 |
Exhibit 99.2
Current Portfolio Composition
Single Tenant Net Lease (STNL) Portfolio Highlights
Our strategic review led us to the decision to increase our exposure to STNL assets.
STNL assets offer stability and predictable income streams, making them attractive investments.
Industry Composition | ||||
Tenant Industry | Number of | Rent ($) | % of Rent | |
Leases | ||||
Financial Services | 1 | 11,043 | 40.6% | |
Electronics | 1 | 8,750 | 32.2% | |
Casual Dining | 1 | 7,417 | 27.3% | |
Total | 3 | 27,210 | 100.0% | |
Tenants | ||||
Tenant Concept | Number of | Rent ($) | % of Rent | |
Leases | ||||
Citibank | 1 | 11,043 | 40.6% | |
T-Mobile | 1 | 8,750 | 32.2% | |
East Coast Wings | 1 | 7,417 | 27.3% | |
Total | 3 | 27,210 | 100.0% |
5.3 yrs | $26.44 | 3 | 4.1K |
Average WALTR | Average Rent PSF | Unique Tenants | Average Lease SQF |
STNL
4%
-
Flex
28%
RENT
NN Retail
68%
On March 28, 2024, the Company completed its acquisition of the Citibank Property, a 4,350 square foot single tenant building on 0.45 acres located in Chicago, Illinois, through a wholly-owned subsidiary.
Rent | 12,685 | |||||||
12,436 | ||||||||
Monthly | ||||||||
12,192 | ||||||||
Contractual | 11,953 | |||||||
11,719 | ||||||||
11,489 | ||||||||
11,264 | ||||||||
CitiBank | 11,043 | |||||||
2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 |
© 2025, All Rights Reserved | 4 |
Exhibit 99.2
Current Portfolio Composition
Retail Portfolio Highlights
Our retail portfolio's tenant brands speak for themselves.
Our properties attract tenants that have | 13.2% of our retail portfolio's rent | |||||
proven to be resilient in challenging | is derived from Amazon resistant | |||||
economic conditions and market downturns. | experiential tenants. | |||||
Top 10 Retail Tenants | ||||||
Tenant Concept | Number of | Rent ($) | % of Rent | |||
Leases | ||||||
Ashley Furniture Home Store | 2 | 37,233 | 8.6% | |||
Food Lion | 1 | 27,008 | 6.3% | |||
Citi Trends | 3 | 25,835 | 6.0% | |||
Altitude Trampoline Park | 1 | 25,000 | 5.8% | |||
Hobby Lobby | 1 | 21,875 | 5.1% | |||
Harbor Freight Tools | 2 | 21,195 | 4.9% | |||
Planet Fitness | 1 | 15,098 | 3.5% | |||
Monster Mini Golf | 1 | 14,211 | 3.3% | |||
Big Lots | 1 | 12,951 | 3.0% | |||
KJ's Market | 1 | 11,720 | 2.7% | |||
Total Top 10 | 14 | 212,127 | 49.1% | |||
4.8 yrs | $10.18 | 66 | 7.7K | |||
Average WALTR | Average Rent PSF | Unique Tenants | Average Lease SQF |
Industry Composition | |||
Tenant Industry | Number of | Rent ($) | % of Rent |
Leases | |||
Specialty | 13 | 75,834 | 17.6% |
Experiential | 4 | 57,079 | 13.2% |
Professional Services | 10 | 50,529 | 11.7% |
Health & Fitness | 8 | 42,338 | 9.8% |
Home Furnishings | 3 | 40,733 | 9.4% |
Grocery | 2 | 38,728 | 9.0% |
Apparel | 6 | 38,258 | 8.9% |
Sporting Goods | 3 | 15,498 | 3.6% |
Quick Service Restaurants | 3 | 15,229 | 3.5% |
Supercenters & Clubs | 1 | 12,951 | 3.0% |
Financial Services | 5 | 12,100 | 2.8% |
Casual Dining | 3 | 11,583 | 2.7% |
Electronics | 4 | 10,105 | 2.3% |
Dollar Stores | 1 | 7,411 | 1.7% |
Automotive Services | 1 | 2,868 | 0.7% |
Other | 4 | 550 | 0.1% |
Total | 71 | 431,794 | 100.0% |
© 2025, All Rights Reserved | 5 |
Exhibit 99.2
Current Portfolio Composition
Flex / Industrial Portfolio Highlights
28% of our rent is derived from non-retail "workforce" real estate.
We invest in "workforce" or "necessity" real estate because we believe it is more stable with lower turnover and less volatile economic swings.
Top 10 Tenants
Tenant Concept | Number of | Rent ($) | % of Rent |
Leases | |||
Gravitopia | 1 | 24,264 | 13.5% |
GBRS Group | 1 | 13,532 | 7.5% |
S&ME | 1 | 9,655 | 5.4% |
Turning Point Greenville Church | 1 | 8,884 | 4.9% |
Bridge Church | 1 | 6,956 | 3.9% |
First Onsite Property Restoration | 1 | 6,328 | 3.5% |
Walder Foundation Products | 1 | 6,104 | 3.4% |
Make it Happen Media | 1 | 5,948 | 3.3% |
Science Applications International Corporation (SAIC) | 1 | 5,259 | 2.9% |
TK Elevator | 1 | 4,895 | 2.7% |
Total Top 10 | 10 | 91,825 | 51.1% |
2.0 yrs | $10.10 | 44 | 4.9K |
Average WALTR | Average Rent PSF | Unique Tenants | Average Lease SQF |
STNL
4%
-
Flex
28%
RENT
NN Retail
68%
© 2025, All Rights Reserved | 6 |
Exhibit 99.2
Portfolio Diversification
Our Portfolio is Concentrated in High Growth Sunbelt Markets
Secondary and Tertiary market focus generates a more attractive return profile due to less competition from institutional investors.
Sunbelt state focus provides growing markets where jobs and economic development are abundant.
Real Estate Assets
Property | Type | Location | Sq. Ft. | Occupancy |
Lancer Center | Retail | Lancaster, SC | 181,590 | 80.2% |
Ashley Plaza | Retail | Goldsboro, NC | 156,012 | 100.0% |
Franklin Square | Retail | Gastonia, NC | 134,239 | 100.0% |
Salisbury Marketplace | Retail | Salisbury, NC | 79,732 | 88.3% |
Greenbrier Business Center | Flex | Chesapeake, VA | 89,280 | 94.8% |
Brookfield Center | Flex | Greenville, SC | 64,880 | 100.0% |
Parkway | Flex | Virginia Beach, VA | 64,109 | 100.0% |
STNL Portfolio | STNL | Various | 12,350 | 100.0% |
Total | 782,192 | 93.6% |
* The map graphic includes undeveloped outparcels and does not reflect the Citibank asset in Chicago, IL. | © 2025, All Rights Reserved | 7 |
Exhibit 99.2
Consolidated Statements of Operations
Year Ending December 31, | 2024 | 2023 | $ Change | % Change | ||||
Consolidated Statements of Operations | ||||||||
REVENUE | ||||||||
Retail center property revenues | $ | 6,624,734 | $ | 7,541,914 | $ | (917,180) | (12.2%) | |
Flex center property revenues | 2,750,499 | 2,504,652 | 245,847 | 9.8% | ||||
Single tenant net lease property revenues | 359,894 | 226,260 | 133,634 | 59.1% | ||||
Total Revenue | 9,735,127 | 10,272,826 | (537,699) | (5.2%) | ||||
OPERATING EXPENSES | ||||||||
Retail center property operating expenses | 1,621,898 | 1,882,524 | (260,626) | (13.8%) | ||||
Flex center property operating expenses | 697,864 | 686,818 | 11,046 | 1.6% | ||||
Single tenant net lease property operating expenses | 31,977 | 31,175 | 802 | 2.6% | ||||
Bad debt expense | 39,910 | 63,282 | (23,372) | (36.9%) | ||||
Share based compensation expenses | 277,500 | - | 277,500 | - % | ||||
Legal, accounting and other professional fees | 1,170,270 | 1,390,941 | (220,671) | (15.9%) | ||||
Corporate general and administrative expenses | 968,435 | 484,345 | 484,090 | 99.9% | ||||
Management restructuring expenses | - | 2,066,521 | (2,066,521) | - % | ||||
Loss on impairment | 182 | 90,221 | (90,039) | (99.8%) | ||||
Depreciation and amortization | 3,915,483 | 4,574,163 | (658,680) | (14.4%) | ||||
Total Operating Expenses | 8,723,519 | 11,269,990 | (2,546,471) | (22.6%) | ||||
Gain on disposal of investment property | 2,819,502 | - | 2,819,502 | - % | ||||
Loss on extinguishment of debt | (51,837) | - | (51,837) | - % | ||||
Loss on redemption of mandatorily redeemable preferred stock | (47,680) | - | (47,680) | - % | ||||
Operating Income (Loss) | 3,731,593 | (997,164) | 4,728,757 | (474.2%) | ||||
Interest expense | 3,019,799 | 3,540,900 | (521,101) | (14.7%) | ||||
Net Income (Loss) from Operations | 711,794 | (4,538,064) | 5,249,858 | (115.7%) | ||||
Other income | 88,856 | 49,274 | 39,582 | 80.3% | ||||
Other expense | (56,325) | (84,564) | 28,239 | (33.4%) | ||||
Net Income (Loss) | 744,325 | (4,573,354) | 5,317,679 | (116.3%) | ||||
Less: Net income attributable to Hanover Square Property noncontrolling interests | 453,928 | 7,714 | 446,214 | 5,784.5% | ||||
Less: Net loss attributable to Parkway Property noncontrolling interests | (3,234) | (8,482) | 5,248 | (61.9%) | ||||
Less: Net income (loss) attributable to Operating Partnership noncontrolling interests | 266,107 | (1,307) | 267,414 | (20,460.1%) | ||||
Net Income (Loss) Attributable to Medalist Common Shareholders | $ | 27,524 | $ | (4,571,279) | $ | 4,598,803 | (100.6%) | |
Earnings (loss) per common share - basic | $ | 0.024 | $ | (4.12) | $ | 4.14 | (100.6%) | |
Weighted-average number of shares - basic | 1,127,768 | 1,109,574 | 18,194 | 1.6% | ||||
Earnings (loss) per common share - diluted | $ | 0.024 | $ | (4.12) | $ | 4.14 | (100.6%) | |
Weighted-average number of shares - diluted | 1,132,588 | 1,109,574 | 23,014 | 2.1% | ||||
Dividends paid per common share | $ | 0.17 | $ | 0.32 | $ | (0.15) | (46.9%) |
© 2025, All Rights Reserved | 8 |
Exhibit 99.2
Funds From Operations and Adj. Funds From Operations
Year Ending December 31, | 2024 | 2023 | $ Change | % Change | ||||
Funds From Operations and Core Funds From Operations | ||||||||
Net Income (Loss) | $ | 744,325 | $ | (4,573,354) | $ 5,317,679 | (116.3%) | ||
Depreciation of tangible real property assets | 2,342,416 | 2,695,058 | (352,642) | (13.1%) | ||||
Depreciation of tenant improvements | 757,318 | 836,096 | (78,778) | (9.4%) | ||||
Amortization of tenant improvement lease incentives | 2,964 | - | 2,964 | - % | ||||
Amortization of leasing commissions | 199,465 | 152,661 | 46,804 | 30.7% | ||||
Amortization of intangible assets | 616,284 | 890,348 | (274,064) | (30.8%) | ||||
Gain on disposal of investment property | (2,819,502) | - | (2,819,502) | - % | ||||
Loss on impairment | 182 | 90,221 | (90,039) | (99.8%) | ||||
Gain on extinguishment of lease liability | (34,792) | - | (34,792) | - % | ||||
Loss on extinguishment of debt | 51,837 | - | 51,837 | - % | ||||
Loss on redemption of mandatorily redeemable preferred stock | 47,680 | - | 47,680 | - % | ||||
Funds From Operations (FFO) Attributable to Medalist Common Shareholders | $ | 1,908,177 | $ | 91,030 | $ 1,817,147 | 1,996.2% | ||
Decrease in fair value of interest rate cap | 56,325 | 84,564 | (28,239) | (33.4%) | ||||
Management restructuring expenses | - | 2,066,521 | (2,066,521) | - % | ||||
Core Funds From Operations (FFO) Attributable to Medalist Common Shareholders | $ | 1,964,502 | $ | 2,242,115 | $ | (277,613) | (12.4%) | |
FFO per common share equivalent - basic | $ | 1.52 | $ | 0.08 | $ | 1.44 | 1,778.5% | |
FFO per common share equivalent - diluted | $ | 1.52 | $ | 0.08 | $ | 1.44 | 1,771.3% | |
Core FFO per common share equivalent - basic | $ | 1.57 | $ | 2.00 | $ | (0.43) | (21.5%) | |
Core FFO per common share equivalent - diluted | $ | 1.56 | $ | 2.00 | $ | (0.43) | (21.8%) | |
Weighted-average number of common shares and equivalents - basic1 | 1,253,081 | 1,122,920 | 130,161 | 11.6% | ||||
Weighted-average number of common shares and equivalents - diluted 1 | 1,257,901 | 1,122,920 | 134,981 | 12.0% | ||||
Year Ending December 31, | 2024 | 2023 | $ Change | % Change | ||||
Adjusted Funds From Operations | ||||||||
Funds From Operations (FFO) Attributable to Medalist Common Shareholders | $ | 1,908,177 | $ | 91,030 | $ 1,817,147 | 1,996.2% | ||
Amortization of above market leases | 40,850 | 93,696 | (52,846) | (56.4%) | ||||
Amortization of below market leases | (296,211) | (368,803) | 72,592 | (19.7%) | ||||
Straight line rent | (99,106) | (100,010) | 904 | (0.9%) | ||||
Capital expenditures | (902,397) | (1,483,117) | 580,720 | (39.2%) | ||||
Decrease in fair value of interest rate cap | 56,325 | 84,564 | (28,239) | (33.4%) | ||||
Amortization of loan issuance costs | 100,479 | 106,882 | (6,403) | (6.0%) | ||||
Amortization of preferred stock discount and offering costs | 246,966 | 243,054 | 3,912 | 1.6% | ||||
Share-based compensation | 277,500 | - | 277,500 | - % | ||||
Bad debt expense | 39,910 | 63,282 | (23,372) | (36.9%) | ||||
Adjusted Funds From Operations (AFFO) Attributable to Medalist Common Shareholders | $ | 1,372,493 | $ | (1,269,422) | $ 2,641,915 | (208.1%) | ||
AFFO per common share equivalent - basic | $ | 1.10 | $ | (1.13) | $ | 2.23 | (196.9%) | |
AFFO per common share equivalent - diluted | $ | 1.09 | $ | (1.13) | $ | 2.22 | (196.5%) | |
Weighted-average number of common shares and equivalents - basic1 | 1,253,081 | 1,122,920 | 130,161 | 11.6% | ||||
Weighted-average number of common shares and equivalents - diluted 1 | 1,257,901 | 1,122,920 | 134,981 | 12.0% |
- Common share equivalents include Operating Partnership ("OP") Units in Medalist Diversified REIT's Operating Partnership. These OP Units have economic rights equivalent to Medalist common shares but may be subject to certain transfer restrictions and conversion terms as outlined in the partnership agreement.
© 2025, All Rights Reserved | 9 |
Exhibit 99.2
EBITDAre and GAAP Net Operating Income (NOI)
Year Ending December 31, | 2024 | 2023 | $ Change | % Change | |||
EBITDAre | |||||||
Net Income (Loss) | $ | 744,325 | $ | (4,573,354) | $ 5,317,679 | (116.3%) | |
Plus: Amortization of loan issuance costs | 100,479 | 106,882 | (6,403) | (6.0%) | |||
Plus: Amortization of preferred stock discount and offering costs | 246,966 | 243,054 | 3,912 | 1.6% | |||
Plus: Interest expense | 3,019,799 | 3,540,900 | (521,101) | (14.7%) | |||
Plus: Depreciation and amortization | 3,915,483 | 4,574,163 | (658,680) | (14.4%) | |||
Less: Net amortization of above and below market leases | (255,361) | (275,107) | 19,746 | (7.2%) | |||
Less: Gain on sale of investment properties | (2,819,502) | - | (2,819,502) | - % | |||
Plus: Loss on impairment | 182 | 90,221 | (90,039) | (99.8%) | |||
EBITDAre | $ | 4,952,371 | $ | 3,706,759 | $ 1,245,612 | 33.6% |
Year Ending December 31, | 2024 | 2023 | $ Change | % Change | |||
GAAP Net Operating Income (NOI) | |||||||
Net Income (Loss) | $ | 744,325 | $ | (4,573,354) | $ 5,317,679 | (116.3%) | |
Plus: Share based compensation expenses | 277,500 | - | 277,500 | - % | |||
Plus: Legal, accounting and other professional fees | 1,170,270 | 1,390,941 | (220,671) | (15.9%) | |||
Plus: Corporate general and administrative expenses | 968,435 | 484,345 | 484,090 | 99.9% | |||
Plus: Loss on impairment | 182 | 90,221 | (90,039) | (99.8%) | |||
Plus: Depreciation and amortization | 3,915,483 | 4,574,163 | (658,680) | (14.4%) | |||
Less: Gain on disposal of investment property | (2,819,502) | - | (2,819,502) | - % | |||
Plus: Loss on extinguishment of debt | 51,837 | - | 51,837 | - % | |||
Plus: Loss on redemption of mandatorily redeemable preferred stock | 47,680 | - | 47,680 | - % | |||
Plus: Interest expense | 3,019,799 | 3,540,900 | (521,101) | (14.7%) | |||
Plus: Other expense | 56,325 | 84,564 | (28,239) | (33.4%) | |||
Less: Other income | (88,856) | (49,274) | (39,582) | 80.3% | |||
Plus: Management restructuring expense | - | 2,066,521 | (2,066,521) | - % | |||
GAAP Net Operating Income (NOI) | $ | 7,343,478 | $ | 7,609,027 | $ (265,549) | (3.5%) |
© 2025, All Rights Reserved | 10 |