false 0001654595 0001654595 2024-01-24 2024-01-24 0001654595 us-gaap:CommonStockMember 2024-01-24 2024-01-24 0001654595 MDRR:SeriesACumulativeRedeemablePreferredStock8.0PercentMember 2024-01-24 2024-01-24 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): January 24, 2024

 

Medalist Diversified REIT, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

Maryland  001-38719  47-5201540
(State or other jurisdiction of incorporation
or organization)
  (Commission File Number)   (I.R.S. Employer
Identification No.)

 

P.O. Box 8436

Richmond, VA, 23226

(Address of principal executive offices)

 

(804) 338-7708

(Registrant’s telephone number, including area code)

 

None

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class   Name of each Exchange
on Which Registered 
  Trading
Symbol(s)
 
Common Stock, $0.01 par value   Nasdaq Capital Market   MDRR
8.0% Series A Cumulative Redeemable Preferred Stock, $0.01 par value   Nasdaq Capital Market   MDRRP

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

 

Emerging Growth Company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

Item 8.01 Other Information.

 

On January 24, 2024, the Company issued a press release announcing (i) the declaration of a quarterly dividend for the fourth quarter of 2023 on the Company’s Common Stock in the amount of $0.01 per share, and (ii) the declaration of a quarterly dividend for the fourth quarter of 2023 on the Company’s 8.0% Series A Cumulative Redeemable Preferred Stock in the amount of $0.50 per share. Both dividends will be payable on February 2, 2024 to shareholders of record on February 1, 2024. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit
No.
  Description
99.1   Press Release, dated January 24, 2024
104   Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL Document

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  MEDALIST DIVERSIFIED REIT, INC.
     
Dated: January 24, 2024 By: /s/ C. Brent Winn, Jr.
    C. Brent Winn, Jr.
    Chief Financial Officer

 

 

 

Exhibit 99.1

 

 

MEDALIST DIVERSIFIED REIT, INC. ANNOUNCES CASH DIVIDEND OF

$0.01 PER SHARE ON ITS COMMON STOCK AND

$0.50 PER SHARE ON ITS SERIES A PREFERRED STOCK

 

RICHMOND, Va., January 24, 2024-- Medalist Diversified REIT, Inc. (NASDAQ: MDRR) (the "Company" or "Medalist"), a Virginia-based real estate investment trust that specializes in acquiring, owning and managing commercial real estate, announced today that its Board of Directors declared a quarterly cash dividend of $0.01 per share on the Company’s common stock (the "Common Stock Dividend"). The Common Stock Dividend is payable in cash on February 6, 2024, to holders of record as of February 2, 2024.

 

The Board of Directors also declared a dividend of $0.50 per share on the Company’s 8.0% Series A Cumulative Redeemable Preferred Stock (the "Series A Dividend"). The Series A Dividend is payable in cash on February 6, 2024, to holders of record as of February 2, 2024.

 

About Medalist Diversified REIT

 

Medalist Diversified REIT Inc. is a Virginia-based real estate investment trust that specializes in acquiring, owning and managing value-add commercial real estate. The Company’s strategy is to focus on value-add and opportunistic commercial real estate which is expected to provide an attractive balance of risk and returns. The Company seeks to maximize operating performance of current properties by utilizing a hands-on approach to property management while monitoring the middle market real estate markets for acquisition opportunities and disposal of properties as considered appropriate. For more information on Medalist, please visit the Company website at www.medalistreit.com.

 

Forward-Looking Statements

 

This press release contains statements that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward looking statements are not historical and are typically identified by such words as “believe,” “expect,” “anticipate,” “intend,” “estimate, “may,” “will,” “should” and “could” and include statements about the payment of dividends on the Series A Preferred Stock and the repurchase program. Forward-looking statements are based upon the Company’s present expectations but are not guarantees or assurances as to future developments or results. Factors that may cause actual developments or results to differ from those reflected in forward-looking statements include, without limitation, adverse changes in the pricing of the Company’s assets, disruptions associated with management internalizations, increased costs of, and reduced availability of, capital and those included in the Company’s most recent Annual Report on Form 10-K and in the Company’s other filings with the Securities and Exchange Commission. Investors should not place undue reliance upon forward-looking statements. The Company disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes and new developments except as required by law or regulation.

 

Contact

Brent Winn
Medalist Diversified REIT, Inc.
bwinn@medalistreit.com

 

 

 

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Entity Registrant Name Medalist Diversified REIT, Inc.
Entity Central Index Key 0001654595
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