Medalist Diversified REIT Provides Update on its Commercial and Hotel Properties
September 15 2020 - 7:00AM
Business Wire
Medalist 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.
Commercial Properties
Our 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:
Hanover Square Shopping Center – Located in Mechanicsville
Virginia – 94.6% occupied Ashley Plaza Shopping Center - Located in
Goldsboro, North Carolina – 98.0% occupied Franklin Square Shopping
Center - Located in Gastonia, North Carolina – 83.3% occupied
Brookfield Flex/Industrial Center – Located in Greenville, North
Carolina – 93.8% occupied
While 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.
Hotels Properties
Our company would like to update our stockholders on new
developments at our hotels. Today, September 14, 2020, we signed a
contract with Clemson University whereby the university has agreed
to lease the entire Clemson Best Western Plus from September 14,
2020 through December 15, 2020 for $59.00 per night/per room. At
the Hampton Inn Property, Highpoint University in Greensboro, North
Carolina is currently renting three floors of the hotel for an
indefinite period of time for $79.00 per night/per room. We have
not signed an agreement with Highpoint University, so we cannot
predict the length of stay for their students.
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 in the Mid-Atlantic and Southeast
regions. 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. Medalist utilizes a
rigorous, consistent and replicable process for sourcing and
conducting due diligence of acquisitions. 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 in the southeast for acquisition
opportunities and disposal of properties as considered appropriate.
For more information on Medalist, please visit the Company website
at https://www.medalistreit.com.
Safe Harbor Disclosure
This press release contains statements that are “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and other federal securities laws. Forward looking
statements are statements that are not historical, including
statements regarding management’s intentions, beliefs,
expectations, representations, plans or predictions of the future,
and are typically identified by such words as “believe,” “expect,”
“anticipate,” “intend,” “estimate,” “may,” “will,” “should” and
“could.” Because such statements include risks, uncertainties and
contingencies, actual results may differ materially from those
expressed or implied by such forward looking statements. These
forward-looking statements are based upon the Company’s present
expectations, but these statements are not guaranteed to occur.
Furthermore, the Company disclaims any obligation to publicly
update or revise any forward-looking statement to reflect changes
in underlying assumptions or factors, of new information, data or
methods, future events or other changes. Investors should not place
undue reliance upon forward-looking statements. For further
discussion of the factors that could affect outcomes, please refer
to the “Risk Factors” section of the most recent Prospectus filed
with the SEC on February 14, 2020, and in the Company’s other
documents filed with the SEC, copies of which are available on the
SEC’s website, www.sec.gov.
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version on businesswire.com: https://www.businesswire.com/news/home/20200915005682/en/
Dave Gentry, CEO RedChip Companies Office: 1.800.RED.CHIP
(733.2447) Cell: 407.491.4498 dave@redchip.com
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