Medalist Diversified REIT, Inc. Announces Transition to Internalized Management and Leadership Changes
July 18 2023 - 05:18PM
Business Wire
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 in the Southeast region of the U.S., announced today that
the Company has completed its process to internalize management,
and resultant changes to the Company’s leadership and to the
Company’s Board of Directors (the “Board”).
In connection with these actions, Thomas (Tim) Messier and
William Elliott will be leaving their respective roles with the
Company effective immediately, Tim Messier, as the former Chairman
and Chief Executive Officer, and William Elliott, as the former
Vice Chairman, President, and Chief Operating Officer. The Board
appreciates Messrs. Messier and Elliott’s dedicated service and
substantial contributions to the Company. In the interim, Timothy
O’Brien will step in as Chairman of the Board, Francis Kavanaugh
will step in as interim Chief Executive Officer, and Brent Winn
will continue in his role as Chief Financial Officer.
These changes are expected to lead to streamlined operations,
reduced costs, and increased agility. Medalist is committed to a
smooth transition process and ensuring continuity of leadership,
with the primary focus on preserving and enhancing shareholder
value.
Messrs. Messier and Elliott made this joint statement, “Since
Medalist Diversified REIT’s founding, we have worked to build a
diversified real estate portfolio that is now approximately 98
percent leased, has consistently produced positive cash flow, and
performed throughout the COVID-19 pandemic. We are proud that
Medalist has paid dividends to its shareholders for nine
consecutive quarters, even as the REIT industry in general, and
microcap REITs in particular, have been impacted by market forces
that are causing REITs to trade at a fraction of their worth. We
believe Medalist has a strong platform and portfolio that is well
positioned for the future.”
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 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 transition to internalized management and the
impact, if any, of such actions on the Company and the trading
price of the Company’s common stock. 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.
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Brent Winn Medalist Diversified REIT, Inc.
brent.winn@medalistprop.com
Medalist Diversified REIT (NASDAQ:MDRR)
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