Medalist Diversified REIT, Inc. Shifts to Long-Term Value Creation Amid Current Market Conditions
August 07 2023 - 04:25PM
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 it
has paused its previously announced plan to sell certain assets and
has shifted its strategy to focus on continuing to optimize
long-term asset value. The move responds to evolving market
conditions and aligns with the Company's commitment to its
stockholders.
Francis P. Kavanaugh, the Company’s interim Chief Executive
Officer and President, articulated this transition: "In response to
the weakening capital markets, we are adjusting our approach to
better serve the interests of our stockholders. We believe that
selling assets in the current environment would not yield the best
results for our stockholders. Instead, we are pivoting to focus on
optimizing our existing portfolio, which we believe will be a more
effective path to enhancing stockholder value."
Medalist will devote its resources to the continuous improvement
of its properties and strengthening the credit profiles of its
tenants. Kavanaugh continued, "We believe that our properties
provide a solid foundation for growth. Our plan moving forward is
to focus on optimization of our properties through strategic
leasing and value-add enhancements over the next several months. By
enhancing our properties and improving the experiences of our
tenants, we aim to create lasting value."
Medalist’s Board of Directors and management team express their
deep gratitude to the Company's stockholders for their ongoing
patience and support during this period of transition and remain
steadfast in their commitment to acting in the best interests of
stockholders and driving long-term value.
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 Company’s strategy and the impact, if
any, of such strategy 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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