Form 8-K - Current report
August 07 2023 - 04:30PM
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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): August 7, 2023
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 7.01 |
Regulation FD Disclosure. |
On
August 7, 2023, Medalist Diversified REIT, Inc. (the “Company”) issued a press release, a copy of which
is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The information, including the press release, furnished under
this Item 7.01 shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated
by reference into any other filing by the Company under the Exchange Act or the Securities Act of 1933, as amended, except as otherwise
expressly stated in such filing.
Item 9.01 |
Financial Statements and Exhibits. |
(d) Exhibits
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: August 7, 2023 |
By: |
/s/ C. Brent Winn, Jr. |
|
|
C. Brent Winn, Jr. |
|
|
Chief Financial Officer |
Exhibit 99.1
Medalist
Diversified REIT, Inc. SHIFTS TO LONG-TERM VALUE CREATION AMID CURRENT MARKET CONDITIONS
RICHMOND, Va., August 7, 2023--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.
Contacts
Brent Winn
Medalist Diversified REIT, Inc.
brent.winn@medalistprop.com
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Entity Central Index Key |
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