0001558370-24-013520.txt : 20241023 0001558370-24-013520.hdr.sgml : 20241023 20241023161516 ACCESSION NUMBER: 0001558370-24-013520 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20241023 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20241023 DATE AS OF CHANGE: 20241023 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Medalist Diversified REIT, Inc. CENTRAL INDEX KEY: 0001654595 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] ORGANIZATION NAME: 05 Real Estate & Construction IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38719 FILM NUMBER: 241389396 BUSINESS ADDRESS: BUSINESS PHONE: 804-338-7708 MAIL ADDRESS: STREET 1: PO BOX 8436 CITY: RICHMOND STATE: VA ZIP: 23226 8-K 1 mdrr-20241023x8k.htm 8-K
0001654595false0001654595us-gaap:CommonStockMember2024-10-232024-10-230001654595mdrr:SeriesCumulativeRedeemablePreferredStock8.0PercentMember2024-10-232024-10-2300016545952024-10-232024-10-23

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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): October 23, 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 1.01

Entry into a Material Definitive Agreement

​

On October 23, 2024, Medalist Diversified REIT, Inc. (the “Company”) gave notice of its intention to redeem 140,000 shares (the “Redeemed Shares”) of its 8.0% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”), on November 25, 2024 (the “Optional Redemption Date”).

​

In accordance with the articles supplementary to the articles of incorporation of the Company designating the Series A Preferred Stock, the Redeemed Shares will be redeemed at a cash redemption price of $25.00 per share, plus any accrued and unpaid dividends up to, but not including, the Optional Redemption Date in an amount equal to approximately $0.194 per share, for a total payment of $25.194 per share. From and after the Optional Redemption Date, dividends on the Redeemed Shares will cease to accumulate, the Redeemed Shares will no longer be outstanding, and all rights of the holders of such shares will terminate, except the right of the holders to receive the cash payable upon such redemption, without interest.

​

Quarterly dividends on the outstanding shares of Series A Preferred Stock of $0.50 per share were paid separately on October 21, 2024 to holders of record as of the close of business on October 16, 2024, in the customary manner. Accordingly, the redemption price for the Series A Preferred Stock will not include such dividends, but it will include a partial quarterly dividend from October 22, 2024 up to, but not including, the Optional Redemption Date. 

​

A copy of a press release announcing the notice of redemption is “furnished” as Exhibit 99.1 to this Current Report on Form 8-K. The information in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.

​

Cautionary Statements Regarding Forward-Looking Statements

​

This Current Report on Form 8-K 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 and the partial redemption of the Series A Preferred 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.

​

​

 Item 9.01

Financial Statements and Exhibits.

 

(d) Exhibits

​

​

Exhibit No.

​

Description

99.1

​

Press Release dated October 23, 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, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

MEDALIST DIVERSIFIED REIT, INC.

 

 

 

Dated: October 23, 2024

By:

/s/ C. Brent Winn, Jr.

 

 

C. Brent Winn, Jr.

 

 

Chief Financial Officer

​

​

​

​

 EX-99.1 2 mdrr-20241023xex99d1.htm EX-99.1

Graphic

Exhibit 99.1

​

Medalist Diversified REIT, Inc.

ANNOUNCES PARTIAL REDEMPTION OF ITS

8% SERIES A CUMULATIVE REDEEMABLE pREFERRED STOCK, par value $0.01 per share

​

​

RICHMOND, Va., October 23, 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, gave notice of its intent to redeem 140,000 shares (the “Redeemed Shares”) of its 8.0% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”) on November 25, 2024 (the “Optional Redemption Date”).  The Redeemed Shares will be redeemed at a cash redemption price of $25.00 per share, plus any accrued and unpaid dividends up to, but not including, the Optional Redemption Date in an amount equal to approximately $0.194 per share, for a total payment of $25.194 per share.

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. 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 payment of dividends on and the partial redemption of the Series A Preferred 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.

​

Contact

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

​

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Document and Entity Information
Oct. 23, 2024
Document Information [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Oct. 23, 2024
Entity File Number 001-38719
Entity Registrant Name Medalist Diversified REIT, Inc.
Entity Central Index Key 0001654595
Entity Incorporation, State or Country Code MD
Entity Tax Identification Number 47-5201540
Entity Address State Or Province VA
Entity Address, Address Line One P.O. Box 8436
Entity Address, City or Town Richmond
Entity Address, Postal Zip Code 23226
City Area Code 804
Local Phone Number 338-7708
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stock [Member]  
Document Information [Line Items]  
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol MDRR
Security Exchange Name NASDAQ
8.0% Series A Cumulative Redeemable Preferred Stock, $0.01 par value  
Document Information [Line Items]  
Title of 12(b) Security 8.0% Series A Cumulative Redeemable Preferred Stock, $0.01 par value
Trading Symbol MDRRP
Security Exchange Name NASDAQ
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