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Investment Properties (Tables)
9 Months Ended
Sep. 30, 2024
Schedule of investment properties

September 30, 2024

December 31, 

    

(unaudited)

    

2023

Land

$

14,733,611

$

13,720,502

Site improvements

 

2,618,530

 

3,797,755

Buildings and improvements (1)

 

59,617,376

 

58,183,070

Investment properties at cost (2)

 

76,969,517

 

75,701,327

Less accumulated depreciation

 

11,813,732

 

11,123,951

Investment properties, net

$

65,155,785

$

64,577,376

(1)Includes tenant improvements (both those acquired as part of the acquisition of the properties and those constructed after the acquisition of the properties), tenant incentives, capitalized leasing commissions and other capital costs incurred post-acquisition.
(2)Excludes intangible assets and liabilities (see Note 2, above, for a discussion of the Company’s accounting treatment of intangible assets), escrow deposits and property reserves.
Schedule of deferred costs, net of depreciation and amortization

September 30, 

2024

December 31, 

    

(unaudited)

    

2023

Capitalized tenant improvements – acquisition cost allocation, net

$

2,176,125

$

2,504,953

Capitalized tenant improvements incurred subsequent to acquisition, net

 

1,042,415

 

898,873

Capitalized tenant improvements considered to be lease incentives

27,422

September 30, 2024

December 31, 

(unaudited)

2023

Capitalized leasing commissions, net

    

$

862,767

    

$

759,677

Schedule of assets held for sale and liabilities associated with assets held for sale

September 30, 2024

December 31, 

    

(unaudited)

    

2023

Investment properties, net

$

$

9,707,154

Total assets held for sale

$

$

9,707,154

September 30, 2024

December 31, 

    

(unaudited)

    

2023

Mortgages payable, net

$

$

9,588,888

Total liabilities associated with assets held for sale

$

$

9,588,888

Schedule of operating results of hotel properties included in continuing operations

For the three months ended

 

For the nine months ended

 

September 30, 

September 30, 

2024

2023

2024

2023

    

(unaudited)

    

(unaudited)

 

(unaudited)

    

(unaudited)

 

Revenue

Retail center property revenues

$

$

327,348

$

307,325

$

987,121

Total Revenue

327,348

307,325

987,121

Operating Expenses

Retail center property operating expenses

23

82,132

92,559

248,876

Bad debt expense

2,472

16,136

Depreciation and amortization

76,869

231,143

Total Operating Expenses

2,495

159,001

108,695

480,019

Gain on disposal of investment properties

2,819,502

Loss on extinguishment of debt

(51,837)

Operating (Loss) Income

(2,495)

168,347

2,966,295

507,102

Interest expense

 

169,755

129,248

516,367

Net (Loss) Income

(2,495)

(1,408)

2,837,047

(9,265)

Less: Net (loss) income attributable to Hanover Square Property noncontrolling interests

(399)

(225)

453,928

(1,482)

Less: Net (loss) income attributable to Operating Partnership noncontrolling interests

 

(363)

(14)

137,029

(93)

Net (Loss) Income Attributable to Medalist Common Stockholders

$

(1,733)

$

(1,169)

$

2,246,090

$

(7,690)

2024 Property Acquisitions  
Schedule of fair values of assets acquired and liabilities assumed

NCI Interest in

Hanover Square

Citibank

Outparcel

    

Property

Total

Fair value of assets acquired:

Investment property

$

100,891

(a)

$

2,298,373

(a)

$

2,399,264

Lease intangibles

245,837

(b)

245,837

Below market leases

(99,756)

(b)

(99,756)

Fair value of net assets acquired

$

100,891

(b)

$

2,444,454

(c)

$

2,545,345

Purchase consideration:

Consideration paid with cash

$

100,891

(c)

$

44,454

(d)

$

145,345

Consideration paid with operating partnership units

 

 

2,400,000

(e)

 

2,400,000

Total consideration

$

100,891

(d)

$

2,444,454

(f)

$

2,545,345

NCI Interest in Hanover Square Outparcel

a.Represents the acquisition cost of the land acquired.  Closing costs were allocated and added to the fair value of the tangible assets acquired.
b.Represents the total acquisition cost of the land acquired at closing.
c.Represents cash paid for closing costs.
d.Represents the consideration paid for the acquisition cost of the assets acquired.

Citibank Property

a.Represents the fair value of the investment property acquired which includes land, buildings, site improvements and tenant improvements. The fair value was determined using the market approach, the cost approach, the income approach or a combination thereof. Closing costs were allocated and added to the fair value of the tangible assets acquired.
b.Represents the fair value of lease intangibles. Lease intangibles include leasing commissions, leases in place, below market leases and legal and marketing costs associated with replacing existing leases.
c.Represents the total fair value of assets and liabilities acquired at closing.
d.Represents cash paid for closing costs paid at closing or directly by the Company outside of closing.
e.Represents issuance of 208,695 Operating Partnership Units at $11.50 per Operating Partnership Unit. See Note 7, below.
f.Represents the consideration paid for the fair value of the assets and liabilities acquired.