Medalist Diversified REIT, Inc. (NASDAQ: MDRR) (the “Company” or “Medalist”), is 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.
On June 2, 2021, Medalist Diversified Holdings, L.P., the operating partnership of Medalist Diversified REIT, Inc., entered into an agreement to sell the Company’s Hampton Inn Property located in Greensboro, North Carolina to an unaffiliated purchaser. The prospective purchaser has a 30 day due diligence period which, at its election, can be extended an additional 15 days. Upon satisfactory completion of the due diligence period, the purchaser has an additional 30 days to close, which can also be extended, at the purchaser’s election, for an additional 15 days.
The purchase agreement contains provisions, representations, warranties, covenants and indemnities that are customary and standard for the real estate industry and the purchase of a hotel property. Several conditions to closing on the sale remain to be satisfied, including the satisfactory completion of the due diligence period described above, and there can be no assurance that the Company will complete the transaction on the general terms described above, or at all.
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 https://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 statements that are not historical, including statements regarding management’s intentions, beliefs, expectations, representations, plans or predictions of the future, and are typically identified by such words as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “may,” “will,” “should” and “could.” Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon the Company’s present expectations, but these statements are not guaranteed to occur, including, without limitation, with respect to the sale of the Hampton Inn Property on the terms described or at all. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. Investors should not place undue reliance upon forward-looking statements. For further discussion of the factors that could affect outcomes, please refer to the “Risk Factors” section of the prospectus dated April 8, 2021, and in the Company’s subsequent annual and periodic reports and other documents filed with the SEC, copies of which are available on the SEC’s website, www.sec.gov.
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Contacts
Dave Gentry
RedChip Companies
407-491-4498
