Medalist Diversified, Inc.

Listed Company

MDRRCIK 0001654595NasdaqNon-AcceleratedSmaller ReportingReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$10.40M

Net Income

$-1.94M

Total Assets

—

Equity

—

Shares Out

1.63M

Op. Cash Flow

$1.53M

Business

Medalist Diversified REIT, Inc. acquires, repositions, renovates, leases and manages income-producing real estate and operates as a REIT owning properties through its operating partnership. It offers ownership and management of retail, flex-industrial and single-tenant net lease (STNL) properties, along with asset management, property sourcing and due diligence capabilities. Its key reportable segments consist of retail center properties, flex center properties and STNL properties, with properties managed by third-party property managers under its oversight. The company focuses on retail and flex-industrial assets in secondary and tertiary markets in Virginia, North Carolina and South Carolina while expanding STNL properties across the United States through acquisitions and joint ventures.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total Revenue	10	10	10	11	11
Operating expenses	3	2	—	—	—
Bad debt expense	2,382	39,910	63,282	46,932	39,024
Share based compensation expense	397,182	277,500	—	483,100	149,981
Legal, accounting and other professional fees	2	1	1	2	1
Corporate general and administrative expenses	1	968,435	484,345	457,653	654,137
Loss on impairment	74,328	182	90,221	36,670	—
Impairment of assets held for sale	662,394	—	0	175,671	0
Depreciation and amortization	3	4	5	5	4
Total Operating Expenses	10	9	11	12	11
Gain on disposal of investment properties	731,439	3	—	−421,096	124,641
Loss on extinguishment of debt	−430,644	−51,837	—	−389,207	—
Loss on redemption of mandatorily redeemable preferred stock	−9,375	−47,680	—	—	—
Operating Income	547,902	4	−997,164	−1	814,504
Interest expense	3	3	4	4	6
Net (Loss) Income from Operations	−2	711,794	−5	−5	−5
Other income	361,498	88,856	49,274	236,500	361,469
Other expense	−224,777	−56,325	−84,564	—	—
Net (Loss) Income	−2	744,325	−5	−5	−4
Less: Net income attributable to Operating Partnership noncontrolling interests	452,028	266,107	−1,307	−20,072	3,903
Net (Loss) Income Attributable to Medalist Common Stockholders	−2	27,524	−5	−5	−4
Earnings (Loss) per common share - basic (in dollars per share)	−1.9	0.02	−4.12	−2.23	−0.33
Earnings (Loss) per common share - diluted (in dollars per share)	−1.9	0.03	−4.12	−2.23	−0.33
Weighted-average number of shares - basic (in shares)	1	1	1	2	13
Weighted-average number of shares - diluted (in shares)	1	1	1	2	13
Dividends paid per common share (in dollars per share)	0.27	0.17	0.32	0.56	0.04

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Investment properties, net	41	64	65	77	69
Cash	3	5	2	4	4
Restricted cash	2	1	2	2	3
Rent and other receivables, net of allowance of $0 as of December 31, 2025 and December 31, 2024, respectively	387,782	331,096	292,618	402,434	466,141
Assets held for sale	28	—	10	—	10
Unbilled rent	1	1	1	1	872,322
Intangible assets, net	1	2	3	4	4
Other intangible assets	293,902	0	—	—	—
Other assets	905,124	967,735	532,935	564,306	370,133
Total Assets	78	75	83	88	93
Accounts payable and accrued liabilities	1	1	1	1	1
Liabilities associated with assets held for sale	19	—	—	—	—
Intangible liabilities, net	784,987	1	2	2	2
Mortgages payable, net	33	50	51	61	55
Mandatorily redeemable preferred stock, net	—	1	5	4	4
Total Liabilities	54	54	69	69	70
Common stock, $0.01 par value, 750,000,000 shares authorized, 1,110,000 and 1,345,260 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	11,100	13,453	11,094	22,198	160,526
Additional paid-in capital	52	54	52	52	50
Offering costs	−4	−3	−3	−3	−3
Accumulated deficit	−39	−36	−36	−31	−25
Total Stockholders' Equity	9	15	12	17	21
Noncontrolling interests - Operating Partnership	14	6	837,320	842,898	877,917
Total Equity	24	21	14	19	23
Total Liabilities and Equity	78	75	83	88	93

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	3	3	4	3	2
Amortization	442,646	616,284	890,348	—	—
Loan cost amortization	96,850	100,479	106,882	107,595	103,180
Mandatorily redeemable preferred stock issuance cost and discount amortization	2,404	246,966	243,054	222,881	204,383
Amortization of lease incentives	1,236	2,964	—	—	—
Above (below) market lease amortization, net	−141,346	−255,361	−275,107	−226,721	−24,024
Gain on extinguishment of lease liability	—	−34,792	—	—	—
Unrealized gain on crypto assets	44,026	—	—	—	—
Rent and other receivables	−59,068	−78,388	46,534	16,775	−46,413
Unbilled rent	−207,825	−99,106	−100,010	−149,831	−198,594
Other assets	−225,257	−434,800	31,371	−194,173	−50,243
Accounts payable and accrued liabilities	−236,939	90,760	−103,023	−109,185	87,351
Net cash flows from operating activities	2	2	104,013	1	832,613
Investment property acquisitions	−15	−145,345	—	−10	−21
Capital expenditures	−1	−902,397	−1	−1	−536,685
Purchase of crypto assets	−337,928	—	—	—	—
Cash received from disposal of investment property, net	10	3	—	2	2
Net cash flows from investing activities	−7	2	−1	−9	−19
Dividends and distributions paid	−602,207	−787,027	−383,665	—	—
Repayment of line of credit, short term	−15	−1	—	—	—
Operating partnership unit redemption	—	−93,220	—	—	—
Proceeds from line of credit, short term	14	—	1	—	—
Proceeds from mortgages payable, net	8	—	—	18	24
Repayment of mortgages payable	−1	−958,579	−1	−12	−15
Capitalized closing costs for Wells Fargo LOC renewal and increase	—	−43,306	—	—	—
Redemption of mandatorily redeemable preferred stock	−2	−4	—	—	—
Proceeds from sales of common stock, net of capitalized offering costs	—	3	—	—	—
Proceeds from sales of Operating Partnership Units, net of capitalized offering costs	—	2	—	—	—
Offering costs paid related to DST offering	−239,788	—	—	—	—
Repurchases of common stock, including costs and fees	−140,788	−32,467	—	−286,543	—
Retire fractional shares resulting from reverse stock split	—	−2,705	−4,999	—	—
Net cash flows from financing activities	4	−2	−474,144	6	21
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	−2	2	−2	−2	2

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