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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Medalist Diversified REIT Inc | NASDAQ:MDRR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0345 | 0.63% | 5.5402 | 5.30 | 5.52 | 5.65 | 5.5168 | 5.56 | 1,021 | 21:00:01 |
Medalist Diversified REIT, Inc. (NASDAQ:MDRR), 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., today reported financial results for the three months ended March 31, 2022 and provided an update on its corporate activities. In addition, the Company released supplemental financial information about its first quarter financial results.
Key Highlights:
“Our first quarter results demonstrate the full impact of our 2021 acquisitions,” stated Thomas E. Messier, Chairman and Chief Executive Officer of the Company. “These three acquisitions have increased our revenues, net operating income and funds from operations (FFO) and adjusted funds from operations (AFFO) as those are a key metric in measuring the performance of a REIT. Our strategic short-term shift away from hotel property investments and redeployment of capital to flex and retail properties is paying off with more predictable and less cyclical operating results. We will continue to implement this strategy during the remainder of 2022, with our plans to acquire a fifth retail property, Salisbury Marketplace, and our efforts to sell the Clemson Best Western Hotel Property”.
As of March 31, 2022, the Company’s retail and flex property portfolio consisted of seven properties with 771,550 square feet with an average occupancy rate of 94.0% across the seven properties. As of March 31, 2022, the Company’s hotel portfolio consisted of one property with 148 rooms. The average occupancy of this hotel was 100% for the three months ended March 31, 2022, due to the Company’s occupancy agreement with Clemson University for the entire hotel, which ends on May 15, 2022.
About Medalist Diversified REIT
Medalist Diversified REIT Inc. 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. The Company’s strategy is to focus on 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.
For more information on Medalist, including additional supplemental financial information, 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. 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 June 21, 2021 and its accompanying prospectus supplement dated November 17, 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.
Non-GAAP Financial Measures
The foregoing supplemental financial data includes certain non-GAAP financial measures that we believe are helpful in understanding our business and performance, as further described below. Our definition and calculation of these non-GAAP financial measures may differ from those of other REITs, and may, therefore, not be comparable.
NOI
While we believe net income (loss), as defined by accounting principles generally accepted in the United States of America (U.S. GAAP), is the most appropriate measure, we consider NOI, given its wide use by and relevance to investors and analysts, an appropriate supplemental performance measure. NOI provides a measure of rental operations, and does not include depreciation and amortization, interest expense and non-property specific expenses such as corporate-wide interest expense and general and administrative expenses. As used herein, we calculate NOI as follows:
NOI from property operations is calculated as net loss, as defined by U.S. GAAP, plus preferred dividends, legal, accounting and other professional fees, corporate general and administrative expenses, depreciation, amortization of intangible assets and liabilities, interest expense, including amortization of financing costs, share based compensation expense, net amortization of above and below market leases, loss on impairment, impairment of assets held for sale, and other income. The components of NOI consist of recurring rental and reimbursement revenue, less real estate taxes and operating expenses, such as insurance, utilities, and repairs and maintenance.
The following tables reflect net loss attributable to common shareholders with a reconciliation to NOI, as computed in accordance with GAAP for the periods presented:
Three months ended
March 31,
Net Operating Income
2022
(Unaudited)
2021
(Unaudited)
Net Loss
$
(980,383
)
$
(2,307,742
)
Plus: Preferred dividends, including amortization of capitalized issuance costs
153,923
149,449
Plus: Legal, accounting and other professional fees
459,869
491,855
Plus: Corporate general and administrative expenses
80,706
69,137
Plus: Depreciation expense
771,560
454,774
Plus: Amortization of intangible assets
383,637
198,459
Plus: Interest expense, including amortization of capitalized loan issuance costs
687,501
2,284,683
Plus: Share based compensation expense
233,100
149,981
Plus: Loss on impairment
36,670
-
Plus: Impairment of assets held for sale
175,671
-
Less: Other income
(95,439
)
(1,352
)
(Less) Plus: Net amortization of above and below market leases
(26,034
)
3,237
Net Operating Income - NOI
$
1,880,781
$
1,492,481
EBITDA
EBITDA is net income (or loss), as defined by U.S. GAAP, plus preferred dividends, interest expense, including amortization of financing costs, depreciation and amortization, net amortization of acquired above and below market lease revenue, loss on impairment, and impairment of assets held for sale.
The following tables reflect net loss with a reconciliation to EBITDA, as computed in accordance with GAAP for the periods presented:
Three months ended
March 31
2022
(Unaudited)
2021
(Unaudited)
Net Loss
$
(980,383
)
$
(2,307,742
)
Plus: Preferred dividends, including amortization of capitalized issuance costs
153,923
149,449
Plus: Interest expense, including amortization of capitalized loan issuance costs
687,501
2,284,683
Plus: Depreciation expense
771,560
454,774
Plus: Amortization of intangible assets
383,637
198,459
(Less) Plus: Net amortization of above and below market leases
(26,034
)
3,237
Plus: Loss on impairment
36,670
-
Plus: Impairment of assets held for sale
175,671
-
EBITDA
$
1,202,545
$
782,860
FFO and AFFO
Funds from operations (“FFO”), a non-GAAP measure, is an alternative measure of operating performance, specifically as it relates to results of operations and liquidity. FFO is computed in accordance with standards established by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”) in its March 1995 White Paper (as amended in November 1999, April 2002 and December 2018). As defined by NAREIT, FFO represents net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus real estate related depreciation and amortization (excluding amortization of loan origination costs and above and below market leases) and after adjustments for unconsolidated partnerships and joint ventures. In addition to FFO, Adjusted FFO (“AFFO”), excludes non-cash items such as amortization of loans and above and below market leases, unbilled rent arising from applying straight line rent revenue recognition and share-based compensation expenses. Additionally, the impact of capital expenditures, including tenant improvement and leasing commissions, net of reimbursements of such expenditures by property escrow funds, is included in the calculation of AFFO.
The following tables reflect net loss with a reconciliation to FFO and AFFO for the periods presented:
Three months ended
March 31,
2022
(Unaudited)
2021
(Unaudited)
Funds from operations
Net Loss
$
(980,383
)
$
(2,307,742
)
Depreciation of tangible real property assets
602,845
365,726
Depreciation of tenant improvements
148,924
74,336
Amortization of leasing commissions
19,791
14,712
Amortization of intangible assets
383,637
198,459
Loss on impairment
36,670
-
Impairment of assets held for sale
175,671
-
Funds from operations
$
387,155
$
(1,654,509
)
Adjusted funds from operations
Funds from operations
$
387,155
$
(1,654,509
)
Amortization of above market leases
69,583
53,613
Amortization of below market leases
(95,617
)
(50,376
)
Straight line rent
(14,921
)
(88,092
)
Capital expenditures
(366,059
)
(45,150
)
Increase in fair value of interest rate cap
(91,042
)
(160
)
Amortization of loan issuance costs
28,118
44,190
Amortization of preferred stock discount and offering costs
53,923
49,449
Amortization of convertible debenture discount, offering costs and beneficial conversion feature
-
1,455,324
Share-based compensation
233,100
149,981
Bad debt expense
12,783
3,196
Adjusted funds from operations (AFFO)
$
217,023
$
(82,534
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20220509006265/en/
Dave Gentry RedChip Companies 407-491-4498
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