Medalist Diversified, Inc. (MDRR): M&A transaction — Medalist Diversified REIT acquires Chicago property for $2.4M via OP Units in related-party deal

Medalist Diversified, Inc.

Acquired 3535 N Central Ave, Chicago for $2.4M, paying 417,391 OP Units valued at $5.75/unit + $15K cash for seller costs.
OP Unit value reflects an 8.5% premium over MDRR common stock closing price of $5.30 on Feb 15, 2024.
Seller is controlled by CEO Frank Kavanaugh, making this a related-party transaction requiring shareholder approval for stock redemption.
OP Units may be redeemed for cash or common stock one-for-one; stock redemption requires majority stockholder vote.
Historical financials and pro forma data for the property will be filed by June 8, 2024.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Medalist Diversified, Inc. completed an acquisition involving RMP 3535 N. Central Ave., LLC for purchase price of $2,400,000 (closed 2024-03-28).

Action: acquisition
Counterparty: RMP 3535 N. Central Ave., LLC
Consideration: purchase price of $2,400,000
Closing: 2024-03-28

Exact text from the filing

On March 28, 2024, MDR Central Avenue, LLC, a wholly owned subsidiary of Medalist Diversified Holdings, LP, a Maryland limited partnership and the operating partnership (the “Operating Partnership”) of Medalist Diversified REIT, Inc. (the “Company”), closed on the acquisition of that certain tract of real property containing a building with a physical address of 3535 North Central Avenue, Chicago, IL 60634 (the “Central Avenue Property”) from RMP 3535 N. Central Ave., LLC, a Delaware limited liability company (“Seller”) , for a purchase price of $2,400,000, exclusive of closing costs

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Medalist Diversified, Inc. filing history →

Source: SEC EDGAR

accession 0001558370-24-004253

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