Medalist REIT files Citibank Property financials; pro forma net loss $4.5M for 2023

Medalist Diversified, Inc.

Citibank Property generated $128,444 revenue in 2023 from single-tenant net lease with Citibank, N.A.; tenant pays all expenses.
Acquisition closed March 28, 2024 for $2.4M paid via 417,391 OP units at ~$5.75/unit; seller controlled by CEO Frank Kavanaugh.
Pro forma net loss for year ended Dec 31, 2023 estimated at $4.5M after adding Citibank income and removing Hanover Square results.
Hanover Square Shopping Center sold March 13, 2024 for $13M, generating approx $2.3M gain; mortgage repaid.
Company acquired noncontrolling 16% interest in Hanover Square outparcel for $98,411 plus closing costs.

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