---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-24-007062"
form_type: "8-K/A"
ticker: "MDRR"
cik: "0001654595"
company_name: "Medalist Diversified, Inc."
filed_at: "2024-05-07T23:59:59+00:00"
generated_at: "2026-06-02T18:53:26.360874+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001558370-24-007062
- form_type: 8-K/A
- ticker: MDRR
- cik: 0001654595
- company_name: Medalist Diversified, Inc.
- filed_at: 2024-05-07T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1654595/000155837024007062/0001558370-24-007062-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1654595/000155837024007062/mdrr-20240328x8ka.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-24-007062
- JSON: https://secwatch.observer/filing/0001558370-24-007062.json
- Plain text: https://secwatch.observer/filing/0001558370-24-007062.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.