secwatch.observer — SEC 8-K summary
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Issuer:     Medalist Diversified, Inc. (MDRR)
CIK:        0001654595
Form:       8-K/A
Filed at:   2024-05-07T23:59:59+00:00
Accession:  0001558370-24-007062
Event type: other_material
Sentiment:  neutral
Materiality: 0.50
Item codes: 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1654595/000155837024007062/0001558370-24-007062-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1654595/000155837024007062/mdrr-20240328x8ka.htm
  HTML page:      https://secwatch.observer/filing/0001558370-24-007062

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