Medalist Diversified, Inc 8-K, filed Nov 15, 2021
Medalist Diversified, Inc. (MDRR)
About this 8-K
Medalist Diversified, Inc filed this 8-K on November 15, 2021.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
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| ITEM 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION. |
On November 15, 2021, Medalist Diversified REIT, Inc., a Maryland corporation (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2021 (the “Press Release”) and a financial supplement including reconciliations to certain non-GAAP financial measures (the “Financial Supplement”). Copies of the Press Release and the Financial Supplement are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K and are hereby incorporated by reference herein. In accordance with General Instruction B.2 of Form 8-K, the information in this Item 2.02 shall not be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and shall not be incorporated by reference into any registration statement or other document filed under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
| ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS. |
(d) Exhibits
| Exhibit No. | Description | |
| 99.1 | Press Release, dated November 15, 2021 | |
| 99.2 | Financial Supplement to Press Release, dated November 15, 2021 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL Document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MEDALIST DIVERSIFIED REIT, INC. | ||
| Dated: November 15, 2021 | By: | /s/ Thomas E. Messier |
| Thomas E. Messier | ||
| Chief Executive Officer, Chairman of the Board, Treasurer and Secretary | ||
Exhibit 99.1
MEDALIST DIVERSIFIED REIT, INC PROVIDES CORPORATE UPDATE AND REPORTS THIRD QUARTER 2021 RESULTS
RICHMOND, VA, November 15, 2021. 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 third quarter ended September 30, 2021 and provided an update on its corporate activities.
Key Highlights:
| · | For the nine months ended September 30, 2021, net loss attributable to common shareholders was $3.83 million, or $(0.32) per basic and diluted share, compared to a net loss attributable to common shareholders of $4.58 million, or $(0.98) per basic and diluted common share, for the nine months ended September 30, 2020, representing an improvement of $0.66 per basic and diluted common share |
| · | For the three months ended September 30, 2021, net loss attributable to common shareholders was $0.87 million, or $(0.05) per basic and diluted share, compared to a net loss attributable to common shareholders of $1.29 million, or $(0.27) per basic and diluted share, for the three months ended September 30, 2020, representing an improvement of $0.22 per basic and diluted share |
| · | Net operating income increased 55% to $1.57 million in the third quarter, up from $1.01 million in Q3 2020; for the nine months ended September 30, 2021, net operating income increased 57% to $4.65 million, up from $2.96 million in the year ago period |
| · | 76% year-over-year increase in the square footage of retail and flex properties, ending the third quarter of 2021 with six properties encompassing 700,831 square feet, compared to 397,874 square feet as of the end of the third quarter of 2020. |
| · | Average occupancy rate for the Company’s six retail and flex properties increased to 94.2% as of September 30, 2021, compared to 91.9% on September 30, 2020 for the Company’s four retail and flex properties owned on September 30, 2020. |
| · | 100% average occupancy rate for 148-room hotel property for the nine months ended September 30, 2021, compared to 29.6% in the nine months ended September 30, 2020 |
| · | EBITDA increased 58% to $0.88 million in the third quarter, up from $0.56 million in the year ago period; for the nine months ended September 30, 2021, EBITDA increased 42% to $1.26 million, up from $0.86 million in the year ago period |
“Our third quarter results continue to demonstrate the Company’s successful emergence from last year’s challenges in the early days of COVID,” stated, Thomas E. Messier, Chairman and Chief Executive Officer of the Company. “Our strategy to further improve the position of our portfolio in 2021, by selling the Hampton Inn property, which closed in August 2021, and acquiring new cash-flowing properties with funds from our April 2021 common stock offering, is showing a positive impact on our financial results.”
Brent Winn, Chief Financial Offer of the Company, stated, “While we continue to generate a net loss due to non-cash items such as depreciation, amortization and non-cash interest expense, revenues for the nine months ended September 30, 2021 were up 26 percent year-over-year to $8.69 million, and our net operating income of $4.65 million for the nine months ended September 30, 2021 represented a 57 percent increase over the prior year period.”
The Company closed on three acquisitions in 2021. In May, the Company closed on the purchase of the Lancer Center Property, a 178,626 square foot retail property located in Lancaster, South Carolina. In August, the Company completed its acquisition of the Greenbrier Business Center Property, an 89,290 square foot mixed-use industrial/office property in Chesapeake, Virginia. On November 1, the Company closed on its acquisition of the Parkway Property, a 64,109 square foot flex-industrial property in Virginia Beach, Virginia. In addition, in August the Company sold its Hampton Inn Property, located in Greensboro, North Carolina.
As of September 30, 2021, the Company’s retail and flex property portfolio consisted of six properties with 700,831 square feet (excluding the impact of the November 1, 2021 acquisition of the Parkway Property) with an average occupancy rate of 94.2 percent across the six properties. As of September 30, 2021, the Company’s hotel portfolio consisted of one property with 148 rooms. The average occupancy of this hotel was 100% for the nine months ended September 30, 2021, due to the Company’s lease of the entire hotel to Clemson University.
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, 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 April 8, 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 available to common stockholders, 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 income attributable to common shareholders, 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, loss on impairment, other income, net amortization of above and below market leases and realized gain on disposal of investment property. 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 table reflects net loss attributable to common shareholders with a reconciliation to NOI, as computed in accordance with GAAP for the periods presented:
| Three months ended | Nine months ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Net Operating Income | (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||
| Net Loss | $ | (875,466 | ) | $ | (1,402,301 | ) | $ | (3,824,032 | ) | $ | (4,972,665 | ) | ||||
| Plus: Preferred dividends, including amortization of capitalized issuance costs | 151,637 | 147,350 | 451,616 | 358,431 | ||||||||||||
| Plus: Legal, accounting and other professional fees | 311,986 | 370,792 | 1,099,881 | 1,013,712 | ||||||||||||
| Plus: Corporate general and administrative expenses | 382,302 | 78,459 | 568,479 | 241,038 | ||||||||||||
| Plus: Depreciation expense | 644,657 | 753,410 | 1,617,863 | 2,265,780 | ||||||||||||
| Plus: Amortization of intangible assets | 292,947 | 236,135 | 743,351 | 750,247 | ||||||||||||
| Plus: Interest expense, including amortization of capitalized loan issuance costs | 799,133 | 829,224 | 4,157,582 | 2,506,906 | ||||||||||||
| Plus: Share based compensation expense | - | - | 149,981 | 569,995 | ) | |||||||||||
| Plus: Loss on impairment | - | - | - | 223,097 | ||||||||||||
| Less: Other income | (3,519 | ) | (636 | ) | (187,278 | ) | (494 | ) | ||||||||
| Less: Net amortization of above and below market leases | (5,968 | ) | 2,578 | (2,350 | ) | 2,908 | ||||||||||
| Less: Realized gain on disposal of investment property | (124,641 | ) | - | (124,641 | ) | - | ||||||||||
| Net Operating Income - NOI | $ | 1,573,068 | $ | 1,015,011 | $ | 4,650,452 | $ | 2,958,955 | ||||||||
EBITDA
EBITDA is net income, 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 and realized gain on disposal of investment property.
EBITDA Reconciliation
The following table reflects net loss attributable to common shareholders with a reconciliation to EBITDA, as computed in accordance with GAAP for the periods presented:
| Three months ended | Nine months ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
| Net Loss | $ | (875,466 | ) | $ | (1,402,301 | ) | $ | (3,824,032 | ) | $ | (4,972,665 | ) | ||||
| Plus: Preferred dividends, including amortization of capitalized issuance costs | 151,637 | 147,350 | 451,616 | 358,431 | ||||||||||||
| Plus: Interest expense, including amortization of capitalized loan issuance costs | 799,133 | 829,224 | 2,396,609 | 2,506,906 | ||||||||||||
| Plus: Depreciation expense | 644,657 | 753,410 | 1,617,863 | 2,265,780 | ||||||||||||
| Plus: Amortization of intangible assets | 292,947 | 227,482 | 743,351 | 724,296 | ||||||||||||
| Less: Net amortization of above and below market leases | (5,968 | ) | 2,578 | (2,350 | ) | 2,908 | ||||||||||
| Less: Realized gain on disposal of investment property | (124,641 | ) | - | (124,641 | ) | - | ||||||||||
| EBITDA | 882,299 | 557,743 | 1,258,416 | 885,656 | ||||||||||||
Contact
Dave Gentry
RedChip Companies
407-491-4498
Exhibit 99.2
Table of Contents
Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2021 and 2020
Condensed Consolidated Statements of Cash Flows for the Three and Nine Months Ended September 30, 2021 and 2020
EBITDA Reconciliations
NOI Reconciliations
Same Property NOI Reconciliation
Same Property Statistics – Retail and Flex Properties
Same Property Statistics – Hotel Properties
Weighted Average Lease Term
Weighted Average Mortgage Payable Maturity
Weighted Average Mortgage Payable Interest Rate
Definitions
Investors and analysts following the real estate industry utilize certain financial measures as supplemental performance measures, including net operating income ("NOI"), Same Property NOI, and earnings before interest, taxes, depreciation and amortization for real estate ("EBITDA").
While we believe net income available to common stockholders, as defined by accounting principles generally accepted in the United States of America (U.S. GAAP), is the most appropriate measure, we consider NOI, Same Property NOI, and EBITDA, given their wide use by and relevance to investors and analysts, appropriate supplemental performance measures. 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 the following non-U.S. GAAP measures as follows:
• EBITDA is net income, 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 and realized gain on disposal of investment property.
• NOI from property operations is calculated as net income attributable to common shareholders, 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, loss on impairment, other income, net amortization of above and below market leases and realized gain on disposal of investment property. 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. NOI presented in this financial supplement includes an adjustment to the Company’s net loss for amortization of above and below market leases and, as a result, varies from NOI presented in the Company’s Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2021.
• Same Property NOI is calculated as the NOI of all properties owned during the entire periods presented with the exclusion of any properties acquired or sold during the periods presented.
NOI, Same Property NOI, and EBITDA, do not represent cash generated from operating activities in accordance with U.S. GAAP and are not necessarily indicative of cash available to fund cash needs, including the repayment of principal on debt, capital expenditures and payment of dividends and distributions. NOI, Same Property NOI, and EBITDA should not be considered as substitutes for net income applicable to common shareholders (calculated in accordance with U.S. GAAP) as a measure of results of operations or cash flows (calculated in accordance with U.S. GAAP) as a measure of liquidity. NOI, Same Property NOI, and Adjusted EBITDA, as currently calculated by us, may not be comparable to similarly titled, but variously calculated, measures of other REITs.
EBITDA Reconciliation
| Three months ended | Nine months ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
| Net Loss | $ | (875,466 | ) | $ | (1,402,301 | ) | $ | (3,824,032 | ) | $ | (4,972,665 | ) | ||||
| Plus: Preferred dividends, including amortization of capitalized issuance costs | 151,637 | 147,350 | 451,616 | 358,431 | ||||||||||||
| Plus: Interest expense, including amortization of capitalized loan issuance costs | 799,133 | 829,224 | 2,396,609 | 2,506,906 | ||||||||||||
| Plus: Depreciation expense | 644,657 | 753,410 | 1,617,863 | 2,265,780 | ||||||||||||
| Plus: Amortization of intangible assets | 292,947 | 227,482 | 743,351 | 724,296 | ||||||||||||
| Less: Net amortization of above and below market leases | (5,968 | ) | 2,578 | (2,350 | ) | 2,908 | ||||||||||
| Less: Realized gain on disposal of investment property | (124,641 | ) | - | (124,641 | ) | - | ||||||||||
| EBITDA | 882,299 | 557,743 | 1,258,416 | 885,656 | ||||||||||||
NOI Reconciliation
| Three months ended | Nine months ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Net Operating Income | (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||
| Net Loss | $ | (875,466 | ) | $ | (1,402,301 | ) | $ | (3,824,032 | ) | $ | (4,972,665 | ) | ||||
| Plus: Preferred dividends, including amortization of capitalized issuance costs | 151,637 | 147,350 | 451,616 | 358,431 | ||||||||||||
| Plus: Legal, accounting and other professional fees | 311,986 | 370,792 | 1,099,881 | 1,013,712 | ||||||||||||
| Plus: Corporate general and administrative expenses | 382,302 | 78,459 | 568,479 | 241,038 | ||||||||||||
| Plus: Depreciation expense | 644,657 | 753,410 | 1,617,863 | 2,265,780 | ||||||||||||
| Plus: Amortization of intangible assets | 292,947 | 236,135 | 743,351 | 750,247 | ||||||||||||
| Plus: Interest expense, including amortization of capitalized loan issuance costs | 799,133 | 829,224 | 4,157,582 | 2,506,906 | ||||||||||||
| Plus: Share based compensation expense | - | - | 149,981 | 569,995 | ) | |||||||||||
| Plus: Loss on impairment | - | - | - | 223,097 | ||||||||||||
| Less: Other income | (3,519 | ) | (636 | ) | (187,278 | ) | (494 | ) | ||||||||
| Less: Net amortization of above and below market leases | (5,968 | ) | 2,578 | (2,350 | ) | 2,908 | ||||||||||
| Less: Realized gain on disposal of investment property | (124,641 | ) | - | (124,641 | ) | - | ||||||||||
| Net Operating Income - NOI | $ | 1,573,068 | $ | 1,015,011 | $ | 4,650,452 | $ | 2,958,955 | ||||||||
| Three months ended | Nine months ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Components of Net Operating Income | (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||
| Revenues: | ||||||||||||||||
| Retail and flex property rental revenues | $ | 1,477,699 | $ | 1,202,864 | $ | 3,925,900 | $ | 3,713,566 | ||||||||
| Retail and flex property tenant reimbursement revenues | 274,138 | 257,043 | 750,966 | 830,050 | ||||||||||||
| Hotel property revenues | 1,280,338 | 868,906 | 4,009,041 | 2,338,703 | ||||||||||||
| Total revenues | 3,032,175 | 2,328,813 | 8,685,907 | 6,882,319 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Retail and flex property operating expenses | 475,295 | 393,456 | 1,275,863 | 1,189,484 | ) | |||||||||||
| Hotel property operating expenses | 960,994 | 874,254 | 2,733,578 | 2,399,411 | ||||||||||||
| Bad debt expense | 22,818 | 46,092 | 26,014 | 334,469 | ||||||||||||
| Total operating expenses | 1,459,107 | 1,313,802 | 4,035,455 | 3,923,364 | ||||||||||||
| Net Operating Income - NOI | 1,573,068 | $ | 1,015,011 | $ | 4,650,452 | $ | 2,958,955 | |||||||||
Same Property NOI Reconciliation
| For the three months ended | ||||||||||||||||
| September 30, | ||||||||||||||||
| 2021 | 2020 | Change ($) | Change (%) | |||||||||||||
| Revenues | ||||||||||||||||
| Same Property NOI | $ | 4,015,222 | $ | 2,865,926 | $ | 1,149,296 | 40 | % | ||||||||
| NOI of properties purchased subsequent to September 30, 2020 (1) | 371,991 | - | 371,991 | |||||||||||||
| NOI of properties sold subsequent to September 30, 2020 (2) | 263,239 | 93,029 | 170,210 | |||||||||||||
| Total NOI | $ | 4,650,452 | $ | 2,958,955 | $ | 1,691,497 | 57 | % | ||||||||
| (1) | Lancer Center and Greenbrier Business Center |
| (2) | Greensboro Hampton Inn |
Same Property Statistics – Retail and Flex Properties
Total Retail and Flex Properties
| Number of Properties | Total Square Feet | Occupancy | ||||||||||||||||||||||
| As of September 30, | As of September 30, | As of September 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
| Retail | 4 | 3 | 546,661 | 337,040 | 95.2 | % | 91.6 | % | ||||||||||||||||
| Flex | 2 | 1 | 154,170 | 60,834 | 90.6 | % | 93.8 | % | ||||||||||||||||
| Total | 6 | 4 | 700,831 | 397,874 | 94.2 | % | 91.9 | % | ||||||||||||||||
Retail and Flex - Same Properties
| Number of Properties | Total Square Feet | Occupancy | ||||||||||||||||||||||
| As of September 30, | As of September 30, | As of September 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
| Retail (3) | 3 | 3 | 368,035 | 368,035 | 92.9 | % | 91.6 | % | ||||||||||||||||
| Flex (1) | 1 | 1 | 64,880 | 64,880 | 100.0 | % | 93.8 | % | ||||||||||||||||
| Total (4) | 4 | 4 | 432,915 | 432,915 | 94.0 | % | 91.9 | % | ||||||||||||||||
Same Property Statistics – Hotel Properties
Total Hotel Properties
| Number of Properties | Total Rooms | Occupancy | ||||||||||||||||||||||
| As of September 30, | As of September 30, | As of September 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
| Hotel | 1 | 2 | 148 | 273 | 90.4 | % | 39.9 | % | ||||||||||||||||
Hotel Same Properties
| Number of Properties | Total Rooms | Occupancy | ||||||||||||||||||||||
| As of September 30, | As of September 30, | As of September 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
| Hotel | 1 | 1 | 148 | 148 | 100.0 | % | 29.6 | % | ||||||||||||||||
Weighted Average Lease Term
| Retail Properties | ||||
| Ashley Plaza | 6.59 | |||
| Franklin Square | 4.17 | |||
| Hanover Square | 3.46 | |||
| Lancer Center | 4.45 | |||
| Retail Property Average | 4.88 | |||
| Flex Properties | ||||
| Brookfield | 3.96 | |||
| Greenbrier Business Center | 1.63 | |||
| Flex Property Average | 2.61 | |||
| Retail and Flex Property Average | 4.28 |
Weighted Average Debt Data
| Weighted Average Mortgage Maturity (Years) | 4.24 | |||
| Weighted Average Mortgage Payable Interest Rate | 4.6 | % |