**Medalist Diversified REIT Enters Into Acquisition Agreements for Properties in Alabama and Kentucky**

Medalist Diversified REIT, Inc. reported on December 11, 2024, that its operating partnership, Medalist Diversified Holdings, L.P., had entered into two significant Contribution Agreements for the acquisition of properties. The first agreement, known as the Dan Tibbs Road Contribution Agreement, involves the acquisition of a property located at 376 Dan Tibbs Road NW in Huntsville, Madison County, Alabama. The total consideration for this property amounts to $3,145,000.

The second agreement, referred to as the Scottsville Road Contribution Agreement, pertains to the acquisition of a property situated at 2445 Scottsville Road in Bowling Green, Kentucky, with a total consideration of $2,620,000. Both properties are subject to customary conditions and adjustments typical for real estate transactions.

These Acquisition Agreements involve related parties to Medalist Diversified REIT, with significant individuals from the company among those associated with the sellers. As part of the agreements, Medalist Diversified REIT will make payments through a combination of Series B Preferred Units and Common Units in the Operating Partnership. An earnest money deposit is also required for both acquisitions.

The Company aims for the transactions to be completed, though there are several conditions to be met for closing. The filings state that there is no certainty regarding the completion of the transactions as described or at all. Under specific circumstances, the earnest money deposits might not be refunded to the Operating Partnership.

Additionally, in anticipation of these acquisitions, Medalist Diversified REIT, as the sole general partner of the Operating Partnership, has amended the Agreement of Limited Partnership to introduce up to 2,000,000 5.0% Series B Convertible Redeemable Preferred Units. These units are structured to rank superior in terms of distributions and liquidation to the Common Units.

The securities to be issued pursuant to these agreements are part of exempt transactions under the Securities Act of 1933, as noted in the filings. The Common Units can be redeemed for cash or shares of the Company’s common stock under certain conditions and approvals as detailed in the agreements.

Furthermore, Medalist Diversified REIT also received a letter from Nasdaq regarding its 8.0% Series A Cumulative Redeemable Preferred Stock no longer meeting the minimum publicly held shares requirement for continued listing on The Nasdaq Capital Market. The Company has been granted a time frame to provide a plan to meet the listing requirements and will act accordingly if the plan is accepted.

Moreover, on December 13, 2024, Medalist Diversified REIT entered into Subscription Agreements for the issuance and sale of 230,000 Common Shares in a Private Placement at $12.50 per share. These Common Shares were offered in compliance with relevant regulations and exemptions for private placements.

As part of these activities, the Board also granted a waiver of ownership limitations to certain investors participating in the Private Placement. With the finalizing of the redemption of Redeemed Shares, the Company expects the Preferred Stock to be fully redeemed.

The Company provided the necessary details of the agreements, letters, and amendments in the Form 8-K filing submitted to the Securities and Exchange Commission.

For further details, interested parties are referred to the comprehensive filings submitted to the SEC, which are available for public viewing.

This article is based on the latest updates from Medalist Diversified REIT, as reported in their recent SEC filings.

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This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Medalist Diversified REIT’s 8K filing here.

Medalist Diversified REIT Company Profile

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.