Medalist Diversified REIT, a Virginia-based real estate investment trust, increased its line of credit to $4 million, previously set at $1.5 million. According to a related 8-K filing, Wells Fargo served as the facility’s lender.
The expanded credit facility carries an interest rate of SOFR + 3.1%, offering competitive financing terms that allow the company to continue its focus on high-quality acquisitions and operational efficiency within its portfolio.
“We are pleased to deepen our relationship with Wells Fargo, a long-time financial partner, and appreciate their continued support as we execute our strategic objectives,” Brent Winn, chief financial officer of Medalist, said. “The expanded line of credit provides us with the additional liquidity needed to seize new opportunities in strategic high-growth real estate markets. We remain committed to delivering value to our shareholders through prudent financial management and disciplined growth.”
This increase in the company’s credit facility aligns with Medalist’s strategy to position itself for long-term success while capitalizing on market opportunities across its target region.
In addition, the company announced that its board of directors has authorized and the company has declared a quarterly cash dividend on its common stock in the amount of $0.06 per share. The dividend will be payable in cash on Oct. 21, 2024 to holders of record of the common stock as of Oct. 16, 2024.
The board of directors has also authorized and the company has declared a quarterly cash dividend on its 8.0% series A cumulative redeemable preferred stock in the amount of $0.50 per share. The series A dividend will be payable in cash on Oct. 21, 2024 to holders of record of the series A preferred stock as of Oct. 16, 2024.
