MDRR - Medalist to suspend dividends for at least the next six months

2023-07-12 17:18:48 ET

Medalist Diversified REIT ( NASDAQ: MDRR ) said on Wednesday that it was suspending dividends on its outstanding common stock and preferred stock for at least the next six months.

Medalist shares fell -2.7% in after hours trading.

The company said it had concluded its review of strategic alternatives , and had decided to sell its interests in four properties from its portfolio. It was also exploring mergers, investments or other strategic combinations.

Medalist said that it had started discussions with an external manager as to an internalization of of its management. It expects the internalization to cut costs, streamline operations and result in changes in several leadership roles.

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