Medalist Diversified suspends dividends on preferred, common shares

By Wendy Van Sickle

Columbus, Ohio, July 13 – Medalist Diversified REIT, Inc. said its board of directors has suspended dividends on its outstanding preferred stock, as well as its common stock, for at least the next six months.

The company said a special committee of the board completed an exploration of strategic alternatives and, on the committee’s recommendation, the board approved the company’s negotiation of the sale of its interests in four properties from its portfolio.

The company said it is also “exploring diverse opportunities that might include mergers, investments, or other strategic combinations, with a focused objective of enhancing shareholder value.”

The dividend suspension is in recognition of the need for financial stability during this time of transition.

The Richmond, Va.-based real estate investment trust specializes in acquiring, owning and managing value-add commercial real estate in the Mid-Atlantic and Southeast regions.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.