Medalist Diversified REIT Announces Board Changes Via Investing.com
Creator of Medals REIT (NASDAQ: ), Inc., a company specializing in real estate investment trusts, has made significant changes to its Board of Directors, according to a recent SEC filing. On June 25, 2024, A. Lee Finley was appointed director of Class II, effective immediately. Finley will serve until the 2025 Annual Meeting of Shareholders when he will stand for re-election. His appointment did not result from any planned agreement and he is not involved in any transactions that require disclosure under SEC rules. Finley will receive compensation based on the company’s existing policies for non-employee directors.
In another development that followed Wednesday, directors Timothy O’Brien and Charles S. Pearson, Jr. tendered their resignations, effective immediately. Resignation was not due to disagreement with company practices, policies, or procedures. After this departure, the Board has been changed to five directors, with Francis Kavanaugh taking the position of Chairman of the Board.
This corporate governance adjustment comes amid ongoing strategic and operational activities for the company. Changes in the composition and leadership of the board are part of the normal course of business and are consistent with the company’s corporate governance policies.
Award Separate REIT is listed on the Nasdaq Capital Market under the ticker symbols NASDAQ:MDRR for its common stock and NASDAQ:MDRRP for its 8.0% Series A Cumulative Preferred Stock. Information about these board changes is based on a press release filed with the SEC.
InvestingPro Insights
As Medalist Diversified REIT, Inc. makes significant changes to its board structure, investors may seek data to understand the financial health and market condition of the company. According to InvestingPro data, Medalist Diversified REIT currently has a market capitalization of $15.6 million and operates at a negative P/E ratio of -3.94 for the trailing twelve months from Q1 2024. This indicates that the company is currently not profitable, it is consistent . by InvestingPro Tip that analysts do not expect profit this year. Additionally, the company’s revenue decreased slightly by 2.49% over the past twelve months from Q1 2024, yet it managed quarterly revenue growth of 4.5% in Q1 2024.
InvestingPro Tips suggests that Medalist Diversified REIT is operating under a heavy debt load and may face challenges in making interest payments on its debt. However, the company’s liquid assets exceed its short-term obligations, providing some financial flexibility. Investors should note that the company is a niche player in the real estate investment trust industry and has not made a profit in the past twelve months. In addition, the company’s share price has fallen significantly over the past five years, which may be a matter of concern for potential investors.
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