2024 Q3 Form 10-Q Financial Statement

#000155837024011749 Filed on August 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $2.337M $2.301M
YoY Change -9.73% -8.54%
Cost Of Revenue $545.0K $583.5K
YoY Change -16.15% -17.06%
Gross Profit $1.792M $1.718M
YoY Change -7.63% -5.23%
Gross Profit Margin 76.68% 74.64%
Selling, General & Admin $515.3K $508.6K
YoY Change 25.68% -29.29%
% of Gross Profit 28.76% 29.61%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $973.4K $993.3K
YoY Change -15.36% -13.87%
% of Gross Profit 54.32% 57.83%
Operating Expenses $2.034M $2.085M
YoY Change -44.37% -19.49%
Operating Profit $303.3K $215.8K
YoY Change -128.43% -390.58%
Interest Expense $730.9K $723.4K
YoY Change -18.8% -14.74%
% of Operating Profit 241.01% 335.24%
Other Income/Expense, Net
YoY Change
Pretax Income -$427.7K -$507.6K
YoY Change -78.26% -44.99%
Income Tax
% Of Pretax Income
Net Earnings -$527.0K -$521.7K
YoY Change -72.96% -40.56%
Net Earnings / Revenue -22.55% -22.67%
Basic Earnings Per Share -$0.47 -$0.47
Diluted Earnings Per Share -$0.47 -$0.47
COMMON SHARES
Basic Shares Outstanding 1.118M 2.237M
Diluted Shares Outstanding 1.116M 1.118M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.121M $3.826M
YoY Change 3.36% 38.08%
Cash & Equivalents $3.121M $3.826M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $215.5K $116.6K
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.337M $3.943M
YoY Change 7.29% 33.52%
LONG-TERM ASSETS
Property, Plant & Equipment $65.16M $65.61M
YoY Change -12.99% -13.1%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.847M $1.638M
YoY Change 6.78% -19.57%
Total Long-Term Assets $71.27M $71.31M
YoY Change -12.35% -13.43%
TOTAL ASSETS
Total Short-Term Assets $3.337M $3.943M
Total Long-Term Assets $71.27M $71.31M
Total Assets $74.61M $75.25M
YoY Change -11.63% -11.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.292M $1.104M
YoY Change -34.08% -35.27%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.292M $1.104M
YoY Change -56.35% -35.27%
LONG-TERM LIABILITIES
Long-Term Debt $55.11M $55.24M
YoY Change -15.54% -15.49%
Other Long-Term Liabilities $1.736M $1.808M
YoY Change -10.96% -11.2%
Total Long-Term Liabilities $56.85M $57.05M
YoY Change -15.41% -15.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.292M $1.104M
Total Long-Term Liabilities $56.85M $57.05M
Total Liabilities $58.14M $58.15M
YoY Change -17.12% -15.85%
SHAREHOLDERS EQUITY
Retained Earnings -$35.68M -$35.10M
YoY Change 0.96% 5.1%
Common Stock $11.15K $11.18K
YoY Change -49.73% -49.6%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.56M $13.18M
YoY Change
Total Liabilities & Shareholders Equity $74.61M $75.25M
YoY Change -11.63% -11.81%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$527.0K -$521.7K
YoY Change -72.96% -40.56%
Depreciation, Depletion And Amortization $973.4K $993.3K
YoY Change -15.36% -13.87%
Cash From Operating Activities $139.9K $778.6K
YoY Change -131.79% 88.9%
INVESTING ACTIVITIES
Capital Expenditures $304.5K $133.1K
YoY Change -23.86% 42.66%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$304.5K -$133.1K
YoY Change -23.86% 42.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -331.2K -317.5K
YoY Change -141.4% -36.07%
NET CHANGE
Cash From Operating Activities 139.9K 778.6K
Cash From Investing Activities -304.5K -133.1K
Cash From Financing Activities -331.2K -317.5K
Net Change In Cash -495.9K 328.1K
YoY Change 1139.7% -284.67%
FREE CASH FLOW
Cash From Operating Activities $139.9K $778.6K
Capital Expenditures $304.5K $133.1K
Free Cash Flow -$164.7K $645.6K
YoY Change -80.4% 102.42%

Facts In Submission

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CY2024Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2023Q2 mdrr Retire Fractional Shares Value Reverse Stock Split
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CY2023Q2 us-gaap Profit Loss
ProfitLoss
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CY2023Q2 mdrr Dividends And Distributions
DividendsAndDistributions
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CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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16217070
us-gaap Profit Loss
ProfitLoss
1434227
us-gaap Profit Loss
ProfitLoss
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us-gaap Depreciation
Depreciation
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us-gaap Depreciation
Depreciation
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us-gaap Amortization Of Intangible Assets
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us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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mdrr Amortization Of Loan Costs
AmortizationOfLoanCosts
47533
mdrr Amortization Of Loan Costs
AmortizationOfLoanCosts
53978
mdrr Amortization Of Deferred Financing Costs On Mandatorily Redeemable Preferred Stock
AmortizationOfDeferredFinancingCostsOnMandatorilyRedeemablePreferredStock
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mdrr Amortization Of Deferred Financing Costs On Mandatorily Redeemable Preferred Stock
AmortizationOfDeferredFinancingCostsOnMandatorilyRedeemablePreferredStock
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mdrr Amortization Of Lease Incentive
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us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
-129231
us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
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us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
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us-gaap Gains Losses On Extinguishment Of Debt
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-51837
us-gaap Gains Losses On Sales Of Investment Real Estate
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us-gaap Increase Decrease In Accounts And Other Receivables
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us-gaap Increase Decrease In Accounts And Other Receivables
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us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
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us-gaap Increase Decrease In Contract With Customer Liability
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us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
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us-gaap Increase Decrease In Other Operating Assets
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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mdrr Payments To Acquire Investment Property
PaymentsToAcquireInvestmentProperty
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us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
359726
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
740959
us-gaap Payments For Proceeds From Real Estate Heldforinvestment
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-3110149
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
2605078
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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mdrr Payment Of Dividends And Distributions
PaymentOfDividendsAndDistributions
610105
mdrr Payment Of Dividends And Distributions
PaymentOfDividendsAndDistributions
374665
CY2024Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2601337
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2716546
CY2024Q2 us-gaap Below Market Lease Net
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1807504
CY2023Q4 us-gaap Below Market Lease Net
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1865310
CY2024Q2 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
77706
CY2023Q2 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
98394
us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
157562
us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
198755
CY2024Q2 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
-64809
CY2023Q2 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
-74017
us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
-129231
us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
-147035
CY2024Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
160700
CY2023Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
229139
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
332715
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
474006
CY2024Q2 us-gaap Deferred Costs Leasing Accumulated Amortization
DeferredCostsLeasingAccumulatedAmortization
2142978
CY2023Q4 us-gaap Deferred Costs Leasing Accumulated Amortization
DeferredCostsLeasingAccumulatedAmortization
2204404
CY2024Q2 mdrr Amortization Of Intangible Assets Write Off
AmortizationOfIntangibleAssetsWriteOff
271782
mdrr Amortization Of Intangible Assets Write Off
AmortizationOfIntangibleAssetsWriteOff
394141
CY2024Q2 mdrr Amortization Of Tenant Defaults Written Off
AmortizationOfTenantDefaultsWrittenOff
0
mdrr Amortization Of Tenant Defaults Written Off
AmortizationOfTenantDefaultsWrittenOff
0
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
296085
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
518911
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
369476
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
297905
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
221130
CY2024Q2 mdrr Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
897830
CY2024Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2601337
CY2024Q2 us-gaap Below Market Lease Amortization Income Remainder Of Fiscal Year
BelowMarketLeaseAmortizationIncomeRemainderOfFiscalYear
138648
CY2024Q2 us-gaap Below Market Lease Amortization Income Next Twelve Months
BelowMarketLeaseAmortizationIncomeNextTwelveMonths
227108
CY2024Q2 us-gaap Below Market Lease Amortization Income Year Two
BelowMarketLeaseAmortizationIncomeYearTwo
192535
CY2024Q2 us-gaap Below Market Lease Amortization Income Year Three
BelowMarketLeaseAmortizationIncomeYearThree
175625
CY2024Q2 us-gaap Below Market Lease Amortization Income Year Four
BelowMarketLeaseAmortizationIncomeYearFour
153615
CY2024Q2 mdrr Below Market Lease Amortization Income After Year Four
BelowMarketLeaseAmortizationIncomeAfterYearFour
919973
CY2024Q2 us-gaap Below Market Lease Net
BelowMarketLeaseNet
1807504
us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
0
CY2024Q2 us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
0
CY2023Q2 us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
-14116
us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
-50859
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0
CY2024Q2 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
26896
CY2023Q2 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2024Q2 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2023Q2 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
-8243
us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
-9435
us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
0
CY2024Q2 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
0
CY2024Q2 us-gaap Time Deposits At Or Above Fdic Insurance Limit
TimeDepositsAtOrAboveFDICInsuranceLimit
2980823
CY2023Q4 us-gaap Time Deposits At Or Above Fdic Insurance Limit
TimeDepositsAtOrAboveFDICInsuranceLimit
1366872
CY2024Q2 mdrr Security Deposits
SecurityDeposits
245152
CY2023Q4 mdrr Security Deposits
SecurityDeposits
260898
CY2024Q2 us-gaap Escrow Deposit
EscrowDeposit
297072
CY2023Q4 us-gaap Escrow Deposit
EscrowDeposit
191139
CY2024Q2 us-gaap Replacement Reserve Escrow
ReplacementReserveEscrow
1095843
CY2023Q4 us-gaap Replacement Reserve Escrow
ReplacementReserveEscrow
1122965
CY2024Q2 us-gaap Replacement Reserve Escrow
ReplacementReserveEscrow
1095843
CY2023Q4 us-gaap Replacement Reserve Escrow
ReplacementReserveEscrow
1122965
CY2024Q2 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
1061357
CY2023Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
1109782
mdrr Revenue Recognized From Reimbursement Of Common Area Maintenance Expenses
RevenueRecognizedFromReimbursementOfCommonAreaMaintenanceExpenses
0
CY2023Q2 mdrr Revenue Recognized From Reimbursement Of Common Area Maintenance Expenses
RevenueRecognizedFromReimbursementOfCommonAreaMaintenanceExpenses
0
mdrr Revenue Recognized From Reimbursement Of Common Area Maintenance Expenses
RevenueRecognizedFromReimbursementOfCommonAreaMaintenanceExpenses
0
CY2024Q2 mdrr Revenue Recognized From Reimbursement Of Common Area Maintenance Expenses
RevenueRecognizedFromReimbursementOfCommonAreaMaintenanceExpenses
0
mdrr Lease Termination Fee Income
LeaseTerminationFeeIncome
0
CY2023Q2 mdrr Lease Termination Fee Income
LeaseTerminationFeeIncome
0
mdrr Lease Termination Fee Income
LeaseTerminationFeeIncome
0
CY2024Q2 mdrr Lease Termination Fee Income
LeaseTerminationFeeIncome
0
CY2023Q2 us-gaap Legal Fees
LegalFees
151975
us-gaap Legal Fees
LegalFees
393425
mdrr Management Restructuring Expenses
ManagementRestructuringExpenses
0
CY2024Q2 mdrr Management Restructuring Expenses
ManagementRestructuringExpenses
0
CY2024Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
18194
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
13413
mdrr Percentage Of Income Required To Be Distributed To Shareholders
PercentageOfIncomeRequiredToBeDistributedToShareholders
0.90
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company has made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and revenues and expenses during the reported period. The Company’s actual results could differ from these estimates.</p>
CY2017 mdrr Noncontrolling Operating Partnership Units
NoncontrollingOperatingPartnershipUnits
7812
CY2017 mdrr Noncontrolling Operating Partnership Units
NoncontrollingOperatingPartnershipUnits
7812
CY2020Q1 mdrr Minority Interest Ownership Percentage By Noncontrolling Owners Exchanged Number Of Operating Partnership Units Issued
MinorityInterestOwnershipPercentageByNoncontrollingOwnersExchangedNumberOfOperatingPartnershipUnitsIssued
5865
CY2020Q1 mdrr Minority Interest Ownership Percentage By Noncontrolling Owners Exchanged For Operating Partnership Units Issued
MinorityInterestOwnershipPercentageByNoncontrollingOwnersExchangedForOperatingPartnershipUnitsIssued
0.0345
CY2020Q3 mdrr Non Controlling Partnership Operating Units Converted To Common Stock
NonControllingPartnershipOperatingUnitsConvertedToCommonStock
332
CY2020Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2024Q1 mdrr Non Controlling Interest Operating Partnership Units Issued For Compensation Services
NonControllingInterestOperatingPartnershipUnitsIssuedForCompensationServices
19348
CY2024Q2 mdrr Non Controlling Interests Operating Partnership Units Outstanding
NonControllingInterestsOperatingPartnershipUnitsOutstanding
234194
CY2023Q4 mdrr Non Controlling Interests Operating Partnership Units Outstanding
NonControllingInterestsOperatingPartnershipUnitsOutstanding
13346
CY2024Q2 mdrr Non Controlling Interests Operating Partnership Units Convertible Into Common Shares
NonControllingInterestsOperatingPartnershipUnitsConvertibleIntoCommonShares
6150
CY2023Q4 mdrr Non Controlling Interests Operating Partnership Units Convertible Into Common Shares
NonControllingInterestsOperatingPartnershipUnitsConvertibleIntoCommonShares
13346
CY2024Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Reclassifications</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Operating Segments</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:18pt;"></span><span style="display:inline-block;width:18pt;"></span>Effective January 1, 2024, the Company established STNL assets as a third operating segment.  The Ashley Plaza Property consists of three separate parcels including a parcel with the main shopping center building, the East Coast Wings Parcel and the T-Mobile Parcel.  Effective for the periods after January 1, 2024, the Company reports revenues from the East Coast Wings Parcel and the T-Mobile Parcel as STNL property revenues, and expenses associated with these two parcels as STNL property expenses.  For the periods prior to January 1, 2024, the Company has reclassified the revenues and expenses associated with these two parcels that were previously recorded as retail center property revenues and retail center property expenses as STNL property revenues and STNL property expenses, respectively.  Specifically, for the three and six months ended June 30, 2023, the Company reclassified $56,285 and $112,591, respectively, that was <span style="-sec-ix-hidden:Hidden_hBa-emNyOEeFfpGcD7kAyg;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">previously</span></span> <span style="-sec-ix-hidden:Hidden_QNt68z57h0yNraVmQOgrTQ;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">recorded</span></span> as retail center property revenues to single tenant net lease revenues, and $7,750 and $15,478, </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">respectively, that was <span style="-sec-ix-hidden:Hidden_Cn-pHLLZdk2Z3WVQ7jSNlQ;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">previously</span></span> <span style="-sec-ix-hidden:Hidden_wuCk5cHs902i9-f2z0g-1A;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">recorded</span></span> as retail center property expenses to single tenant net lease expenses.  These reclassifications had no impact on total revenues, total expenses or net income (loss).  </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Outstanding Shares</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;background:#ffffff;margin:0pt;">All per share amounts, Common Shares outstanding, Operating Partnership Units outstanding, and stock-based compensation amounts for all periods presented reflect the Company’s <span style="-sec-ix-hidden:Hidden_fb2kcMjUAk-tS_n-YYd5JQ;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">one-for-eight</span></span> reverse stock split (the “2023 Reverse Stock Split”), which was effective May 3, 2023 (see Completion of <span style="-sec-ix-hidden:Hidden_8Jy4sLIxrUmFzsqlYdswXA;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">1-for-8</span></span> Reverse Stock Split under Note 7, below) and the Company’s <span style="-sec-ix-hidden:Hidden_0BIu9bg2d0m8swIideCh3g;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">one-for-ten</span></span> reverse stock split (the “2024 Reverse Stock Split”) and five-for-one forward stock split (the “Forward Stock Split”) which were both effective July 2, 2024 (see Completion of <span style="-sec-ix-hidden:Hidden_Dc_Va6ppFUyVWyWzeXrbEA;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">1-for-10</span></span> Reverse Stock Split and 5-for-1 Forward Stock Split under Note 11, below.)  The effect of the 2024 Reverse Stock Split and the Forward Stock Split are retroactively applied in the accompanying condensed consolidated financial statements and these Notes to Unaudited Condensed Consolidated Financial Statements.  </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p>
CY2024Q2 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
77509666
CY2023Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
75701327
CY2024Q2 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
11904314
CY2023Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
11123951
CY2024Q2 us-gaap Real Estate Investment Property Net
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65605352
CY2023Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
64577376
CY2023Q2 mdrr Write Off Of Capitalized Tenant Improvements
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0
mdrr Write Off Of Capitalized Tenant Improvements
WriteOffOfCapitalizedTenantImprovements
8655
mdrr Write Off Of Capitalized Tenant Improvements
WriteOffOfCapitalizedTenantImprovements
0
CY2024Q2 mdrr Write Off Of Capitalized Tenant Improvements
WriteOffOfCapitalizedTenantImprovements
0
CY2024Q2 mdrr Capitalized Tenant Improvements
CapitalizedTenantImprovements
68323
mdrr Capitalized Tenant Improvements
CapitalizedTenantImprovements
178952
CY2023Q2 mdrr Capitalized Tenant Improvements
CapitalizedTenantImprovements
112374
mdrr Capitalized Tenant Improvements
CapitalizedTenantImprovements
489639
CY2024Q2 mdrr Amortization Of Lease Incentive
AmortizationOfLeaseIncentive
741
mdrr Amortization Of Lease Incentive
AmortizationOfLeaseIncentive
1482
mdrr Amortization Of Lease Incentive
AmortizationOfLeaseIncentive
0
CY2023Q2 mdrr Amortization Of Lease Incentive
AmortizationOfLeaseIncentive
0
CY2024Q2 mdrr Capitalized Leasing Commissions Net
CapitalizedLeasingCommissionsNet
747403
CY2023Q4 mdrr Capitalized Leasing Commissions Net
CapitalizedLeasingCommissionsNet
759677
CY2024Q2 mdrr Capitalized Leasing Commissions
CapitalizedLeasingCommissions
25366
mdrr Capitalized Leasing Commissions
CapitalizedLeasingCommissions
80329
CY2023Q2 mdrr Capitalized Leasing Commissions
CapitalizedLeasingCommissions
53438
mdrr Capitalized Leasing Commissions
CapitalizedLeasingCommissions
144075
CY2024Q2 mdrr Amortization Of Capitalized Leasing Commissions
AmortizationOfCapitalizedLeasingCommissions
46764
mdrr Amortization Of Capitalized Leasing Commissions
AmortizationOfCapitalizedLeasingCommissions
92603
CY2023Q2 mdrr Amortization Of Capitalized Leasing Commissions
AmortizationOfCapitalizedLeasingCommissions
35496
mdrr Amortization Of Capitalized Leasing Commissions
AmortizationOfCapitalizedLeasingCommissions
67426
mdrr Capitalized Leasing Commissions Write Off
CapitalizedLeasingCommissionsWriteOff
5873
CY2023Q2 mdrr Capitalized Leasing Commissions Write Off
CapitalizedLeasingCommissionsWriteOff
5873
mdrr Capitalized Leasing Commissions Write Off
CapitalizedLeasingCommissionsWriteOff
0
CY2024Q2 mdrr Capitalized Leasing Commissions Write Off
CapitalizedLeasingCommissionsWriteOff
0
CY2023Q4 us-gaap Assets Of Disposal Group Including Discontinued Operation
AssetsOfDisposalGroupIncludingDiscontinuedOperation
9707154
CY2023Q4 us-gaap Secured Debt
SecuredDebt
9588888
CY2024Q1 mdrr Area Of Building
AreaOfBuilding
4350
CY2020Q2 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
0.37
CY2020Q3 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
0.50
CY2020Q4 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
0.50
CY2021Q1 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
0.50
CY2021Q2 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
0.50
CY2021Q3 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
0.50
CY2021Q4 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
0.50
CY2022Q1 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
0.50
CY2022Q2 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
0.50
CY2022Q3 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
0.50
CY2022Q4 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
0.50
CY2023Q1 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
0.50
CY2023Q2 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
0.50
CY2024Q1 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
0.50
CY2024Q2 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
0.50
CY2024Q3 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
0.50
CY2024Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
519340
CY2023Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
566873
us-gaap Loss On Contract Termination For Default
LossOnContractTerminationForDefault
0
CY2024Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
563289
CY2024Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
89296
CY2024Q2 mdrr Interest Rate Protection Transaction Payments
InterestRateProtectionTransactionPayments
31113
CY2024Q2 us-gaap Interest Expense Other
InterestExpenseOther
101888
CY2024Q2 us-gaap Interest Expense
InterestExpense
723360
CY2023Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
686984
CY2023Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
87079
CY2023Q2 mdrr Interest Rate Protection Transaction Payments
InterestRateProtectionTransactionPayments
25655
CY2023Q2 us-gaap Interest Expense Other
InterestExpenseOther
100000
CY2023Q2 us-gaap Interest Expense
InterestExpense
848408
us-gaap Interest Expense Debt
InterestExpenseDebt
1255495
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
177189
mdrr Interest Rate Protection Transaction Payments
InterestRateProtectionTransactionPayments
51900
us-gaap Interest Expense Other
InterestExpenseOther
219324
us-gaap Interest Expense
InterestExpense
1600108
us-gaap Interest Expense Debt
InterestExpenseDebt
1384584
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
172873
mdrr Interest Rate Protection Transaction Payments
InterestRateProtectionTransactionPayments
44997
us-gaap Interest Expense Other
InterestExpenseOther
200000
us-gaap Interest Expense
InterestExpense
1712460
CY2024Q2 us-gaap Interest Payable Current
InterestPayableCurrent
176203
CY2024Q2 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
1256994
CY2023Q4 us-gaap Interest Payable Current
InterestPayableCurrent
232401
CY2023Q4 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
1151501
CY2024Q2 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
3659940
CY2024Q2 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
6791108
CY2024Q2 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
5038388
CY2024Q2 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
4106453
CY2024Q2 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
3363181
CY2024Q2 mdrr Lessor Operating Lease Payments To Be Received After Four Years
LessorOperatingLeasePaymentsToBeReceivedAfterFourYears
7261240
CY2024Q2 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
30220310
CY2024Q2 mdrr Shares Authorized
SharesAuthorized
1000000000
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
750000000
CY2024Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
250000000
CY2024Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2024Q2 us-gaap Partners Capital Account Units
PartnersCapitalAccountUnits
1352509
CY2023Q4 us-gaap Partners Capital Account Units
PartnersCapitalAccountUnits
1112751
CY2024Q2 mdrr Common Units Eligible For Conversion
CommonUnitsEligibleForConversion
6150
CY2023Q4 mdrr Common Units Eligible For Conversion
CommonUnitsEligibleForConversion
13346
CY2024Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
1118315
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
1109405
CY2023Q2 mdrr Common Unit To Common Stock Conversion Ratio
CommonUnitToCommonStockConversionRatio
1
CY2024Q2 mdrr Common Unit To Common Stock Conversion Ratio
CommonUnitToCommonStockConversionRatio
1
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1118315
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1109586
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1117453
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1109744
CY2024Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
6150
CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
13346
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
6150
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
13346
CY2024Q2 mdrr Weighted Average Number Of Diluted Shares Outstanding Effect Of Conversion
WeightedAverageNumberOfDilutedSharesOutstandingEffectOfConversion
1124465
CY2023Q2 mdrr Weighted Average Number Of Diluted Shares Outstanding Effect Of Conversion
WeightedAverageNumberOfDilutedSharesOutstandingEffectOfConversion
1122932
mdrr Weighted Average Number Of Diluted Shares Outstanding Effect Of Conversion
WeightedAverageNumberOfDilutedSharesOutstandingEffectOfConversion
1123603
mdrr Weighted Average Number Of Diluted Shares Outstanding Effect Of Conversion
WeightedAverageNumberOfDilutedSharesOutstandingEffectOfConversion
1123090
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
-521702
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-877664
us-gaap Net Income Loss
NetIncomeLoss
-2098959
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1118315
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1109586
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1109744
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1109744
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.47
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.79
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.89
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.89
us-gaap Net Income Loss
NetIncomeLoss
835696
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1117453
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.75
us-gaap Net Income Loss
NetIncomeLoss
835696
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1123603
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.75
CY2024Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.04
CY2024Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.06
CY2023Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.16
CY2023Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.32
CY2024Q2 us-gaap Dividends Common Stock
DividendsCommonStock
44733
CY2023Q2 us-gaap Dividends Common Stock
DividendsCommonStock
177584
us-gaap Dividends Common Stock
DividendsCommonStock
67074
us-gaap Dividends Common Stock
DividendsCommonStock
354394
CY2024Q2 mdrr Dividends And Distributions
DividendsAndDistributions
99155
CY2023Q2 mdrr Dividends And Distributions
DividendsAndDistributions
195720
mdrr Dividends And Distributions
DividendsAndDistributions
610105
mdrr Dividends And Distributions
DividendsAndDistributions
374665
mdrr Threshold Used For Calculating Concentration Of Risk
ThresholdUsedForCalculatingConcentrationOfRisk
0.99
CY2024Q3 mdrr Common Stock Reverse Stock Split Fractional Shares Issued
CommonStockReverseStockSplitFractionalSharesIssued
0
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 mdrr Nonrule10b51arrmodified Flag
Nonrule10b51arrmodifiedFlag
false
CY2024Q2 mdrr Rule10b51arrmodified Flag
Rule10b51arrmodifiedFlag
false

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0001558370-24-011749.txt Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
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