$MDRR
Medalist Diversified REIT, Inc.

2024 Q4 Form 10-Q Financial Statement

#000155837024015321 Filed on November 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $2.337M
YoY Change -9.73%
Cost Of Revenue $545.0K
YoY Change -16.15%
Gross Profit $1.792M
YoY Change -7.63%
Gross Profit Margin 76.68%
Selling, General & Admin $515.3K
YoY Change 25.68%
% of Gross Profit 28.76%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $973.4K
YoY Change -15.36%
% of Gross Profit 54.32%
Operating Expenses $2.034M
YoY Change -44.37%
Operating Profit $303.3K
YoY Change -128.43%
Interest Expense $730.9K
YoY Change -18.8%
% of Operating Profit 241.01%
Other Income/Expense, Net
YoY Change
Pretax Income -$427.7K
YoY Change -78.26%
Income Tax
% Of Pretax Income
Net Earnings -$527.0K
YoY Change -72.96%
Net Earnings / Revenue -22.55%
Basic Earnings Per Share -$0.47
Diluted Earnings Per Share -$0.47
COMMON SHARES
Basic Shares Outstanding 1.115M 1.118M
Diluted Shares Outstanding 1.116M

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.121M
YoY Change 3.36%
Cash & Equivalents $3.121M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $215.5K
Other Receivables $0.00
Total Short-Term Assets $3.337M
YoY Change 7.29%
LONG-TERM ASSETS
Property, Plant & Equipment $65.16M
YoY Change -12.99%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.847M
YoY Change 6.78%
Total Long-Term Assets $71.27M
YoY Change -12.35%
TOTAL ASSETS
Total Short-Term Assets $3.337M
Total Long-Term Assets $71.27M
Total Assets $74.61M
YoY Change -11.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.292M
YoY Change -34.08%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.292M
YoY Change -56.35%
LONG-TERM LIABILITIES
Long-Term Debt $55.11M
YoY Change -15.54%
Other Long-Term Liabilities $1.736M
YoY Change -10.96%
Total Long-Term Liabilities $56.85M
YoY Change -15.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.292M
Total Long-Term Liabilities $56.85M
Total Liabilities $58.14M
YoY Change -17.12%
SHAREHOLDERS EQUITY
Retained Earnings -$35.68M
YoY Change 0.96%
Common Stock $11.15K
YoY Change -49.73%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.56M
YoY Change
Total Liabilities & Shareholders Equity $74.61M
YoY Change -11.63%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$527.0K
YoY Change -72.96%
Depreciation, Depletion And Amortization $973.4K
YoY Change -15.36%
Cash From Operating Activities $139.9K
YoY Change -131.79%
INVESTING ACTIVITIES
Capital Expenditures $304.5K
YoY Change -23.86%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$304.5K
YoY Change -23.86%
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
YoY Change -141.4%
NET CHANGE
Cash From Operating Activities 139.9K
Cash From Investing Activities -304.5K
Cash From Financing Activities -331.2K
Net Change In Cash -495.9K
YoY Change 1139.7%
FREE CASH FLOW
Cash From Operating Activities $139.9K
Capital Expenditures $304.5K
Free Cash Flow -$164.7K
YoY Change -80.4%

Facts In Submission

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MEDALIST DIVERSIFIED REIT, INC.
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us-gaap Repayments Of Secured Debt
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us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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mdrr Payments To Retire Fractional Shares Reverse Stock Split
PaymentsToRetireFractionalSharesReverseStockSplit
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mdrr Payments To Retire Fractional Shares Reverse Stock Split
PaymentsToRetireFractionalSharesReverseStockSplit
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2024Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
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CY2023Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
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CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Interest Paid Net
InterestPaidNet
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mdrr Issuance Of Operating Partnership Units For Acquisition
IssuanceOfOperatingPartnershipUnitsForAcquisition
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2024Q3 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
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CY2024Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2448365
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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CY2024Q3 us-gaap Below Market Lease Net
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CY2023Q4 us-gaap Below Market Lease Net
BelowMarketLeaseNet
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CY2024Q3 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
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CY2023Q3 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
88586
us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
228803
us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
287341
CY2024Q3 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
-64167
CY2023Q3 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
-64869
us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
-193398
us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
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CY2024Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
145898
CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
216287
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
478613
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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CY2024Q3 us-gaap Deferred Costs Leasing Accumulated Amortization
DeferredCostsLeasingAccumulatedAmortization
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CY2023Q4 us-gaap Deferred Costs Leasing Accumulated Amortization
DeferredCostsLeasingAccumulatedAmortization
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CY2024Q3 mdrr Amortization Of Intangible Assets Write Off
AmortizationOfIntangibleAssetsWriteOff
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mdrr Amortization Of Intangible Assets Write Off
AmortizationOfIntangibleAssetsWriteOff
590245
CY2024Q3 mdrr Amortization Of Tenant Defaults Written Off
AmortizationOfTenantDefaultsWrittenOff
0
mdrr Amortization Of Tenant Defaults Written Off
AmortizationOfTenantDefaultsWrittenOff
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CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
143112
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
518911
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
369476
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
297905
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
221130
CY2024Q3 mdrr Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
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CY2024Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2448365
CY2024Q3 us-gaap Below Market Lease Amortization Income Remainder Of Fiscal Year
BelowMarketLeaseAmortizationIncomeRemainderOfFiscalYear
67407
CY2024Q3 us-gaap Below Market Lease Amortization Income Next Twelve Months
BelowMarketLeaseAmortizationIncomeNextTwelveMonths
227108
CY2024Q3 us-gaap Below Market Lease Amortization Income Year Two
BelowMarketLeaseAmortizationIncomeYearTwo
192535
CY2024Q3 us-gaap Below Market Lease Amortization Income Year Three
BelowMarketLeaseAmortizationIncomeYearThree
175625
CY2024Q3 us-gaap Below Market Lease Amortization Income Year Four
BelowMarketLeaseAmortizationIncomeYearFour
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CY2024Q3 mdrr Below Market Lease Amortization Income After Year Four
BelowMarketLeaseAmortizationIncomeAfterYearFour
919973
CY2024Q3 us-gaap Below Market Lease Net
BelowMarketLeaseNet
1736263
us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
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CY2024Q3 us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
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CY2023Q3 us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
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us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
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CY2023Q3 us-gaap Impairment Of Real Estate
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us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
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CY2024Q3 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
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us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
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CY2023Q3 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
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us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
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CY2024Q3 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
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us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
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CY2023Q3 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
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us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
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CY2024Q3 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
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CY2024Q3 us-gaap Time Deposits At Or Above Fdic Insurance Limit
TimeDepositsAtOrAboveFDICInsuranceLimit
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CY2023Q4 us-gaap Time Deposits At Or Above Fdic Insurance Limit
TimeDepositsAtOrAboveFDICInsuranceLimit
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CY2024Q3 mdrr Security Deposits
SecurityDeposits
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CY2023Q4 mdrr Security Deposits
SecurityDeposits
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CY2024Q3 us-gaap Escrow Deposit
EscrowDeposit
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CY2023Q4 us-gaap Escrow Deposit
EscrowDeposit
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CY2024Q3 us-gaap Replacement Reserve Escrow
ReplacementReserveEscrow
1171256
CY2023Q4 us-gaap Replacement Reserve Escrow
ReplacementReserveEscrow
1122965
CY2024Q3 us-gaap Replacement Reserve Escrow
ReplacementReserveEscrow
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CY2023Q4 us-gaap Replacement Reserve Escrow
ReplacementReserveEscrow
1122965
CY2024Q3 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
1077746
CY2023Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
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mdrr Revenue Recognized From Reimbursement Of Common Area Maintenance Expenses
RevenueRecognizedFromReimbursementOfCommonAreaMaintenanceExpenses
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CY2023Q3 mdrr Revenue Recognized From Reimbursement Of Common Area Maintenance Expenses
RevenueRecognizedFromReimbursementOfCommonAreaMaintenanceExpenses
0
mdrr Revenue Recognized From Reimbursement Of Common Area Maintenance Expenses
RevenueRecognizedFromReimbursementOfCommonAreaMaintenanceExpenses
0
CY2024Q3 mdrr Revenue Recognized From Reimbursement Of Common Area Maintenance Expenses
RevenueRecognizedFromReimbursementOfCommonAreaMaintenanceExpenses
0
mdrr Lease Termination Fee Income
LeaseTerminationFeeIncome
0
CY2023Q3 mdrr Lease Termination Fee Income
LeaseTerminationFeeIncome
0
mdrr Lease Termination Fee Income
LeaseTerminationFeeIncome
0
CY2024Q3 mdrr Lease Termination Fee Income
LeaseTerminationFeeIncome
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CY2023Q3 us-gaap Legal Fees
LegalFees
151917
us-gaap Legal Fees
LegalFees
545342
mdrr Lender Fee Guaranty Substitution
LenderFeeGuarantySubstitution
50987
CY2023Q3 mdrr Lender Fee Guaranty Substitution
LenderFeeGuarantySubstitution
50987
mdrr Management Restructuring Expenses
ManagementRestructuringExpenses
0
CY2024Q3 mdrr Management Restructuring Expenses
ManagementRestructuringExpenses
0
CY2024Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
31145
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
CY2024Q3 mdrr Non Controlling Interests Operating Partnership Units Outstanding
NonControllingInterestsOperatingPartnershipUnitsOutstanding
234194
CY2023Q4 mdrr Non Controlling Interests Operating Partnership Units Outstanding
NonControllingInterestsOperatingPartnershipUnitsOutstanding
13346
CY2024Q3 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
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 nine months ended September 30, 2023, the Company reclassified $56,306 and $168,897, respectively, that was previously recorded as retail center property revenues to single tenant net lease revenues, and $7,696 and $23,174, respectively, that was previously recorded 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_HoMLv-hsXU-9q0kaP73icw;"><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_5fGy618iw028_nhExUEkFw;"><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_25JypdpjrEy65bDXGLJ5Nw;"><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_mXjXWBKmHEug-QvXGZw7NA;"><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 7, 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>
CY2024Q3 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
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CY2023Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
75701327
CY2024Q3 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
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CY2023Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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CY2023Q4 us-gaap Real Estate Investment Property Net
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CY2023Q3 mdrr Write Off Of Capitalized Tenant Improvements
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mdrr Write Off Of Capitalized Tenant Improvements
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mdrr Write Off Of Capitalized Tenant Improvements
WriteOffOfCapitalizedTenantImprovements
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CY2024Q3 mdrr Write Off Of Capitalized Tenant Improvements
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0
CY2024Q3 mdrr Capitalized Tenant Improvements
CapitalizedTenantImprovements
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mdrr Capitalized Tenant Improvements
CapitalizedTenantImprovements
344313
CY2023Q3 mdrr Capitalized Tenant Improvements
CapitalizedTenantImprovements
131667
mdrr Capitalized Tenant Improvements
CapitalizedTenantImprovements
621306
CY2024Q3 mdrr Amortization Of Tenant Inducements
AmortizationOfTenantInducements
741
mdrr Amortization Of Tenant Inducements
AmortizationOfTenantInducements
2223
mdrr Amortization Of Tenant Inducements
AmortizationOfTenantInducements
0
CY2023Q3 mdrr Amortization Of Tenant Inducements
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0
CY2024Q3 mdrr Capitalized Lease Incentives
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mdrr Capitalized Lease Incentives
CapitalizedLeaseIncentives
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mdrr Capitalized Lease Incentives
CapitalizedLeaseIncentives
0
CY2023Q3 mdrr Capitalized Lease Incentives
CapitalizedLeaseIncentives
0
CY2024Q3 mdrr Capitalized Leasing Commissions Net
CapitalizedLeasingCommissionsNet
862767
CY2023Q4 mdrr Capitalized Leasing Commissions Net
CapitalizedLeasingCommissionsNet
759677
CY2024Q3 mdrr Capitalized Leasing Commissions
CapitalizedLeasingCommissions
167935
mdrr Capitalized Leasing Commissions
CapitalizedLeasingCommissions
248264
CY2023Q3 mdrr Capitalized Leasing Commissions
CapitalizedLeasingCommissions
173080
mdrr Capitalized Leasing Commissions
CapitalizedLeasingCommissions
317155
CY2024Q3 mdrr Amortization Of Capitalized Leasing Commissions
AmortizationOfCapitalizedLeasingCommissions
52572
mdrr Amortization Of Capitalized Leasing Commissions
AmortizationOfCapitalizedLeasingCommissions
145174
CY2023Q3 mdrr Amortization Of Capitalized Leasing Commissions
AmortizationOfCapitalizedLeasingCommissions
40736
mdrr Amortization Of Capitalized Leasing Commissions
AmortizationOfCapitalizedLeasingCommissions
108162
mdrr Capitalized Leasing Commissions Write Off
CapitalizedLeasingCommissionsWriteOff
5873
CY2023Q3 mdrr Capitalized Leasing Commissions Write Off
CapitalizedLeasingCommissionsWriteOff
5873
mdrr Capitalized Leasing Commissions Write Off
CapitalizedLeasingCommissionsWriteOff
0
CY2024Q3 mdrr Capitalized Leasing Commissions Write Off
CapitalizedLeasingCommissionsWriteOff
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CY2023Q4 us-gaap Assets Of Disposal Group Including Discontinued Operation
AssetsOfDisposalGroupIncludingDiscontinuedOperation
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CY2023Q4 us-gaap Secured Debt
SecuredDebt
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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
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CY2020Q4 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
0.50
CY2021Q1 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
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CY2021Q2 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
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CY2021Q3 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
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CY2021Q4 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
0.50
CY2022Q1 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
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CY2022Q2 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
0.50
CY2022Q3 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
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CY2022Q4 us-gaap Preferred Stock Dividends Per Share Cash Paid
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CY2023Q1 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
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CY2023Q2 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
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CY2024Q1 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
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CY2024Q2 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
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CY2024Q3 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
0.50
CY2024Q4 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
0.50
CY2024Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
495574
CY2023Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
566873
us-gaap Loss On Contract Termination For Default
LossOnContractTerminationForDefault
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CY2024Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
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CY2024Q3 us-gaap Amortization Of Financing Costs
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CY2024Q3 mdrr Interest Rate Protection Transaction Payments
InterestRateProtectionTransactionPayments
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CY2024Q3 us-gaap Interest Expense Other
InterestExpenseOther
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CY2024Q3 us-gaap Interest Expense
InterestExpense
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CY2023Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
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CY2023Q3 us-gaap Amortization Of Financing Costs
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CY2023Q3 mdrr Interest Rate Protection Transaction Payments
InterestRateProtectionTransactionPayments
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CY2023Q3 us-gaap Interest Expense Other
InterestExpenseOther
114636
CY2023Q3 us-gaap Interest Expense
InterestExpense
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us-gaap Interest Expense Debt
InterestExpenseDebt
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us-gaap Amortization Of Financing Costs
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267920
mdrr Interest Rate Protection Transaction Payments
InterestRateProtectionTransactionPayments
83253
us-gaap Interest Expense Other
InterestExpenseOther
319845
us-gaap Interest Expense
InterestExpense
2331030
us-gaap Interest Expense Debt
InterestExpenseDebt
2111686
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
261270
mdrr Interest Rate Protection Transaction Payments
InterestRateProtectionTransactionPayments
74950
us-gaap Interest Expense Other
InterestExpenseOther
314636
us-gaap Interest Expense
InterestExpense
2612642
CY2024Q3 us-gaap Interest Payable Current
InterestPayableCurrent
142493
CY2024Q3 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
1347725
CY2023Q4 us-gaap Interest Payable Current
InterestPayableCurrent
232401
CY2023Q4 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
1151501
CY2024Q3 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
1896919
CY2024Q3 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
7300523
CY2024Q3 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
5555811
CY2024Q3 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
4592190
CY2024Q3 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
3810866
CY2024Q3 mdrr Lessor Operating Lease Payments To Be Received After Four Years
LessorOperatingLeasePaymentsToBeReceivedAfterFourYears
8844859
CY2024Q3 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
32001168
CY2024Q3 mdrr Shares Authorized
SharesAuthorized
1000000000
CY2024Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
750000000
CY2024Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
250000000
CY2024Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2024Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2236631
CY2024Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
1118090
CY2024Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.02
CY2024Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2024Q3 us-gaap Partners Capital Account Units
PartnersCapitalAccountUnits
1349454
CY2023Q4 us-gaap Partners Capital Account Units
PartnersCapitalAccountUnits
1122751
CY2024Q3 mdrr Common Units Eligible For Conversion
CommonUnitsEligibleForConversion
6150
CY2023Q4 mdrr Common Units Eligible For Conversion
CommonUnitsEligibleForConversion
13346
CY2024Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
1115260
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
1109405
CY2023Q3 mdrr Common Unit To Common Stock Conversion Ratio
CommonUnitToCommonStockConversionRatio
1
CY2024Q3 mdrr Common Unit To Common Stock Conversion Ratio
CommonUnitToCommonStockConversionRatio
1
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1116391
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1109405
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1117099
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1109631
CY2024Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
6150
CY2023Q3 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
CY2024Q3 mdrr Weighted Average Number Of Diluted Shares Outstanding Effect Of Conversion
WeightedAverageNumberOfDilutedSharesOutstandingEffectOfConversion
1122541
CY2023Q3 mdrr Weighted Average Number Of Diluted Shares Outstanding Effect Of Conversion
WeightedAverageNumberOfDilutedSharesOutstandingEffectOfConversion
1122751
mdrr Weighted Average Number Of Diluted Shares Outstanding Effect Of Conversion
WeightedAverageNumberOfDilutedSharesOutstandingEffectOfConversion
1123249
mdrr Weighted Average Number Of Diluted Shares Outstanding Effect Of Conversion
WeightedAverageNumberOfDilutedSharesOutstandingEffectOfConversion
1122977
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
-526996
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-1948827
us-gaap Net Income Loss
NetIncomeLoss
-4047786
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1116391
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1109405
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1109631
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1109631
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.47
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.76
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.65
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.65
us-gaap Net Income Loss
NetIncomeLoss
308700
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1117099
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.28
us-gaap Net Income Loss
NetIncomeLoss
308700
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1123249
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.28
CY2024Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.05
CY2024Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.11
CY2023Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0
CY2023Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.32
CY2024Q3 us-gaap Dividends Common Stock
DividendsCommonStock
55904
us-gaap Dividends Common Stock
DividendsCommonStock
122978
us-gaap Dividends Common Stock
DividendsCommonStock
354394
CY2024Q3 mdrr Dividends And Distributions
DividendsAndDistributions
75554
mdrr Dividends And Distributions
DividendsAndDistributions
685659
mdrr Dividends And Distributions
DividendsAndDistributions
374665
mdrr Threshold Used For Calculating Concentration Of Risk
ThresholdUsedForCalculatingConcentrationOfRisk
0.99
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 mdrr Nonrule10b51arrmodified Flag
Nonrule10b51arrmodifiedFlag
false
CY2024Q3 mdrr Rule10b51arrmodified Flag
Rule10b51arrmodifiedFlag
false

Files In Submission

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0001558370-24-015321-index-headers.html Edgar Link pending
0001558370-24-015321-index.html Edgar Link pending
0001558370-24-015321.txt Edgar Link pending
0001558370-24-015321-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
mdrr-20240930.xsd Edgar Link pending
mdrr-20240930x10q.htm Edgar Link pending
mdrr-20240930x10q006.jpg Edgar Link pending
mdrr-20240930xex31d1.htm Edgar Link pending
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mdrr-20240930x10q_htm.xml Edgar Link completed
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report.css Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
mdrr-20240930_def.xml Edgar Link unprocessable