Investment Properties (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Schedule of investment properties |
| | | | | | | | June 30, 2026 | | | December 31, | | | (unaudited) | | | 2025 | Land | $ | 2,909,345 | | $ | 10,228,920 | Site improvements | | 945,684 | | | 2,276,444 | Buildings and improvements (1) | | 12,482,608 | | | 40,065,797 | Investment properties at cost (2) | | 16,337,637 | | | 52,571,161 | Less accumulated depreciation | | 4,153,643 | | | 11,383,973 | Investment properties, net | $ | 12,183,994 | | $ | 41,187,188 |
| (1) | Includes tenant improvements (both those acquired as part of the acquisition of the properties and those constructed after the properties’ acquisition), capitalized leasing commissions and other capital costs incurred post-acquisition. |
| (2) | Excludes intangible lease assets and liabilities (see Note 2, above, for a discussion of the Company’s accounting treatment of intangible lease assets), escrow deposits and property reserves. |
|
| Schedule of deferred costs, net of depreciation and amortization |
| | | | | | | | | June 30, 2026 | | December 31, | | | (unaudited) | | 2025 | Capitalized tenant improvements – acquisition cost allocation, net | | $ | 83,754 | | $ | 566,382 | Capitalized tenant improvements incurred subsequent to acquisition, net | | | 221,303 | | | 841,079 |
| | | | | | | | | June 30, 2026 | | December 31, | | | (unaudited) | | 2025 | Capitalized leasing commissions, net | | $ | 299,295 | | $ | 842,056 |
|
| Schedule of assets held for sale and liabilities associated with assets held for sale |
| | | | | | | | | | June 30, 2026 | | | December 31, | Assets Held for Sale | | | (unaudited) | | 2025 | Investment properties, net, held for sale, associated with the Greenbrier Business Center Property | | $ | — | | $ | 6,290,551 | Investment properties, net, held for sale, associated with the Tesla Pensacola Property | | | — | | | 13,342,198 | Investment properties, net, held for sale, associated with the Hanover Square Outparcel | | | 150,000 | | | 397,367 | Investment properties, net, held for sale, associated with the Parkway Property | | | — | | | 6,611,780 | Investment properties, net, held for sale, associated with the Ashley Plaza Property | | | 10,972,093 | | | — | Intangible lease assets, net, held for sale, associated with the Greenbrier Business Center Property | | | — | | | 22,107 | Intangible lease assets, net, held for sale, associated with the Tesla Pensacola Property | | | — | | | 1,635,990 | Intangible lease assets, net, held for sale, associated with the Ashley Plaza Property | | | 764,617 | | | — | Total assets held for sale | | $ | 11,886,710 | | $ | 28,299,993 |
| | | | | | | | | | June 30, 2026 | | | December 31, | Liabilities Held for Sale | | | (unaudited) | | 2025 | Mortgages payable, net, associated with the Greenbrier Business Center Property | | $ | — | | $ | 6,356,947 | Mortgages payable, net, associated with the Tesla Pensacola Property | | | — | | | 7,505,754 | Mortgages payable, net, associated with the Parkway Property | | | — | | | 4,683,797 | Mortgages payable, net, associated with the Ashley Plaza Property | | | 10,038,612 | | | — | Intangible lease liabilities, net, held for sale associated with the Tesla Pensacola Property | | | — | | | 455,813 | Intangible lease liabilities, net, held for sale associated with the Ashley Plaza Property | | | 333,621 | | | — | Total liabilities held for sale | | $ | 10,372,233 | | $ | 19,002,311 |
|
| Schedule of operating results of shopping center properties included in continuing operations |
| | | | | | | | | | | | | For the three months ended | | For the six months ended | | June 30, | | June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | (unaudited) | | (unaudited) | | (unaudited) | | (unaudited) | Revenue | | | | | | | | | | | | Investment property revenues | $ | 353,012 | | $ | 1,564,183 | | $ | 1,572,062 | | $ | 2,978,768 | Total Revenue | | 353,012 | | | 1,564,183 | | | 1,572,062 | | | 2,978,768 | | | | | | | | | | | | | Operating Expenses | | | | | | | | | | | | Investment property operating expenses | | 78,895 | | | 331,607 | | | 382,545 | | | 685,856 | DST sponsorship program expenses | | 1,081 | | | — | | | 1,191 | | | — | Bad debt expense | | 12,991 | | | — | | | 12,991 | | | 1,321 | Loss on impairment | | — | | | — | | | — | | | 53,532 | Impairment of assets held for sale | | 217,960 | | | — | | | 217,960 | | | — | Depreciation and amortization | | 6,728 | | | 500,527 | | | 86,177 | | | 1,078,851 | Total Operating Expenses | | 317,655 | | | 832,134 | | | 700,864 | | | 1,819,560 | Gain on disposal of investment properties | | (65,207) | | | — | | | 12,785,020 | | | — | Loss on extinguishment of debt | | — | | | — | | | (260,137) | | | — | Operating Income | | (29,850) | | | 732,049 | | | 13,396,081 | | | 1,159,208 | Interest expense | | (97,446) | | | (198,066) | | | (315,085) | | | (401,581) | Other income | | 69,501 | | | — | | | 96,718 | | | 103,529 | Other expense | | — | | | (20,990) | | | — | | | (49,216) | Net Income | | (57,795) | | | 512,993 | | | 13,177,714 | | | 811,940 | Less: Net income (loss) attributable to Parkway Property noncontrolling interests | | 1,652 | | | (1,526) | | | 1,652 | | | (1,526) | Less: Net income attributable to DST noncontrolling interests | | 77,991 | | | — | | | — | | | — | Less: Net income attributable to Operating Partnership noncontrolling interests | | (50,440) | | | 193,287 | | | 5,082,007 | | | 347,675 | Net Income Attributable to Medalist Common Stockholders | $ | (9,007) | | $ | 321,232 | | $ | 8,094,055 | | $ | 465,791 |
|
| 2025 Property Acquisitions |
|
| Schedule of fair values of assets acquired and liabilities assumed |
| | | | | | | | | | | | | | | | | | | Buffalo | | | | United | | | | Tesla | | | | | | | | Wild Wings | | | | Rentals | | | | Pensacola | | | | | | | | Property | | | | Property | | | | Property | | | | Total | Fair value of assets acquired: | | | | | | | | | | | | | | | | Investment property (a) | | $ | 2,501,345 | | | $ | 2,914,369 | | | $ | 13,444,461 | | | $ | 18,860,175 | Lease intangibles (b) | | | 222,139 | | | | 273,077 | | | | 1,635,990 | | | | 2,131,206 | Below market lease (b) | | | (56,055) | | | | — | | | | (455,813) | | | | (511,868) | Fair value of net assets acquired (c) | | $ | 2,667,429 | | | $ | 3,187,446 | | | $ | 14,624,638 | | | $ | 20,479,513 | | | | | | | | | | | | | | | | | Purchase consideration: | | | | | | | | | | | | | | | | Consideration paid with cash (d) | | $ | 47,429 | | | $ | 42,446 | | | $ | 303,260 | | | $ | 393,135 | Consideration paid with proceeds from line of credit, short term, net | | | — | | | | — | | | | 14,321,378 | (e) | | | 14,321,378 | Consideration paid with OP Units | | | 2,620,000 | (f) | | | 3,145,000 | (g) | | | — | | | | 5,765,000 | Total consideration (h) | | $ | 2,667,429 | | | $ | 3,187,446 | | | $ | 14,624,638 | | | $ | 20,479,513 |
| (a) | Represents the fair value of the investment property acquired which includes land, buildings, site improvements and tenant improvements. The fair value was determined using the market approach, the cost approach, the income approach or a combination thereof. Closing costs were allocated and added to the fair value of the tangible assets acquired. |
| (b) | Represents the fair value of lease intangibles. Lease intangibles include leasing commissions, leases in place, below market leases and legal and marketing costs associated with replacing existing leases. |
| (c) | Represents the total fair value of assets and liabilities acquired at closing. |
| (d) | Represents cash paid for closing costs paid at closing or directly by the Company outside of closing. |
| (e) | Represents the Farmers Line of Credit used to fund the purchase of the Tesla Pensacola Property, net of capitalized loan issuance costs. See Note 6, below. |
| (f) | Represents issuance of 209,600 OP Units at $12.50 per Operating Partnership Unit. See Note 8, below. |
| (g) | Represents issuance of 251,600 OP Units at $12.50 per Operating Partnership Unit. See Note 8, below. |
| (h) | Represents the consideration paid for the fair value of the assets and liabilities acquired. |
|