04:51 PM EDT, 10/04/2024 (MT Newswires) -- Medalist Diversified REIT ( MDRR ) said Friday it has increased its line of credit to $4 million from $1.5 million as part of its strategic efforts to enhance financial flexibility and support future growth.

The credit facility carries an interest rate of SOFR plus 3.1%, the company said.

Medalist also said it will pay a quarterly dividend to $0.06 per share, payable on Oct. 21 to shareholders of record Oct. 16.