Medalist Diversified REIT (MDRR) 10-Q 11 May 23 2023 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 10, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-38719
Entity Registrant Name	MEDALIST DIVERSIFIED REIT, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	47-5201540
Entity Address, Address Line One	1051 E. Cary Street Suite 601
Entity Address, Address Line Two	James Center Three
Entity Address, City or Town	Richmond
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23219
City Area Code	804
Local Phone Number	344-4435
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,219,779
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001654595
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Common Stock, $0.01 par value per share
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Security Exchange Name	NASDAQ
Trading Symbol	MDRR
8.0% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share
Document Information [Line Items]
Title of 12(b) Security	8.0% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share
Security Exchange Name	NASDAQ
Trading Symbol	MDRRP

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Investment properties, net	$ 76,242,506	$ 76,514,952
Cash	3,048,100	3,922,136
Restricted cash	1,937,265	1,740,717
Rent and other receivables, net of allowance of $62,960 and $47,109, as of March 31, 2023 and December 31, 2022, respectively	290,836	402,434
Unbilled rent	1,069,860	1,022,153
Intangible assets, net	3,449,600	3,748,706
Other assets	497,510	564,306
Total Assets	86,535,677	87,915,404
LIABILITIES
Accounts payable and accrued liabilities	1,547,240	1,198,072
Intangible liabilities, net	2,133,752	2,234,113
Mortgages payable, net	61,065,672	61,340,259
Mandatorily redeemable preferred stock, net	4,509,325	4,450,521
Total Liabilities	69,255,989	69,222,965
EQUITY
Common stock, 17,758,421 and 17,758,421 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	177,584	177,584
Additional paid-in capital	51,363,812	51,363,812
Offering costs	(3,350,946)	(3,350,946)
Accumulated deficit	(32,337,125)	(30,939,020)
Total Stockholders' Equity	15,853,325	17,251,430
Noncontrolling interests - Operating Partnership	837,860	842,898
Total Equity	17,279,688	18,692,439
Total Liabilities and Equity	86,535,677	87,915,404
Hanover Square Property
EQUITY
Noncontrolling interests	126,185	127,426
Parkway Property
EQUITY
Noncontrolling interests	$ 462,318	$ 470,685

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical)	Mar. 31, 2023 USD ($) shares
Condensed Consolidated Balance Sheets
Allowance for uncollectible receivables | $	$ 62,960
Common stock, shares, issued | shares	17,758,421

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUE
Total Revenue	$ 2,460,976	$ 2,903,964
OPERATING EXPENSES
Retail center property operating expenses	520,615	450,125
Flex center property operating expenses	176,737	161,381
Hotel property operating expenses		372,860
Bad debt expense	27,122	12,783
Share based compensation expenses		233,100
Legal, accounting and other professional fees	767,078	459,869
Corporate general and administrative expenses	117,049	80,706
Loss on impairment	36,743	36,670
Impairment of assets held for sale	0	175,671
Depreciation and amortization	1,156,348	1,155,197
Total Operating Expenses	2,801,692	3,138,362
Operating loss	(340,716)	(234,398)
Interest expense	864,052	841,424
Net Loss from Operations	(1,204,768)	(1,075,822)
Other (loss) income	(29,038)	95,439
Net Loss	(1,233,806)	(980,383)
Less: Net loss attributable to Operating Partnership noncontrolling interests	(2,903)	(973)
Net Loss Attributable to Medalist Common Shareholders	$ (1,221,295)	$ (989,284)
Loss per share from operations - basic	$ (0.07)	$ (0.06)
Loss per share from operations - diluted	$ (0.07)	$ (0.06)
Weighted-average number of shares - basic	17,758,421	16,037,073
Weighted-average number of shares - diluted	17,758,421	16,037,073
Dividends paid per common share	$ 0.01	$ 0.02
Hanover Square Property
OPERATING EXPENSES
Interest expense	$ 173,863	$ 108,077
Less: Net (loss) income attributable to noncontrolling interests	(1,241)	(319)
Parkway Property
OPERATING EXPENSES
Less: Net (loss) income attributable to noncontrolling interests	(8,367)	10,193
Retail center property revenues
REVENUE
Total Revenue	1,891,679	1,525,085
Flex center property revenues
REVENUE
Total Revenue	$ 569,297	613,390
Hotel property room revenues
REVENUE
Total Revenue		762,200
Hotel property other revenues
REVENUE
Total Revenue		$ 3,289

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($)	Common Stock	Additional Paid in Capital	Offering Costs.	Accumulated Deficit	Total Shareholders' Equity	Noncontrolling Interests Hanover Square Property	Noncontrolling Interests Parkway Property	Noncontrolling Interest Operating Partnership	Total
Balance at Dec. 31, 2021	$ 160,526	$ 49,645,426	$ (3,350,946)	$ (24,981,346)	$ 21,473,660	$ 146,603	$ 500,209	$ 877,917	$ 22,998,389
Balance (shares) at Dec. 31, 2021	16,052,617
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuances	$ 11,197	1,177,377			1,188,574				1,188,574
Common stock issuances (shares)	1,119,668
Common stock repurchases	$ (2,681)	(283,862)			(286,543)				(286,543)
Common stock repurchases (in shares)	(268,070)
Share based compensation	$ 2,100	231,000			233,100				233,100
Share based compensation (shares)	210,000
Net (loss) income				(989,284)	(989,284)	(319)	10,193	(973)	(980,383)
Dividends and distributions				(316,450)	(316,450)	(10,000)	(10,800)	(4,271)	(341,521)
Balance at Mar. 31, 2022	$ 171,142	50,769,941	(3,350,946)	(26,287,080)	21,303,057	136,284	499,602	872,673	22,811,616
Balance (shares) at Mar. 31, 2022	17,114,215
Balance at Dec. 31, 2022	$ 177,584	51,363,812	(3,350,946)	(30,939,020)	17,251,430	127,426	470,685	842,898	$ 18,692,439
Balance (shares) at Dec. 31, 2022	17,758,421
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuances (shares)									1,445,400
Common stock repurchases	$ 0
Net (loss) income				(1,221,295)	(1,221,295)	(1,241)	(8,367)	(2,903)	$ (1,233,806)
Dividends and distributions				(176,810)	(176,810)			(2,135)	(178,945)
Balance at Mar. 31, 2023	$ 177,584	$ 51,363,812	$ (3,350,946)	$ (32,337,125)	$ 15,853,325	$ 126,185	$ 462,318	$ 837,860	$ 17,279,688
Balance (shares) at Mar. 31, 2023	17,758,421

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss	$ (1,233,806)	$ (980,383)
Adjustments to reconcile consolidated net loss to net cash flows from operating activities
Depreciation	911,481	771,560
Amortization	244,867	383,637
Loan cost amortization	26,990	28,118
Mandatorily redeemable preferred stock issuance cost and discount amortization	58,804	53,923
Above (below) market lease amortization, net	(73,018)	(26,034)
Bad debt expense	27,122	12,783
Share-based compensation		233,100
Impairment of assets held for sale	0	175,671
Loss on impairment	36,743	36,670
Changes in assets and liabilities
Rent and other receivables, net	84,476	109,000
Unbilled rent	(48,899)	(14,846)
Other assets	66,796	(128,599)
Accounts payable and accrued liabilities	349,168	38,263
Net cash flows from operating activities	450,724	692,863
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(647,690)	(366,059)
Net cash flows from investing activities	(647,690)	(366,059)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends and distributions paid	(178,945)	(341,521)
Repayment of mortgages payable	(301,577)	(192,257)
Proceeds from sales of common stock, net of capitalized offering costs		1,188,574
Repurchases of common stock, including costs and fees		(286,543)
Net cash flows from financing activities	(480,522)	368,253
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(677,488)	695,057
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	5,662,853	7,383,977
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	$ 4,985,365	$ 8,079,034

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - Supplemental cash flow information - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Additional Cash Flow Elements and Supplemental Disclosures and Non-Cash Activities
CASH AND CASH EQUIVALENTS, end of period, shown in condensed consolidated balance sheets	$ 3,048,100	$ 4,629,945
RESTRICTED CASH including assets restricted for capital and operating reserves and tenant deposits, end of period, shown in condensed consolidated balance sheets	1,937,265	3,449,089
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period shown in the condensed consolidated statements of cash flows	4,985,365	8,079,034
Other cash transactions:
Interest paid	$ 796,268	$ 682,456

Organization and Basis of Prese

Organization and Basis of Presentation and Consolidation	3 Months Ended
	Mar. 31, 2023
Organization and Basis of Presentation and Consolidation
Organization and Basis of Presentation and Consolidation	1. Organization and Basis of Presentation and Consolidation Medalist Diversified Real Estate Investment Trust, Inc. (the “REIT”) is a Maryland corporation formed on September 28, 2015. Beginning with the taxable year ended December 31, 2017, the REIT has elected to be taxed as a real estate investment trust for federal income tax purposes. The REIT serves as the general partner of Medalist Diversified Holdings, LP (the “Operating Partnership”) which was formed as a Delaware limited partnership on September 29, 2015. As of March 31, 2023, the REIT, through the Operating Partnership, owned and operated eight properties, including the Shops at Franklin Square, a 134,239 square foot retail property located in Gastonia, North Carolina (the “Franklin Square Property”), the Shops at Hanover Square North, a 73,440 square foot retail property located in Mechanicsville, Virginia (the “Hanover Square Property”), the Ashley Plaza Shopping Center, a 164,012 square foot retail property located in Goldsboro, North Carolina (the “Ashley Plaza Property”), Brookfield Center, a 64,880 square foot mixed-use industrial/office property located in Greenville, South Carolina (the “Brookfield Center Property”), the Lancer Center, a 181,590 square foot retail property located in Lancaster, South Carolina (the “Lancer Center Property”), the Greenbrier Business Center, an 89,280 square foot mixed-use industrial/office property located in Chesapeake, Virginia (the “Greenbrier Business Center Property "), the Parkway Property, a 64,109 square foot mixed-use industrial office property located in Virginia Beach, Virginia (the "Parkway Property") and the Salisbury Marketplace Shopping Center, a 79,732 square foot retail property located in Salisbury, North Carolina (the “Salisbury Marketplace Property”). The Company owns 84% of the Hanover Square Property as a tenant in common with a noncontrolling owner which owns the remaining 16% interest and 82% of the Parkway Property as a tenant in common with a noncontrolling owner which owns the remaining 18% interest. The use of the word “Company” refers to the REIT and its consolidated subsidiaries, except where the context otherwise requires. The Company includes the REIT, the Operating Partnership, wholly owned limited liability companies which own or operate the properties and, for the periods presented prior to September 30, 2022, the taxable REIT subsidiary which formerly operated the Clemson Best Western University Inn, a hotel with 148 rooms on 5.92 acres in Clemson, South Carolina (“the Clemson Best Western Property”), which the Company sold on September 29, 2022. As a REIT, certain tax laws limit the amount of “non-qualifying” income that Company can earn, including income derived directly from the operation of hotels. As a result, the Company leased its consolidated hotel property to a taxable REIT subsidiary (“TRS”) for federal income tax purposes. The Company’s TRS was subject to income tax and was not limited as to the amount of nonqualifying income it could generate, but the Company’s TRS was limited in terms of its value as a percentage of the total value of the Company’s assets. The Company’s TRS entered into an agreement with a third party to manage the operations of the hotel. The Company prepared the accompanying condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”). References to the condensed consolidated financial statements and references to individual financial statements included herein, reference the condensed consolidated financial statements or the respective individual financial statement. All material balances and transactions between the consolidated entities of the Company have been eliminated. The Company was formed to acquire, reposition, renovate, lease and manage income-producing properties, with a primary focus on (i) commercial properties, including flex-industrial, limited-service hotels, and retail properties, and (ii) multi-family residential properties in secondary and tertiary markets in the southeastern part of the United States, with an expected concentration in Virginia, North Carolina, South Carolina, Georgia, Florida and Alabama. The Company may also pursue, in an opportunistic manner, other real estate-related investments, including, among other things, equity or other ownership interests in entities that are the direct or indirect owners of real property, indirect investments in real property, such as those that may be obtained in a joint venture. While these types of investments are not intended to be a primary focus, the Company may make such investments in the discretion of Medalist Fund Manager, Inc. (the “Manager”). The Company is externally managed by the Manager. The Manager makes all investment decisions for the Company. The Manager and its affiliated companies specialize in acquiring, developing, owning and managing value-added commercial real estate in the Mid-Atlantic and Southeast regions. The Manager oversees the Company’s overall business and affairs and has broad discretion to make operating decisions on behalf of the Company and to make investment decisions. The Company’s stockholders are not involved in its day-to-day affairs.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Investment Properties The Company has adopted Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805) Accounting Standards Codification (“ASC”) 805 mandates that “an acquiring entity shall allocate the cost of an acquired entity to the assets acquired and liabilities assumed based on their estimated fair values at date of acquisition.” ASC 805 results in an allocation of acquisition costs to both tangible and intangible assets associated with income producing real estate. Tangible assets include land, buildings, site improvements, tenant improvements and furniture, fixtures and equipment, while intangible assets include the value of in-place leases, lease origination costs (leasing commissions and tenant improvements), legal and marketing costs and leasehold assets and liabilities (above or below market leases), among others. The Company uses independent, third-party consultants to assist management with its ASC 805 evaluations. The Company determines fair value based on accepted valuation methodologies including the cost, market, and income capitalization approaches. The purchase price is allocated to the tangible and intangible assets identified in the evaluation. The Company records depreciation on buildings and improvements utilizing the straight-line method over the estimated useful life of the asset, generally 4 to 42 years. The Company reviews depreciable lives of investment properties periodically and makes adjustments to reflect a shorter economic life, when necessary. Capitalized leasing commissions and tenant improvements incurred and paid by the Company subsequent to the acquisition of the investment property are amortized utilizing the straight-line method over the term of the related lease. Amounts allocated to buildings are depreciated over the estimated remaining life of the acquired building or related improvements. Acquisition and closing costs are capitalized as part of each tangible asset on a pro rata basis. Improvements and major repairs and maintenance are capitalized when the repair and maintenance substantially extend the useful life, increases capacity or improves the efficiency of the asset. All other repair and maintenance costs are expensed as incurred. The Company reviews investment properties for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of investment properties may not be recoverable, but at least annually. These circumstances include, but are not limited to, declines in the property’s cash flows, occupancy and fair market value. The Company measures any impairment of investment property when the estimated undiscounted cash flows plus its residual value, is less than the carrying value of the property. To the extent impairment has occurred, the Company charges to income the excess of the carrying value of the property over its estimated fair value. The Company estimates fair value using unobservable data such as projected future operating income, estimated capitalization rates, or multiples, leasing prospects and local market information. The Company may decide to sell properties that are held for use and the sale prices of these properties may differ from their carrying values. Other than the tenant-specific losses on impairment and the impairment of assets held for sale described below, the Company did not record any impairment adjustments to its investment properties resulting from events or changes in circumstances during the three months ended March 31, 2023 and 2022, that would result in the projected value being below the carrying value of the Company’s properties. ​ Assets Held for Sale The Company may decide to sell properties that are held as investment properties. The accounting treatment for the disposal of long-lived assets is covered by ASC 360. Under this guidance, the Company records the assets associated with these properties, and any associated mortgages payable, as held for sale when management has committed to a plan to sell the assets, actively seeks a buyer for the assets, and the consummation of the sale is considered probable and is expected within one year. Delays in the time required to complete a sale do not preclude a long-lived asset from continuing to be classified as held for sale beyond the initial one-year period if the delay is caused by events or circumstances beyond an entity’s control and there is sufficient evidence that the entity remains committed to a qualifying plan to sell the long-lived asset. Properties classified as held for sale are reported at the lower of their carrying value or their fair value, less estimated costs to sell. When the carrying value exceeds the fair value, less estimated costs to sell, an impairment charge is recognized. The Company determines fair value based on the three-level valuation hierarchy for fair value measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets in markets that are not active; and inputs other than quoted prices. Level 3 inputs are unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. During February 2021, the Company committed to a plan for the sale of an asset group associated with the Clemson Best Western Hotel Property that included the land, site improvements, building, building improvements and furniture, fixtures and equipment. As of March 31, 2021, the Company recorded this asset group, and the associated mortgage payable, as held for sale. As of March 31, 2021, the date the Company originally recorded this asset group as held for sale, the Company determined that the fair value of the Clemson Best Western Property exceeded the carrying value of its asset group, and the Company did not record impairment of assets held for sale associated with this asset group. During subsequent periods since the asset group associated with the Clemson Best Western Property was initially classified as held for sale, the Company continued to follow its disposal plan. Under ASC 360, during subsequent reporting periods after the asset group is classified as held for sale, it is necessary to evaluate the amounts previously used for the estimated fair value of the asset group. Up to and including the reporting periods ending December 31, 2021, the Company reviewed and reassessed the estimated fair value of the asset group and believed that the fair value, less estimated costs to sell, exceeds the Company’s carrying cost in the property. Accordingly, the Company did not record impairment of assets held for sale related to the Clemson Best Western Property for the year ended December 31, 2021. As of March 31, 2022, the Company determined that the carrying value of the asset group associated with the Clemson Best Western Hotel Property exceeded its fair value, less estimated costs to sell, and recorded impairment of assets held for sale of $175,671 on its condensed consolidated statement of operations for the three months ended March 31, 2022. No such impairment of assets held for sale was recorded during the three months ended March 31, 2023. On September 29, 2022, the Company closed on the sale of the Clemson Best Western Hotel Property to an unaffiliated purchaser. See Note 3 for additional details. Intangible Assets and Liabilities, net The Company determines, through the ASC 805 evaluation, the above and below market lease intangibles upon acquiring a property. Intangible assets (or liabilities) such as above or below-market leases and in-place lease value are recorded at fair value and are amortized as an adjustment to rental revenue or amortization expense, as appropriate, over the remaining terms of the underlying leases. The Company amortizes amounts allocated to tenant improvements, in-place lease assets and other lease-related intangibles over the remaining life of the underlying leases. The analysis is conducted on a lease-by-lease basis. The Company reviews its intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value of its intangible assets may not be recoverable, but at least annually. During the three months ended March 31, 2023, a tenant defaulted on its lease and abandoned its premises. The Company determined that the carrying value of the intangible assets and liabilities, net, associated with this lease of $35,551 that were recorded as part of the purchase of this property should be written off. This amount is included in the loss on impairment reported on the Company’s condensed consolidated statement of operations for the three months ended March 31, 2023. During the three months ended March 31, 2022, two tenants defaulted on their leases and abandoned their premises. The Company determined that the carrying value of the intangible assets and liabilities, net, associated with these leases of $36,670 that were recorded as part of the purchase of these properties should be written off. This amount is included in the loss on impairment reported on the Company’s condensed consolidated statement of operations for the three months ended March 31, 2022. Details of the deferred costs, net of amortization, arising from the Company’s purchases of its retail center properties and flex center properties are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ ​ ​ (unaudited) December 31, 2022 Intangible Assets, net ​ ​ ​ ​ ​ ​ ​ Leasing commissions ​ $ 1,074,551 ​ $ 1,135,421 ​ Legal and marketing costs ​ 150,957 ​ 169,437 ​ Above market leases ​ 175,839 ​ 209,860 ​ Net leasehold asset ​ 2,048,253 ​ 2,233,988 ​ ​ ​ $ 3,449,600 ​ $ 3,748,706 ​ ​ ​ ​ ​ ​ ​ ​ ​ Intangible Liabilities, net ​ ​ ​ ​ ​ Below market leases ​ $ (2,133,752) ​ $ (2,234,113) ​ ​ Capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. Capitalized below-market lease values are amortized as an increase to rental income over the remaining terms of the respective leases. Adjustments to rental revenue related to the above and below market leases during the three months ended March 31, 2023 and 2022, respectively, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ March 31, ​ ​ ​ ​ 2023 ​ ​ 2022 ​ ​ (unaudited) (unaudited) Amortization of above market leases ​ $ (27,343) ​ $ (69,583) ​ Amortization of below market leases ​ 100,361 ​ 95,617 ​ ​ ​ $ 73,018 ​ $ 26,034 ​ ​ Amortization of lease origination costs, leases in place and legal and marketing costs represent a component of depreciation and amortization expense. Amortization related to these intangible assets during the three months ended March 31, 2023 and 2022, respectively, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ March 31, ​ ​ ​ ​ 2023 ​ ​ 2022 ​ ​ (unaudited) (unaudited) Leasing commissions ​ $ (56,618) ​ $ (63,032) ​ Legal and marketing costs ​ (16,205) ​ (14,559) ​ Net leasehold asset ​ (172,044) ​ (306,046) ​ ​ ​ $ (244,867) ​ $ (383,637) ​ ​ As of March 31, 2023 and December 31, 2022, the Company’s accumulated amortization of lease origination costs, leases in place and legal and marketing costs totaled $2,148,257 and $2,198,049, respectively. During the three months ended March 31, 2023 and 2022, the Company wrote off $273,252 and $486,785, respectively, in accumulated amortization related to fully amortized intangible assets and $21,407 and $5,108, respectively, in accumulated amortization related to the write off of intangible assets related to the tenant defaults, discussed above. Future amortization of above and below market leases, lease origination costs, leases in place, legal and marketing costs and tenant relationships is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ remaining nine ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ months ending ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2024 2025 2026 2027 2028-2042 Total Intangible Assets ​ ​ ​ ​ ​ ​ ​ Leasing commissions ​ $ 160,102 ​ $ 171,601 ​ $ 145,550 ​ $ 107,312 ​ $ 88,394 ​ $ 401,592 ​ $ 1,074,551 Legal and marketing costs ​ 43,963 ​ 38,900 ​ 24,004 ​ 13,160 ​ 7,917 ​ 23,013 ​ 150,957 Above market leases ​ 66,689 ​ 42,858 ​ 21,526 ​ 15,629 ​ 14,543 ​ 14,594 ​ 175,839 Net leasehold asset ​ 443,833 ​ 394,874 ​ 295,851 ​ 199,466 ​ 153,142 ​ 561,087 ​ 2,048,253 ​ ​ $ 714,587 ​ $ 648,233 ​ $ 486,931 ​ $ 335,567 ​ $ 263,996 ​ $ 1,000,286 ​ $ 3,449,600 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Intangible Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Below market leases, net ​ $ (268,441) ​ $ (285,892) ​ $ (213,348) ​ $ (178,776) ​ $ (161,866) ​ $ (1,025,429) ​ $ (2,133,752) ​ Conditional Asset Retirement Obligation A conditional asset retirement obligation represents a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement depends on a future event that may or may not be within the Company’s control. Currently, the Company does not have any conditional asset retirement obligations. However, any such obligations identified in the future would result in the Company recording a liability if the fair value of the obligation can be reasonably estimated. Environmental studies conducted at the time the Company acquired its properties did not reveal any material environmental liabilities, and the Company is unaware of any subsequent environmental matters that would have created a material liability. The Company believes that its properties are currently in material compliance with applicable environmental, as well as non-environmental, statutory and regulatory requirements. The Company did not record any conditional asset retirement obligation liabilities during the three months ended March 31, 2023 and 2022, respectively. Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents consist primarily of bank operating accounts and money markets. Financial instruments that potentially subject the Company to concentrations of credit risk include its cash and equivalents and its trade accounts receivable. The Company places its cash and cash equivalents and any restricted cash held by the Company on deposit with financial institutions in the United States which are insured by the Federal Deposit Insurance Company ("FDIC") up to $250,000. The Company's credit loss in the event of failure of these financial institutions is represented by the difference between the FDIC limit and the total amounts on deposit. Management monitors the financial institutions credit worthiness in conjunction with balances on deposit to minimize risk. As of March 31, 2023, the Company held one cash account at a financial institution with a balance that exceeded the FDIC limit by $1,404,374. As of December 31, 2022, the Company held two cash accounts at a single financial institution with combined balances that exceeded the FDIC limit by $2,613,789. ​ Restricted cash represents (i) amounts held by the Company for tenant security deposits, (ii) escrow deposits held by lenders for real estate tax, insurance, and operating reserves, (iii) an escrow for the first year of dividends on the Company’s mandatorily redeemable preferred stock, and (iv) capital reserves held by lenders for investment property capital improvements. Tenant security deposits are restricted cash balances held by the Company to offset potential damages, unpaid rent or other unmet conditions of its tenant leases. As of March 31, 2023 and December 31, 2022, the Company reported $283,646 and $267,854, respectively, in security deposits held as restricted cash. Escrow deposits are restricted cash balances held by lenders for real estate taxes, insurance and other operating reserves. As of March 31, 2023 and December 31, 2022, the Company reported $736,865 and $579,785, respectively, in escrow deposits. Capital reserves are restricted cash balances held by lenders for capital improvements, leasing commissions furniture, fixtures and equipment, and tenant improvements. As of March 31, 2023 and December 31, 2022, the Company reported $916,754 and $893,078, respectively, in capital property reserves. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, ​ Property and Purpose of Reserve (unaudited) 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ Franklin Square Property - leasing costs ​ $ 858,509 ​ $ 845,765 ​ Brookfield Center Property - maintenance and leasing cost reserve ​ 58,245 ​ 47,313 ​ Total ​ $ 916,754 ​ $ 893,078 ​ ​ Share Retirement ​ ASC 505-30-30-8 provides guidance on accounting for share retirement and establishes two alternative methods for accounting for the repurchase price paid in excess of par value. The Company has elected the method by which the excess between par value and the repurchase price, including costs and fees, is recorded to additional paid in capital on the Company’s condensed consolidated balance sheets. During the three months ended March 31, 2022, the Company repurchased 268,070 shares of its common stock at a total cost of $278,277 at an average price of $1.038 per common share. The Company incurred fees of $8,266 associated with these transactions. Of the total repurchase price, $2,681 was recorded to common stock and the difference, $283,862, was recorded to additional paid in capital on the Company’s condensed consolidated balance sheet. No such amounts were recorded during the three months ended March 31, 2023. Revenue Recognition Retail and Flex Center Property Revenues The Company recognizes minimum rents from its retail center properties and flex center properties on a straight-line basis over the terms of the respective leases which results in an unbilled rent asset being recorded on the condensed consolidated balance sheets. As of March 31, 2023 and December 31, 2022, the Company reported $1,069,860 and $1,022,153, respectively, in unbilled rent. During the three months ended March 31, 2023, the Company recorded a loss on impairment of $1,192 related to previously recognized straight-line rent related to a defaulting tenant’s lease. No such loss on impairment related to straight-line rent was recorded during the three months ended March 31, 2022. ​ The Company’s leases generally require the tenant to reimburse the Company for a substantial portion of its expenses incurred in operating, maintaining, repairing, insuring and managing the shopping center and common areas (collectively defined as Common Area Maintenance or “CAM” expenses). The Company includes these reimbursements, along with other revenue derived from late fees and seasonal events, on the condensed consolidated statements of operations under the captions "Retail center property revenues” and “Flex center property revenues.” (See Recent Accounting Pronouncements, below.) This significantly reduces the Company’s exposure to increases in costs and operating expenses resulting from inflation or other outside factors. The Company accrues reimbursements from tenants for recoverable portions of all these expenses as revenue in the period the applicable expenditures are incurred. The Company calculates the tenant’s share of operating costs by multiplying the total amount of the operating costs by a fraction, the numerator of which is the total number of square feet being leased by the tenant, and the denominator of which is the average total square footage of all leasable buildings at the property. The Company also receives payments for these reimbursements from substantially all its tenants on a monthly basis throughout the year. ​ The Company recognizes differences between previously estimated recoveries and the final billed amounts in the year in which the amounts become final. Since these differences are determined annually under the leases and accrued as of December 31 in the year earned, no such revenues were recognized during the three months ended March 31, 2023 and 2022. The Company recognizes lease termination fees in the period that the lease is terminated and collection of the fees is reasonably assured. Upon early lease termination, the Company provides for losses related to unrecovered intangibles and other assets. During the three months ended March 31, 2023 and 2022, respectively, no such termination costs were recognized. ​ Hotel Property Revenues Hotel revenues from the Clemson Best Western Property were recognized as earned, which is generally defined as the date upon which a guest occupies a room or utilizes the hotel’s services. Revenues from the Company’s occupancy agreement with Clemson University were recognized as earned, which is as rooms are occupied or otherwise reserved for use by the University. The Clemson University occupancy agreement ended on May 15, 2022 and the Company sold the Clemson Best Western Property on September 29, 2022. The Clemson Best Western Property was required to collect certain taxes and fees from customers on behalf of government agencies and remit them back to the applicable governmental agencies on a periodic basis. The Clemson Best Western Property had a legal obligation to act as a collection agent. The Clemson Best Western Property did not retain these taxes and fees; therefore, they were not included in revenues. The Clemson Best Western Property recorded a liability when the amounts were collected and relieved the liability when payments were made to the applicable taxing authority or other appropriate governmental agency. Hotel Property Operating Expenses All personnel of the Clemson Best Western Property were directly or indirectly employees of Marshall Hotels and Resorts, Inc. (“Marshall”), the Company’s hotel management firm. In addition to fees and services discussed above, the Clemson Best Western Property reimbursed Marshall for all employee related service costs, including payroll salaries and wages, payroll taxes and other employee benefits paid by Marshall on its behalf. The total amounts incurred for payroll salaries and wages, payroll taxes and other employee benefits for the three months ended March 31, 2023 and 2022 were $0 and $131,939 , respectively Rent and other receivables Rent and other receivables include tenant receivables related to base rents and tenant reimbursements. Rent and other receivables do not include receivables attributable to recording rents on a straight-line basis, which are included in unbilled rent, discussed above. The Company determines an allowance for the uncollectible portion of accrued rents and accounts receivable based upon customer credit worthiness (including expected recovery of a claim with respect to any tenants in bankruptcy), historical bad debt levels, and current economic trends. The Company considers a receivable past due once it becomes delinquent per the terms of the lease. A past due receivable triggers certain events such as notices, fees and other allowable and required actions per the lease. As of March 31, 2023 and December 31, 2022, the Company’s allowance for uncollectible rent totaled $62,960 and $47,109, respectively, which are comprised of amounts specifically identified based on management’s review of individual tenants’ outstanding receivables. Management determined that no additional general reserve is considered necessary as of March 31, 2023 and December 31, 2022, respectively. Income Taxes Beginning with the Company’s taxable year ended December 31, 2017, the REIT has elected to be taxed as a real estate investment trust for federal income tax purposes under Sections 856 through 860 of the Internal Revenue Code and applicable Treasury regulations relating to REIT qualification. In order to maintain this REIT status, the regulations require the Company to distribute at least 90% of its taxable income to shareholders and meet certain other asset and income tests, as well as other requirements. If the Company fails to qualify as a REIT, it will be subject to tax at regular corporate rates for the years in which it fails to qualify. If the Company loses its REIT status it could not elect to be taxed as a REIT for five years unless the Company’s failure to qualify was due to reasonable cause and certain other conditions were satisfied. During the three months ended March 31, 2022 , Management has evaluated the effect of the guidance provided by GAAP on Accounting for Uncertainty of Income Taxes Use of Estimates 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. Noncontrolling Interests The ownership interests not held by the REIT are considered noncontrolling interests. There are three elements of noncontrolling interests in the capital structure of the Company. These noncontrolling interests have been reported in equity on the condensed consolidated balance sheets but separate from the Company’s equity. On the condensed consolidated statements of operations, the subsidiaries are reported at the consolidated amount, including both the amount attributable to the Company and noncontrolling interests. The Company’s condensed consolidated statements of changes in stockholders’ equity includes beginning balances, activity for the period and ending balances for shareholders’ equity, noncontrolling interests and total equity. The first noncontrolling interest is in the Hanover Square Property in which the Company owns an 84% tenancy in common interest through its subsidiary and an outside party owns a 16% tenancy in common interest. The Hanover Square Property’s net loss is allocated to the noncontrolling ownership interest based on its 16% ownership. During the three months ended March 31, 2023, 16% of the Hanover Square Property’s net loss of $7,755, or $1,241, $1,992, $319, The second noncontrolling interest is in the Parkway Property in which the Company owns an 82% tenancy in common interest through its subsidiary and an outside party owns an 18% tenancy in common interest. The Parkway Property's net (loss) income is allocated to the noncontrolling ownership interest based on its 18% ownership. During the three months ended March 31, 2023, 18% of the Parkway Property's net loss of $46,482, $8,367, ​ The third noncontrolling ownership interest are the units in the Operating Partnership that are not held by the REIT. In 2017, 125,000 Operating Partnership units were issued to members of the selling limited liability company which owned the Hampton Inn Property who elected to participate in a 721 exchange, which allows the exchange of interests in real property for shares in a real estate investment trust. These members of the selling limited liability company invested $1,175,000 in the Operating Partnership in exchange for 125,000 Operating Partnership units. Additionally, as discussed above, effective on January 1, 2020, 93,850 Operating Partnership units were issued in exchange for approximately 3.45% of the noncontrolling owner’s tenant in common interest in the Hampton Inn Property. On August 31, 2020, a unitholder converted 5,319 Operating Partnership units into shares of Common Stock. As of March 31, 2023 and December 31, 2022, there were 213,531 Operating Partnership units outstanding. The Operating Partnership units not held by the REIT represent 1.19% of the outstanding Operating Partnership units as of March 31, 2023 and December 31, 2022. The noncontrolling interest percentage is calculated at any point in time by dividing the number of units not owned by the Company by the total number of units outstanding. The noncontrolling interest ownership percentage will change as additional common or preferred shares are issued by the REIT, or additional Operating Partnerships units are issued or as units are exchanged for the Company’s $0.01 par value per share Common Stock. During periods when the Operating Partnership’s noncontrolling interest changes, the noncontrolling ownership interest is calculated based on the weighted average Operating Partnership noncontrolling ownership interest during that period. The Operating Partnership’s net loss is allocated to the noncontrolling unit holders based on their ownership interest. During the three months ended March 31, 2023, a weighted average of 1.19 % of the Operating Partnership’s net loss of $243,989 , or $2,903 , was allocated to the noncontrolling unit holders. During the three months ended March 31, 2022, a weighted average of 1.28 % of the Operating Partnership’s net loss of $75,882 , or $973 , was allocated to the noncontrolling unit holders. Recent Accounting Pronouncements Since its initial public offering, the Company has elected to be classified as an emerging growth company in its periodic reporting to the U.S. Securities and Exchange Commission (the “SEC”), and accordingly has followed the private company implementation dates for new accounting pronouncements. Effective for the three months ending March 31, 2023, the Company will no longer be classified as an emerging growth company, but will retain its classification as a smaller reporting company and therefore follow implementation dates applicable to smaller reporting companies with respect to new accounting pronouncements. In addition, the Company has elected to follow scaled disclosure requirements applicable to smaller reporting companies. Recently Adopted Accounting Pronouncements Accounting for Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases (Topic 842) Leases interim periods within fiscal years beginning after December 15, 2022. The Company adopted the standard effective on January 1, 2022 using the modified retrospective approach within ASU 2018-11, which allows for the application date to be the beginning of the reporting period in which the entity first applies the new standard. The Company historically has not been and is not currently a “lessee” under any lease agreements, and thus did not have any arrangements requiring the recognition of lease assets or liabilities on its balance sheet. As a “lessor”, the Company has active lease agreements with over 100 tenants across its portfolio of investment properties. On a prospective and retrospective basis, the accounting for those leases under ASU 2016-02 (ASC No. 842) is substantially unchanged from the previous guidance in ASC No. 840. However, upon the adoption of ASC No. 842, the Company has elected the practical expedient permitting lessors to elect by class of underlying asset to not separate non-lease components (for example, maintenance services, including common area maintenance) from associated lease components (the “non-separation practical expedient”) if both of the following criteria are met: (1) the timing and pattern of transfer of the lease and non-lease component(s) are the same and (2) the lease component would be classified as an operating lease if it were accounted for separately. If both criteria are met, the combined component is accounted for in accordance with ASC No. 842 if the lease component is the predominant component of the combined component; otherwise, the combined component is accounted for in accordance with the revenue recognition standard. Prior to the adoption of ASC No. 842, the Company separated lease-related revenue from its retail center and flex center properties into two components. Fixed rental payments under its leases (recognized on a straight-line basis over the term of the underlying lease) were recorded as retail center property revenues and flex center property revenues. Variable payments under the leases made by tenants for real estate taxes, insurance and common area maintenance (“CAM”) expenses were recorded as retail center and flex center tenant reimbursements. With the adoption of ASC No. 842, the Company determined that its retail center and flex center operating leases qualify for the non-separation practical expedient based on the guidance. As a result, the Company has accounted for and presented the revenues from these leases, including tenant reimbursements, as a single line item on i

Investment Properties

Investment Properties	3 Months Ended
	Mar. 31, 2023
Investment Properties
Investment Properties	3. Investment Properties Investment properties consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ December 31, ​ ​ ​ (unaudited) ​ 2022 ​ Land ​ $ 16,526,436 ​ $ 16,526,436 ​ Site improvements ​ 4,731,249 ​ 4,719,926 ​ Buildings and improvements (1) ​ 65,209,769 ​ 64,669,498 ​ Investment properties at cost (2) ​ 86,467,454 ​ 85,915,860 ​ Less accumulated depreciation ​ 10,224,948 ​ 9,400,908 ​ Investment properties, net ​ $ 76,242,506 ​ $ 76,514,952 ​ (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 assets and liabilities (see Note 2, above, for a discussion of the Company's accounting treatment of intangible assets), escrow deposits and property reserves. The Company’s depreciation expense on investment properties was $911,481 and $771,560 for three months ended March 31, 2023 and 2022, respectively Capitalized tenant improvements The Company carries two categories of capitalized tenant improvements on its condensed consolidated balance sheets, both of which are recorded under investment properties, net, on the Company’s condensed consolidated balance sheets. The first category is the allocation of acquisition costs to tenant improvements that is recorded on the Company’s condensed consolidated balance sheet as of the date of the Company’s acquisition of the investment property. The second category are tenant improvement costs incurred and paid by the Company subsequent to the acquisition of the investment property. Both are recorded as a component of investment properties on the Company’s condensed consolidated balance sheets. Depreciation expense on both categories of tenant improvements is recorded as a component of depreciation expense on the Company’s condensed consolidated statement of operations. The Company generally records depreciation of capitalized tenant improvements on a straight-line basis over the terms of the related leases. Details of these deferred costs, net of depreciation are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ ​ ​ ​ ​ 2023 ​ December 31, ​ ​ (unaudited) 2022 ​ Capitalized tenant improvements – acquisition cost allocation, net ​ $ 2,996,990 ​ $ 3,178,534 ​ Capitalized tenant improvements incurred subsequent to acquisition, net ​ 683,836 ​ 338,836 ​ ​ Depreciation of capitalized tenant improvements arising from the acquisition cost allocation was $172,888 and $127,276 for the three months ended March 31, 2023 and 2022, respectively. Additionally, the Company wrote off capitalized tenant improvements of $8,656 associated with the tenant that abandoned its premises during the three months ended March 31, 2023. No such write offs were recorded during the three months ended March 31, 2022. During the three months ended March 31, 2023 and 2022, the Company recorded $377,265 and $56,281, respectively, in capitalized tenant improvements. Depreciation of capitalized tenant improvements incurred subsequent to acquisition was $32,265 and $21,648 for the three months ended March 31, 2023 and 2022, respectively. Capitalized leasing commissions The Company carries two categories of capitalized leasing commissions on its condensed consolidated balance sheets. The first category is the allocation of acquisition costs to leasing commissions that is recorded as an intangible asset (see Note 2, above, for a discussion of the Company’s accounting treatment for intangible assets) on the Company’s condensed consolidated balance sheet as of the date of the Company’s acquisition of the investment property. The second category is leasing commissions incurred and paid by the Company subsequent to the acquisition of the investment property. These costs are carried on the Company’s condensed consolidated balance sheets under investment properties. The Company generally records depreciation of capitalized leasing commissions on a straight-line basis over the terms of the related leases. Details of these deferred costs, net of depreciation are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, ​ ​ ​ (unaudited) ​ 2022 ​ Capitalized leasing commissions, net $ 614,663 $ 555,956 ​ ​ During the three months ended March 31, 2023 and 2022, the Company recorded $90,637 and $78,921, respectively, in capitalized leasing commissions. Depreciation on capitalized leasing commissions was $31,930 and $19,791 for the three months ended March 31, 2023 and 2022, respectively. Sale of investment properties The Company reports properties that have been either previously disposed or that are currently held for sale in continuing operations in the Company's condensed consolidated statements of operations if the disposition, or anticipated disposition, of the assets does not represent a shift in the Company's investment strategy. The Company's sale of the Clemson Best Western Hotel Property does not constitute a change in the Company's investment strategy, which continues to include limited-service hotels as a targeted asset class. ​ Operating results of the Clemson Best Western Hotel Property, which was sold on September 29, 2022 and which are included in continuing operations, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ March 31, ​ ​ ​ ​ 2023 ​ ​ 2022 ​ ​ (unaudited) (unaudited) Hotel property room revenues ​ $ — ​ $ 762,200 ​ Hotel property other revenues ​ — ​ 3,289 ​ Total Revenue ​ ​ — ​ ​ 765,489 ​ Hotel property operating expenses ​ ​ — ​ ​ 372,860 ​ Impairment of assets held for sale ​ — ​ 175,671 ​ Total Operating Expenses ​ ​ — ​ ​ 548,531 ​ Operating Income ​ ​ — ​ ​ 216,958 ​ Interest expense ​ — ​ 138,917 ​ Net Income from Operations ​ ​ — ​ ​ 78,041 ​ Other income ​ — ​ 263 ​ Net Income ​ ​ — ​ ​ 78,304 ​ Net income attributable to Operating Partnership noncontrolling interests ​ — ​ 1,002 ​ Net Income Attributable to Medalist Common Shareholders ​ $ — ​ $ 77,302 ​ ​ 2022 Property Acquisitions On June 13, 2022, the Company completed its acquisition of the Salisbury Marketplace Property, a 79,732 square foot retail property located in Salisbury, North Carolina, through a wholly owned subsidiary. The Salisbury Marketplace Property, built in 1986, was 91.2% leased as of March 31, 2023, and is anchored by Food Lion, Citi Trends and Family Dollar. The purchase price for the Salisbury Marketplace Property was $10,025,000 paid through a combination of cash provided by the Company and the incurrence of new mortgage debt. The Company’s total investment was $10,279,714. The Company incurred $254,714 of acquisition and closing costs which were capitalized and added to the tangible assets acquired. ​ ​ ​ ​ ​ ​ ​ ​ Salisbury ​ ​ ​ Marketplace ​ ​ Property Fair value of assets acquired: ​ ​ ​ Investment property (a) ​ $ 9,963,258 Lease intangibles and other assets (b) ​ ​ 1,045,189 Above market leases (b) ​ ​ 40,392 Below market leases (b) ​ ​ (769,125) Fair value of net assets acquired (c) ​ $ 10,279,714 ​ ​ ​ ​ Purchase consideration: ​ ​ ​ Consideration paid with cash (d) ​ $ 3,746,561 Consideration paid with new mortgage debt, net (e) ​ 6,533,153 Total consideration (f) ​ $ 10,279,714 a. Represents the fair value of the investment property acquired which includes land, buildings, site improvements, tenant improvements and furniture, fixtures and equipment. The fair value was determined using the market approach, the cost approach, the income approach or a combination thereof. Closing and acquisition costs were allocated and added to the fair value of the tangible assets acquired. b. Represents the fair value of lease intangibles and other assets. Lease intangibles include leasing commissions, leases in place, above market leases, 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 at closing and cash paid for acquisition (including intangible assets), and closing costs paid at closing or directly by the Company outside of closing. e. Represents allocation of the Wells Fargo Mortgage Facility proceeds used to fund the purchase of the Salisbury Marketplace Property, net of $18,847 in capitalized loan issuance costs. See Note 5, below. f. Represents the consideration paid for the fair value of the assets and liabilities acquired.

Mandatorily Redeemable Preferre

Mandatorily Redeemable Preferred Stock	3 Months Ended
	Mar. 31, 2023
Mandatorily Redeemable Preferred Stock
Mandatorily Redeemable Preferred Stock	4. Mandatorily Redeemable Preferred Stock On February 19, 2020, the Company issued and sold 200,000 shares of 8.0% Series A cumulative redeemable preferred stock at $23.00 per share, resulting in gross proceeds of $4,600,000 . Net proceeds from the issuance were $3,860,882 , which includes the impact of the underwriter’s discounts, selling commissions and legal, accounting and other professional fees, and is presented on the Company’s condensed consolidated balance sheets as mandatorily redeemable preferred stock. The mandatorily redeemable preferred stock has an aggregate liquidation preference of $5 million, plus any accrued and unpaid dividends thereon. The mandatorily redeemable preferred stock is senior to the Company’s common stock and any class or series of capital stock expressly designated as ranking junior to the mandatorily redeemable preferred stock as to distribution rights and rights upon liquidation, dissolution or winding up (“Junior Stock”). The mandatorily redeemable preferred stock is on a parity with any class or series of the Company’s capital stock expressly designated as ranking on a parity with the mandatorily redeemable preferred stock as to distribution rights and rights upon liquidation, dissolution or winding up (“Parity Stock”). If outstanding on February 19, 2025, the mandatorily redeemable preferred stock must be redeemed by the Company on that date, the fifth anniversary of the date of issuance. Beginning on February 19, 2022, the second anniversary of the issuance, the Company may redeem the outstanding mandatorily redeemable preferred stock for an amount equal to its aggregate liquidation preference, plus any accrued but unpaid dividends. The holders of the mandatorily redeemable preferred stock may also require the Company to redeem the stock upon a change of control of the Company for an amount equal to its aggregate liquidation preference plus any accrued and unpaid dividends thereon. Holders of the mandatorily redeemable preferred stock generally have no voting rights. However, if the Company does not pay dividends on the mandatorily redeemable preferred stock for six consecutive quarterly periods, the holders of that stock, voting together as a single class with the holders of any outstanding Parity Stock having similar voting rights, will be entitled to vote for the election of two additional directors to serve on the Company’s Board of Directors (the “Board”) until the Company pays all dividends owed on the mandatorily redeemable preferred stock. The affirmative vote of the holders of at least two-thirds of the outstanding shares of mandatorily redeemable preferred stock, voting together as a single class with the holders of any other class or series of the Company’s preferred stock upon which like voting rights have been conferred and are exercisable, is required for the Company to authorize, create or increase the number of shares of any class or series of capital stock expressly designated as ranking senior to the mandatorily redeemable preferred stock as to distribution rights and rights upon the Company’s liquidation, dissolution or winding up. In addition, the affirmative vote of at least two-thirds of the outstanding shares of mandatorily redeemable preferred stock (voting as a separate class) is required to amend the Company’s charter (including the articles supplementary designating the mandatorily redeemable preferred stock) in a manner that materially and adversely affects the rights of the holders of mandatorily redeemable preferred stock. Among other things, the Company may, without any vote of the holders of mandatorily redeemable preferred stock, issue additional shares of mandatorily redeemable preferred stock and may authorize and issue additional shares of any class or series of any Junior Stock or Parity Stock. The Company has classified the mandatorily redeemable preferred stock as a liability in accordance with ASC Topic No. 480, “ Distinguishing Liabilities from Equity ,” which states that mandatorily redeemable financial instruments should be classified as liabilities and therefore the related dividend payments are treated as a component of interest expense in the accompanying condensed consolidated statements of operations (see Note 5, below, for a discussion of interest expense associated with the mandatorily redeemable preferred stock). For all periods the mandatorily redeemable preferred stock has been outstanding, the Company has paid a cash dividend on the stock equal to 8 % per annum, paid quarterly, as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount ​ Payment Date ​ Record Date ​ per share ​ For the period April 27, 2020 ​ April 24, 2020 ​ $ 0.37 February 19, 2020 - April 27, 2020 July 24, 2020 ​ July 22, 2020 ​ 0.50 April 28, 2020 - July 24, 2020 October 26, 2020 ​ October 23, 2020 ​ 0.50 July 25, 2020 - October 26, 2020 February 1, 2021 ​ January 29, 2021 ​ 0.50 October 27, 2020 - February 1, 2021 April 30, 2021 ​ April 26, 2021 ​ ​ 0.50 ​ February 2, 2021 – April 30, 2021 July 26, 2021 ​ July 12, 2021 ​ ​ 0.50 ​ May 1, 2021 - July 26, 2021 October 27, 2021 ​ October 25, 2021 ​ ​ 0.50 ​ July 27, 2021 – October 26, 2021 January 20, 2022 ​ January 13, 2022 ​ ​ 0.50 ​ October 27, 2021 – January 19, 2022 April 21, 2022 ​ April 18, 2022 ​ ​ 0.50 ​ January 20, 2022 - April 20, 2022 July 21, 2022 ​ July 18, 2022 ​ ​ 0.50 ​ April 21, 2022 - July 20, 2022 October 20, 2022 ​ October 17, 2022 ​ ​ 0.50 ​ July 21, 2022 - October 19, 2022 January 27, 2023 ​ January 24, 2023 ​ ​ 0.50 ​ October 20, 2022 - January 19, 2023 April 28, 2023 ​ April 25, 2023 ​ ​ 0.50 ​ January 20, 2023 - April 20, 2023 ​ As of March 31, 2023 and December 31, 2022, the Company recorded $70,004 and $70,004 , respectively, in accrued but unpaid dividends on the mandatorily redeemable preferred stock. This amount is reported in accounts payable and accrued liabilities on the Company’s condensed consolidated balance sheets. The mandatorily redeemable preferred stock was issued at $23.00 per share, a $2.00 per share discount. The total discount of $400,000 is being amortized over the five-year life of the shares using the effective interest method. Additionally, the Company incurred $739,118 in legal, accounting, other professional fees and underwriting discounts related to this offering. These costs were recorded as deferred financing costs on the accompanying condensed consolidated balance sheets as a direct deduction from the carrying amount of the mandatorily redeemable preferred stock liability and are being amortized using the effective interest method over the term of the agreement. Amortization of the discount and deferred financing costs related to the mandatorily redeemable preferred stock totaling $58,804 and $53,923 were included in interest expense for the three months ended March 31, 2023 and 2022, respectively, in the accompany ing condensed consolidated statements of operations. Accumulated amortization of the discount and deferred financing costs was $648,443 and $589,639 as of March 31, 2023 and December 31, 2022, respectively.

Loans Payable

Loans Payable	3 Months Ended
	Mar. 31, 2023
Loans Payable
Loans Payable	5. Loans Payable Mortgages Payable The Company’s mortgages payables, net consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ ​ ​ ​ ​ Monthly ​ Interest ​ ​ ​ ​ 2023 ​ ​ December 31, ​ Property Payment Rate Maturity (unaudited) 2022 ​ Franklin Square (a) ​ Interest only 3.808 % December 2031 ​ $ 13,250,000 ​ $ 13,250,000 ​ Hanover Square (b) $ 78,098 6.94 % December 2027 ​ 9,813,679 ​ 9,877,867 ​ Ashley Plaza (c) ​ $ 52,795 3.75 % September 2029 ​ 10,856,618 ​ 10,930,370 ​ Brookfield Center (d) ​ $ 22,876 ​ 3.90 % November 2029 ​ ​ 4,639,969 ​ ​ 4,663,206 ​ Parkway Center (e) ​ $ 28,161 ​ Variable ​ October 2026 ​ ​ 4,956,301 ​ ​ 4,992,427 ​ Wells Fargo Facility (f) ​ $ 103,438 ​ 4.50 % June 2027 ​ ​ 18,247,707 ​ ​ 18,351,981 ​ Unamortized issuance costs, net ​ ​ ​ ​ ​ ​ ​ ​ ​ (698,602) ​ ​ (725,592) ​ Total mortgages payable, net ​ ​ ​ ​ $ 61,065,672 ​ $ 61,340,259 ​ (a) The original mortgage loan for the Franklin Square Property in the amount of $14,275,000 matured on October 6, 2021. Effective on October 6, 2021, the Company entered into a forbearance agreement with the current lender extending the maturity date for thirty days with a right to extend the maturity date for an additional thirty days . On November 8, 2021, the Company closed on a new loan in the principal amount of $13,250,000 with a ten -year term and a maturity date of December 6, 2031. In addition to the funds from the new loan, the Company used $2,242,273 in cash on hand for loan issuance costs (totaling $283,721 ), to fund escrows and to repay the remaining balance of the original mortgage loan. The Company has guaranteed the payment and performance of the obligations of the new mortgage loan. The new mortgage loan bears interest at a fixed rate of 3.808 % and is interest only until January 6, 2025, at which time the monthly payment will become $61,800 , which includes interest and principal based on a thirty-year amortization schedule. The Company accounted for this refinancing transaction under debt extinguishment accounting in accordance with ASC 470. The new mortgage includes covenants for the Company to maintain a net worth of $13,250,000 , excluding the assets and liabilities associated with the Franklin Square Property and for the Company to maintain liquid assets of no less than $1,000,000 . As of March 31, 2023 and December 31, 2022, respectively, the Company believes that it is compliant with these covenants. (b) The mortgage loan for the Hanover Square Property bore interest at a fixed rate of 4.25 % until January 1, 2023, when the interest rate adjusted to a fixed rate of 6.94 %, which was determined by adding 3.00% to the daily average yield on United States Treasury securities adjusted to a constant maturity of five years , as made available by the Federal Reserve Board, with a minimum of 4.25 %. As a result of the interest rate change, as of February 1, 2023, the fixed monthly payment of $56,882 increased to $78,098 which includes interest at the fixed rate, and principal, based on a twenty-five-year amortization schedule. The mortgage loan agreement for the Hanover Square property includes covenants to (i) maintain a Debt Service Coverage Ratio (“DSCR”) in excess of 1.35 and (ii) maintain a loan-to-value of real estate ratio of 75 %. As of March 31, 2023 and December 31, 2022, respectively, the Company believes that it is compliant with these covenants. (c) The mortgage loan for the Ashley Plaza Property bears interest at a fixed rate of 3.75 % and was interest only for the first twelve months. Beginning on October 1, 2020, the monthly payment became $52,795 for the remaining term of the loan, which includes interest at the fixed rate, and principal, based on a thirty-year amortization schedule. (d) The mortgage loan for the Brookfield Property bears interest at a fixed rate of 3.90 % and was interest only for the first twelve months. Beginning on November 1, 2020, the monthly payment became $22,876 for the remaining term of the loan, which includes interest at the fixed rate, and principal, based on a thirty-year amortization schedule. (e) The mortgage loan for the Parkway Property bears interest at a variable rate based on LIBOR with a minimum rate of 2.25 %. The interest rate payable is the ICE LIBOR rate plus 225 basis points. Under the terms of the mortgage, the interest rate payable each month shall not change by greater than 1% during any six-month period and 2% during any 12-month period. As of March 31, 2023 and December 31, 2022 the rate in effect for the Parkway Property mortgage was 4.4806 % and 4.3117 %, respectively. The monthly payment, which varies based on the interest rate in effect each month, includes interest at the variable rate, and principal based on a thirty-year amortization schedule. On October 28, 2021, the Company entered into an interest rate protection transaction to limit its exposure to increases in interest rates on the variable rate mortgage loan on the Parkway Property (the “Interest Rate Protection Transaction”). Under this agreement, the Company’s interest rate exposure is capped at 5.25% if USD 1-Month ICE LIBOR exceeds 3%. For the period from September 1, 2022 through March 31, 2023, LIBOR exceeded the 3% cap, and payments from the Interest Rate Protection Transaction reduced the Company’s net interest expense. Payments to the Company from the Interest Rate Protection Transaction are recorded as an offset to interest expense on the Company’s condensed consolidated statements of operations for the three months ended March 31, 2023. No such payments were received during the three months ended March 31, 2022 because the LIBOR rate in effect did not exceed the LIBOR cap. The mortgage loan for the Parkway Property includes a covenant to maintain a debt service coverage ratio of not less than 1.60 to 1.00 on an annual basis . As of March 31, 2023 and December 31, 2022, respectively, the Company believes that it is compliant with this covenant. (f) On June 13, 2022, the Company entered into a mortgage loan facility with Wells Fargo Bank (the “Wells Fargo Mortgage Facility”) in the principal amount of $18,609,500 . The proceeds of this mortgage were used to finance the acquisition of the Salisbury Marketplace Property and to refinance the mortgages payable on the Lancer Center Property and the Greenbrier Business Center Property. The Wells Fargo Mortgage Facility bears interest at a fixed rate of 4.50 % for a five-year term. The monthly payment, which includes interest at the fixed rate, and principal, based on a twenty-five-year amortization schedule, is $103,438 . The Company has provided an unconditional guaranty of the payment of and performance under the terms of the Wells Fargo Mortgage Facility. The Wells Fargo Mortgage Facility credit agreement includes covenants to maintain a debt service coverage ratio of not less than 1.50 to 1.00 on an annual basis, a minimum debt yield of 9.5 % on the Salisbury Marketplace, Lancer Center and Greenbrier Business Center properties, and the maintenance of liquid assets of not less than $1,500,000 . As of March 31, 2023 and December 31, 2022, respectively, the Company believes that it is compliant with these covenants. The Company refinanced the mortgage loan for the Lancer Center Property using proceeds from the Wells Fargo Facility. The Company accounted for this refinancing transaction under debt extinguishment accounting in accordance with ASC 470, and for the year ended December 31, 2022, recorded a loss on extinguishment of debt of $113,282. The original mortgage loan for the Lancer Center Property bore interest at a fixed rate of 4.00%. The monthly payment was $34,667 which included interest at the fixed rate and principal, based on a twenty-five-year amortization schedule. The Company refinanced the mortgage loan for the Greenbrier Business Center Property using proceeds from the Wells Fargo Facility. The Company accounted for this refinancing transaction under debt extinguishment accounting in accordance with ASC 470, and for the year ended December 31, 2022, recorded a loss on extinguishment of debt of $56,393. The Company assumed the original mortgage loan for the Greenbrier Business Center Property from the seller. The original mortgage loan bore interest at a fixed rate of 4.00% and would have been interest only until August 1, 2022, at which time the monthly payment would have become $23,873, which would have included interest at the fixed rate, and principal, based on a twenty-five-year amortization schedule. Interest rate protection transaction ​ On October 28, 2021, the Company entered into the Interest Rate Protection Transaction. Under this agreement, the Company’s interest rate exposure is capped at 5.25% if USD 1-Month ICE LIBOR exceeds 3%. USD 1-Month ICE LIBOR was 4.86% and 4.39% as of March 31, 2023 and December 31, 2022, respectively. In accordance with the guidance on derivatives and hedging, the Company records all derivatives on the condensed balance sheet at fair value under other assets. The Company determines fair value based on the three-level valuation hierarchy for fair value measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets in markets that are not active; and inputs other than quoted prices. Level 3 inputs are unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The fair value of the Interest Rate Protection Transaction is valued by an independent, third-party consultant which uses observable inputs such as yield curves, volatilities and other current market data, all of which are considered Level 2 inputs. As of March 31, 2023 and December 31, 2022, the fair value of the Interest Rate Protection Transaction was $218,411 and $258,279, respectively and is recorded under other assets on the Company’s condensed balance sheets. The Company reports changes in the fair value of the derivative in other (loss) income on its condensed consolidated statements of operations. ​ Wells Fargo Line of Credit ​ On June 13, 2022, the Company, through its wholly owned subsidiaries, entered into a loan agreement with Wells Fargo Bank for a $1,500,000 line of credit (the “Wells Fargo Line of Credit”). During the three months ended March 31, 2023, the Company did not make any draws or repayments on the Wells Fargo Line of Credit. As of March 31, 2023 and December 31, 2022, respectively, the Wells Fargo Line of Credit had an outstanding balance of $0. Outstanding balances on the Wells Fargo Line of Credit will bear interest at a floating rate of 2.25% above the daily secured overnight financing rate (“SOFR”). As of March 31, 2023 and December 31, 2022, SOFR was 4.87% and 4.30%, respectively. The Wells Fargo Line of Credit has a one-year, renewable term, is unconditionally guaranteed by the Company, and any outstanding balances are secured by the Lancer Center Property, the Greenbrier Business Center Property and the Salisbury Marketplace Property. On May 2, 2023, the Company and Wells Fargo Bank entered into the First Amendment to Revolving Line of Credit Note which extended the maturity date of the Wells Fargo Line of Credit to June 9, 2024. ​ Interest expense Interest expense, including amortization of capitalized issuance costs consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended March 31, 2023 (unaudited) ​ ​ ​ Amortization Interest rate ​ ​ ​ ​ ​ Mortgage ​ of discounts and ​ protection ​ Other ​ ​ ​ ​ Interest ​ capitalized ​ transaction ​ interest ​ ​ ​ ​ Expense ​ issuance costs ​ payments ​ expense ​ Total Franklin Square mortgage ​ $ 126,140 $ 7,093 $ — $ — $ 133,233 Hanover Square mortgage ​ 170,640 ​ 3,223 ​ — ​ — ​ 173,863 Ashley Plaza mortgage ​ 102,133 ​ 4,357 ​ — ​ — ​ 106,490 Brookfield Center mortgage ​ 45,391 ​ 2,838 ​ — ​ — ​ 48,229 Parkway Center mortgage ​ ​ 47,257 ​ ​ 2,757 ​ ​ (19,342) ​ ​ — ​ ​ 30,672 Wells Fargo Mortgage Facility ​ ​ 206,039 ​ ​ 6,722 ​ ​ — ​ ​ — ​ ​ 212,761 Amortization and preferred stock dividends on mandatorily redeemable preferred stock ​ ​ — ​ ​ 58,804 ​ ​ — ​ ​ 100,000 ​ ​ 158,804 Total interest expense ​ $ 697,600 ​ $ 85,794 ​ $ (19,342) ​ $ 100,000 ​ $ 864,052 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended March 31, 2022 (unaudited) ​ ​ ​ Amortization ​ ​ ​ ​ ​ Mortgage ​ of discounts and ​ Other ​ ​ ​ ​ Interest ​ capitalized ​ interest ​ ​ ​ ​ Expense ​ issuance costs ​ expense ​ Total Franklin Square mortgage ​ $ 126,140 ​ $ 7,093 ​ $ — ​ $ 133,233 Hanover Square mortgage ​ 104,854 ​ ​ 3,223 ​ ​ — ​ ​ 108,077 Ashley Plaza mortgage ​ 104,147 ​ ​ 4,358 ​ ​ — ​ ​ 108,505 Clemson Best Western mortgage ​ 138,531 ​ ​ — ​ ​ 386 ​ ​ 138,917 Brookfield Center mortgage ​ 46,254 ​ ​ 2,838 ​ ​ — ​ ​ 49,092 Lancer Center mortgage ​ ​ 63,746 ​ ​ 7,156 ​ ​ — ​ ​ 70,902 Greenbrier Business Center mortgage ​ ​ 44,950 ​ ​ 693 ​ ​ — ​ ​ 45,643 Parkway Center mortgage ​ ​ 30,375 ​ ​ 2,757 ​ ​ — ​ ​ 33,132 Amortization and preferred stock dividends on mandatorily redeemable preferred stock ​ ​ — ​ ​ 53,923 ​ ​ 100,000 ​ ​ 153,923 Total interest expense ​ $ 658,997 ​ $ 82,041 ​ $ 100,386 ​ $ 841,424 ​ Interest accrued and accumulated amortization of capitalized issuance costs consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 (unaudited) ​ As of December 31, 2022 ​ ​ ​ Accumulated ​ ​ Accumulated ​ ​ ​ ​ ​ amortization of ​ ​ ​ ​ amortization ​ ​ Accrued ​ capitalized ​ Accrued ​ of capitalized ​ ​ interest ​ issuance costs ​ interest ​ issuance costs Franklin Square mortgage ​ $ 43,448 ​ $ 37,829 ​ $ 43,448 ​ $ 30,736 Hanover Square mortgage ​ 60,539 ​ 63,103 ​ 38,792 ​ 59,880 Ashley Plaza mortgage ​ — ​ 62,466 ​ 35,296 ​ 58,109 Brookfield Center mortgage ​ — ​ 39,731 ​ — ​ 36,893 Parkway Center mortgage ​ ​ 22,041 ​ ​ 15,621 ​ ​ 26,502 ​ ​ 12,864 Wells Fargo Mortgage Facility ​ ​ — ​ ​ 20,166 ​ ​ — ​ ​ 13,444 Amortization and accrued preferred stock dividends on mandatorily redeemable preferred stock (1) ​ ​ 70,004 ​ ​ 648,443 ​ ​ 70,004 ​ ​ 589,639 Total ​ $ 196,032 ​ $ 887,359 ​ $ 214,042 ​ $ 801,565 (1) Recorded as accrued interest under accounts payable and accrued liabilities on the Company’s condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022, respectively. ​ Debt Maturity The Company’s scheduled principal repayments on indebtedness as of March 31, 2023 are as follows: ​ ​ ​ ​ ​ For the remaining nine months ending December 31, 2023 $ 780,584 2024 ​ 1,092,879 2025 ​ 1,391,025 2026 ​ 1,460,923 2027 ​ 25,990,390 Thereafter ​ 31,048,473 Total principal payments and debt maturities ​ ​ 61,764,274 Less unamortized issuance costs ​ (698,602) Net principal payments and debt maturities ​ $ 61,065,672 ​

Rentals under Operating Leases

Rentals under Operating Leases	3 Months Ended
	Mar. 31, 2023
Rentals under Operating Leases
Rentals under Operating Leases	6. Rentals under Operating Leases Future minimum rents (based on recognizing future rents on the straight-line basis) to be received under noncancelable tenant operating leases for each of the next five years and thereafter, excluding common area maintenance and other expense pass-throughs, as of March 31, 2023 are as follows: ​ ​ ​ ​ ​ For the remaining nine months ending December 31, 2023 $ 5,967,624 2024 ​ 6,702,872 2025 ​ 5,814,765 2026 ​ 4,048,868 2027 ​ 3,053,369 Thereafter ​ 7,608,664 Total minimum rents ​ $ 33,196,162 ​

Equity

Equity	3 Months Ended
	Mar. 31, 2023
Equity
Equity	7. Equity The Company has authority to issue 1,000,000,000 shares consisting of 750,000,000 shares of common stock, $0.01 par value per share ("Common Shares"), and 250,000,000 shares of preferred stock, $0.01 par value per share ("Preferred Shares"). Substantially all of the Company’s business is conducted through its Operating Partnership. The REIT is the sole general partner of the Operating Partnership and owned a 98.81% interest in the Operating Partnership as of March 31, 2023 and December 31, 2022. Limited partners in the Operating Partnership who have held their units for one year or longer have the right to redeem their common units for cash or, at the REIT’s option, Common Shares at a ratio of one common unit for one common share. Under the Agreement of Limited Partnership, distributions to unit holders are made at the discretion of the REIT. The REIT intends to make distributions in a manner that will result in limited partners of the Operating Partnership receiving distributions at the same rate per unit as dividends per share are paid to the REIT’s holders of Common Shares. Shelf Registration On June 21, 2021, the Company filed a shelf registration statement on Form S-3 with the SEC. The registration statement is intended to provide the Company additional flexibility to finance future business opportunities through timely and cost-effective access to capital markets. Under the shelf registration statement, the Company may, from time to time, issue common stock up to an aggregate amount of $150 million. The shelf registration statement was declared effective by the SEC on July 27, 2021. The Company has incurred $84,926 in legal costs, filing fees and other costs associated with this registration which are recorded as offering costs as part of stockholders' equity on the Company’s condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022, respectively. Standby Equity Purchase Agreement On November 17, 2021, the Company entered into a Standby Equity Purchase Agreement (the “SEPA”) with a financing entity. Under this agreement, the Company will be able to sell up to $6,665,299 of its shares of common stock at the Company’s request any time during the 36 months following the execution of the SEPA. The shares would be purchased at 96.5% of the market price (as defined in the agreement) and would be subject to certain limitations, including that the financing entity could not purchase any shares that would result in it owning more than 4.99% of the Company’s common stock. As of March 31, 2023, the Company has generated net proceeds of $1,538,887 from the issuance of 1,445,400 shares at an average price of $1.065 per common share under the SEPA. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuance Date Shares Issued Price Per Share Total Proceeds March 3, 2022 ​ 90,600 ​ $ 1.088 ​ $ 98,574 March 14, 2022 276,190 ​ 1.050 ​ 290,000 March 17, 2022 278,810 ​ 1.076 ​ 300,000 March 21, 2022 474,068 ​ 1.055 ​ 500,000 April 1, 2022 325,732 ​ 1.075 ​ 350,313 Total 1,445,400 ​ $ 1.065 ​ $ 1,538,887 ​ Common Stock Repurchase Plan In December 2021, the Board approved a program to purchase up to 500,000 shares of the Company’s common stock in the open market, up to a maximum price of $4.80 per share. The repurchase program does not obligate the Company to acquire any particular amount of shares, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. As of March 31, 2023, the Company had repurchased 268,070 shares of its common stock at a total cost of $278,277 at an average price of $1.038 per common share. The Company incurred fees of $8,266 associated with these transactions. All repurchased shares were retired in accordance with Maryland law. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchase (Trade) Date Shares Purchased Price Per Share Total Cost (1) January 4, 2022 ​ 400 ​ $ 1.060 ​ $ 424 January 5, 2022 48,205 ​ 1.060 ​ 51,093 January 6, 2022 100,000 ​ 1.046 ​ 104,556 January 7, 2022 30,000 ​ 1.050 ​ 31,500 January 10, 2022 50,000 ​ 1.020 ​ 51,000 January 14, 2022 100 ​ 1.010 ​ 101 January 21, 2022 39,365 ​ 1.006 ​ 39,603 Total 268,070 ​ $ 1.038 ​ $ 278,277 (1) Total cost before transaction fees. Common shares and operating partnership units outstanding As of March 31, 2023 and December 31, 2022, there were 17,971,952 common units of the Operating Partnership outstanding with the REIT owning 17,758,421 of these common units. The remaining 213,531 common units are held by noncontrolling, limited partners. As of March 31, 2023 and December 31, 2022, there were 17,758,421 Common Shares of the REIT outstanding. As of March 31, 2023 and December 31, 2022, there were 213,531 common units of the Operating Partnership held by noncontrolling, limited partners that were eligible for conversion to the Company’s Common Shares. 2018 Equity Incentive Plan The Company’s 2018 Equity Incentive Plan (the “Equity Incentive Plan”) was adopted by the Board on July 27, 2018 and approved by the Company’s shareholders on August 23, 2018. The Equity Incentive Plan permits the grant of stock options, stock appreciation rights, stock awards, performance units, incentive awards and other equity-based awards (including LTIP units of the Company’s Operating Partnership) to its employees or an affiliate (as defined in the Equity Incentive Plan) of the Company and for up to the greater of (i) 240,000 Common Shares and (ii) eight percent (8)% of the number of fully diluted shares of the Company’s Common Shares (taking into account interests in the Operating Partnership that may become convertible into Common Shares). On March 2, 2022, the Compensation Committee of the Board (the “Compensation Committee”) approved a grant of 60,000 Common Shares to two employees of the Manager who also serve as directors of the Company, a grant of 90,000 Common Shares to the Company’s three independent directors, and a grant of 60,000 Common Shares to the chief financial officer of the Company, under the Equity Incentive Plan. The effective date of the grants was March 2, 2022. The Common Shares granted vested immediately and are unrestricted. However, the Equity Incentive Plan includes other restrictions on the sale of shares issued under the Equity Incentive Plan. Because the Common Shares vested immediately, the fair value of the grants, or $233,100, was recorded to share based compensation expense on the Company’s condensed consolidated statements of operations on the effective date of the grant. The fair value of the grants was determined by the market price of the Company’s Common Shares on the effective date of the grant. On November 22, 2022, the Compensation Committee approved a grant of 76,434 Common Shares to two employees of the Manager who also serve as directors of the Company, a grant of 114,651 Common Shares to the Company’s three independent directors, a grant of 76,433 Common Shares to the chief financial officer of the Company, and a grant of 50,956 Common Shares to two consultants of the Company, under the Equity Incentive Plan. The effective date of the grants was November 22, 2022. The Common Shares granted vested immediately and are unrestricted. However, the Equity Incentive Plan includes other restrictions on the sale of shares issued under the Equity Incentive Plan. Because the Common Shares vested immediately, the fair value of the grants, or $250,000, was recorded to share based compensation expense on the Company’s condensed consolidated statements of operations on the effective date of the grant. The fair value of the grants was determined by the market price of the Company’s Common Shares on the effective date of the grant. On each January 1 during the term of the Equity Incentive Plan, the maximum number of shares of common stock that may be issued under the Equity Incentive Plan will increase by eight percent (8%) of any additional shares of common stock or interests in the Operating Partnership issued (i) after the completion date the Company’s initial registered public offering of common stock, in the case of the January 1, 2019 adjustment, or (ii) in the preceding calendar year, in the case of any adjustment subsequent to January 1, 2020. As of January 1, 2023, the shares available for issuance under the Equity Incentive Plan was adjusted to 491,304 shares. Earnings per share Basic earnings per share for the Company’s Common Shares is calculated by dividing income (loss) from continuing operations, excluding the net income (loss) attributable to noncontrolling interests, by the Company’s weighted-average number of Common Shares outstanding during the period. Diluted earnings per share is computed by dividing the net income attributable to common shareholders, excluding the net loss attributable to noncontrolling interests, by the weighted average number of Common Shares, including any dilutive shares. As of March 31, 2023 and 2022, 213,531 of the Operating Partnership’s 213,531 common units held by noncontrolling, limited partners were eligible to be converted, on a one-to-one basis, into Common Shares. The Operating Partnership’s common units and the equivalent common shares attributable to the convertible debentures have been excluded from the Company’s diluted earnings per share calculation because their inclusion would be antidilutive. The Company's loss per common share is determined as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2023 2022 ​ ​ (unaudited) (unaudited) ​ Basic and diluted shares outstanding ​ ​ ​ ​ ​ ​ ​ Weighted average Common Shares – basic ​ ​ 17,758,421 ​ 16,037,073 ​ Effect of conversion of operating partnership units ​ ​ 213,531 ​ 213,531 ​ Weighted average Common Shares – diluted ​ ​ 17,971,952 ​ 16,250,604 ​ ​ ​ ​ ​ ​ ​ ​ ​ Calculation of earnings per share – basic and diluted ​ ​ ​ ​ ​ ​ Net loss attributable to common shareholders ​ $ (1,221,295) ​ $ (989,284) ​ Weighted average Common Shares – basic and diluted ​ 17,758,421 ​ 16,037,073 ​ Loss per share – basic and diluted ​ $ (0.07) ​ $ (0.06) ​ ​ Dividends and Distributions During the three months ended March 31, 2023, dividends in the amount of $0.01 per share were paid on January 27, 2023, to stockholders of record on January 24, 2023. During the three months ended March 31, 2022, dividends in the amount of $0.02 per share were paid on January 20, 2022, to stockholders of record on January 13, 2022. Total dividends and distributions to noncontrolling interests paid during the three months ended March 31, 2023 and 2022, respectively, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2023 2022 ​ ​ (unaudited) (unaudited) Common shareholders (dividends) ​ $ 176,810 ​ $ 316,450 Hanover Square Property noncontrolling interest (distributions) ​ — ​ 10,000 Parkway Property noncontrolling interest (distributions) ​ — ​ 10,800 Operating Partnership unit holders (distributions) ​ 2,135 ​ 4,271 Total dividends and distributions ​ $ 178,945 ​ $ 341,521 ​ Nasdaq Compliance ​ On July 11, 2022, the Company received a deficiency letter (the “Deficiency Letter”) from the Nasdaq Listing Qualifications Department (the “Staff”) of the Nasdaq Stock Market LLC notifying the Company that, for the last thirty (30) consecutive business days, the closing bid price for the Company’s common stock had been below the minimum $1.00 per share required for continued listing on the Nasdaq Capital Market (“Nasdaq”) pursuant to Nasdaq Listing Rule 5550 (a)(2) (the “Minimum Bid Price Requirement”). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company was given one hundred and eighty (180) calendar days, or until January 9, 2023, to regain compliance with the Minimum Bid Price Requirement. ​ On January 10, 2023, the Company received a letter (the “Second Notification”) from the Nasdaq Stock Market LLC notifying the Company that, while the Company had not regained compliance with the Minimum Bid Price Requirement, the Staff determined that the Company is eligible for an additional 180 calendar day period, or until July 10, 2023 (the “Second Compliance Period”), to regain compliance. The Staff’s determination was based on (i) the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on Nasdaq, with the exception of the Minimum Bid Price Requirement, and (ii) the Company’s written notice to the Nasdaq Stock Market LLC of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. ​ If at any time during the Second Compliance Period, the closing bid price of the Company’s common stock is at least $1.00 per share for a minimum of 10 consecutive business days, the Staff will provide the Company with written confirmation of compliance. If compliance with the Minimum Bid Price Requirement cannot be demonstrated by July 10, 2023, the Staff will provide written notification that the Company’s common stock will be delisted. At that time, the Company may appeal the Staff’s determination to a Hearings Panel. ​ Neither the Deficiency Letter or the Second Notification had any effect on the listing of the Company’s common stock, and its common stock continues to trade on Nasdaq under the symbol “MDRR”. ​ Reverse Stock Split ​ See Note 11, Subsequent Events, for a discussion of the reverse stock split that was completed on May 3, 2023.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies
Commitments and Contingencies	8. Commitments and Contingencies Insurance The Company carries comprehensive liability, fire, extended coverage, business interruption and rental loss insurance covering all of the properties in its portfolio, in addition to other coverages that may be appropriate for certain of its properties. Additionally, the Company carries a directors and officers liability insurance policy that covers such claims made against the Company and its directors and officers. The Company believes the policy specifications and insured limits are appropriate and adequate for its properties given the relative risk of loss, the cost of the coverage and industry practice; however, its insurance coverage may not be sufficient to fully cover its losses. Concentration of Credit Risk The Company is subject to risks incidental to the ownership and operation of commercial real estate. These risks include, among others, the risks normally associated with changes in the general economic climate, trends in the retail industry, creditworthiness of tenants, competition for tenants and customers, changes in tax laws, interest rates, the availability of financing and potential liability under environmental and other laws. The Company’s portfolio of properties is dependent upon regional and local economic conditions and is geographically concentrated in the Mid-Atlantic, specifically in South Carolina, North Carolina and Virginia, which represented 100% of the total annualized base revenues of the properties in its portfolio as of March 31, 2023. The Company’s geographic concentration may cause it to be more susceptible to adverse developments in those markets than if it owned a more geographically diverse portfolio. Additionally, the Company’s retail shopping center properties depend on anchor stores or major tenants to attract shoppers and could be adversely affected by the loss of, or a store closure by, one or more of these tenants. Interest Rate Risk ​ The value of the Company’s real estate is subject to fluctuations based on changes in interest rates, which may affect the Company’s ability to refinance property-level mortgage debt when balloon payments are scheduled. Interest rates are highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political conditions, and other factors beyond our control. An increase in interest rates would likely cause the value of the Company’s assets to decrease. Increases in interest rates may also have an impact on the credit profile of certain tenants. ​ The Company is exposed to the impact of interest rate changes primarily through its borrowing activities. To limit this exposure, the Company attempts to obtain mortgage financing on a long-term, fixed-rate basis. However, from time to time, the Company may obtain variable-rate mortgage loans and, as a result, may enter into interest rate cap agreements that limit the effective borrowing rate of variable-rate debt obligations while allowing participants to share in downward shifts in interest rates. These interest rate caps are derivative instruments designated as cash flow hedges on the forecasted interest payments on the debt obligation. Our objective in using interest rate caps is to limit our exposure to interest rate movements. ​ As of March 31, 2023 and December 31, 2022, all of the Company’s long-term debt either bore interest at fixed rates or was capped to a fixed rate. The Company’s debt obligations are more fully described in Note 5, Loans Payable, above. ​ Other Risks and Uncertainties Since March 2020, the Company’s investment properties have been significantly impacted by (i) measures taken by local, state and federal authorities to mitigate the impact of COVID-19, such as mandatory business closures, quarantines, restrictions on travel and “shelter-in-place” or “stay-at-home” orders and (ii) significant changes in consumer behavior and business and leisure travel patterns. While most, if not all, of the initial measures have been relaxed by the respective governmental authorities, with the uncertainty resulting from the continued mutation of COVID-19 into new variants, and the possibility that changes in consumer behavior and business and leisure travel patterns will continue, the negative impact on consumer behavior, including demand for the goods and services of our retail tenants within our portfolio could continue to be significant in future periods. Regulatory and Environmental As the owner of the buildings on its properties, the Company could face liability for the presence of hazardous materials (e.g., asbestos or lead) or other adverse conditions (e.g., poor indoor air quality) in its buildings. Environmental laws govern the presence, maintenance, and removal of hazardous materials in buildings, and if the Company does not comply with such laws, it could face fines for such noncompliance. Also, the Company could be liable to third parties (e.g., occupants of the buildings) for damages related to exposure to hazardous materials or adverse conditions in its buildings, and the Company could incur material expenses with respect to abatement or remediation of hazardous materials or other adverse conditions in its buildings. In addition, some of the Company’s tenants routinely handle and use hazardous or regulated substances and wastes as part of their operations at the Company’s properties, which are subject to regulation. Such environmental and health and safety laws and regulations could subject the Company or its tenants to liability resulting from these activities. Environmental liabilities could affect a tenant’s ability to make rental payments to the Company, and changes in laws could increase the potential liability for noncompliance. This may result in significant unanticipated expenditures or may otherwise materially and adversely affect the Company’s operations. The Company is not aware of any material contingent liabilities, regulatory matters or environmental matters that may exist. Litigation The Company is not currently involved in any litigation or legal proceedings.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions
Related Party Transactions	9. Related Party Transactions Medalist Fund Manager, Inc. The Company is externally managed by the Manager, which makes all investment decisions for the Company. The Manager oversees the Company’s overall business and affairs and has broad discretion to make operating decisions on behalf of the Company and to make investment decisions. The Company pays the Manager a monthly asset management fee equal to 0.125% of stockholders’ equity, payable in arrears in cash. For purposes of calculating the asset management fee, the Company’s stockholders’ equity means: (a) the sum of (1) the net proceeds from (or equity value assigned to) all issuances of the Company’s equity and equity equivalent securities (including common stock, common stock equivalents, preferred stock and OP Units issued by the Company’s operating partnership) since inception (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such issuance), plus (2) the Company’s retained earnings at the end of the most recently completed calendar quarter (without taking into account any non-cash equity compensation expense incurred in current or prior periods), less (b) any amount that the Company has paid to repurchase its common stock issued in this or any subsequent offering. Stockholders’ equity also excludes (1) any unrealized gains and losses and other non-cash items (including depreciation and amortization) that have impacted stockholders’ equity as reported in the Company’s condensed consolidated financial statements prepared in accordance with GAAP, and (2) one-time events pursuant to changes in GAAP, and certain non-cash items not otherwise described above, in each case after discussions between the Company’s Manager and its independent director(s) and approval by a majority of its independent directors. For the three months ended March 31, 2023 and 2022, the Company incurred $224,380 and $210,148, in asset management fees, respectively. Asset management fees are recorded on the Company’s condensed consolidated statements of operations as (i) retail center property operating expenses ($84,282 and $70,257 for the three months ended March 31, 2023 and 2022, respectively), (ii) hotel property operating expenses ($0 and $6,825 for the three months ended March 31, 2023 and 2022, respectively), (iii) flex center property operating expenses ($27,675 and $26,075 for the three months ended March 31, 2023 and 2022, respectively) and (iv) legal, accounting and other professional fees ($112,423 and $106,991 for the three months ended March 31, 2023 and 2022, respectively). The Manager also receives an acquisition fee of 2.0% of the purchase price plus transaction costs, for each property acquired or investment made on the Company’s behalf at the closing of the acquisition of such property or investment, in consideration for the Manager’s assistance in effectuating such acquisition. Acquisition fees are allocated and added to the fair value of the tangible assets acquired and recorded as part of investment properties, net, on the Company’s condensed consolidated balance sheets. On March 19, 2021, pursuant to Letter Agreement, dated March 19, 2021, by and among the Company, the Operating Partnership and the Manager (the “2021 Manager Letter Agreement”), which amended that certain Management Agreement, dated as of March 15, 2016, among the Company, the Operating Partnership and the Manager (the “Management Agreement”), the Manager agreed to defer payment of one-half of any acquisition fee payable to the Manager from that date until the earlier of: (i) the date (the “Deferral Agreement”). ​ On March 10, 2023, the Company announced that the Board established a Special Committee of the Board (the “Special Committee”) to explore potential strategic alternatives focusing on maximizing stockholder value ​ Pursuant to the terms of the 2023 Manager Letter Agreement, the Company further amended the Management Agreement, which provides for the deferral of the acquisition fee payable to the Manager in certain circumstances, to clarify that the Deferred Acquisition Fee Amount (as defined in the 2021 Manager Letter Agreement) will be deferred until the earlier of (i) the date that the public trading price of the Company’s common stock, as reported on the Nasdaq Capital Market, reaches a closing trading price of at least $5.00 per share (as the same may be proportionately adjusted to reflect a stock split or reverse stock split); (ii) the effective date of the termination of the Management Agreement as the result of an election by the Company to terminate the Management Agreement (other than on account of any of the events specified in clauses (i) through (vi) of Section 11(a) of the Management Agreement); and (iii) a Change in Control. ​ For the year ended December 31, 2022, the Company incurred $201,524 in acquisition fees associated with the Salisbury Marketplace Property acquisition, which were allocated and added to the fair value of the Salisbury Marketplace Property tangible assets. One half of the acquisition fee, or $100,762 was paid in cash and one half of the acquisition fee was accrued in connection with the Deferral Agreement. For the year ended December 31, 2021, the Company incurred $503,910 in acquisition fees associated with the Lancer Center Property, Greenbrier Business Center Property and Parkway Property, which were allocated and added to the fair value of the Lancer Center Property, Greenbrier Business Center Property and Parkway Property tangible assets. One half of the acquisition fees, or $251,955 was paid in cash and one half of the acquisition fees was accrued in connection with the Deferral Agreement. The accrued portion of the acquisition fee is recorded under accounts payable and accrued liabilities on the Company’s condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022. As of March 31, 2023 and December 31, 2022 ​ The Manager will be entitled to an incentive fee, payable quarterly, equal to an amount, not less than zero, equal to the difference between (1) the product of (x) 20% and (y) the difference between (i) Adjusted Funds from Operations (AFFO) (as further defined below) for the previous 12-month period, and (ii) the product of (A) the weighted average of the issue price of equity securities issued in this offering and in future offerings and transactions, multiplied by the weighted average number of all shares of common stock outstanding on a fully-diluted basis (including any restricted stock units, any restricted shares of common stock and OP Units) in the previous 12-month period, exclusive of equity securities issued prior to this offering, and (B) 7%, and (2) the sum of any incentive fee paid to the Manager with respect to the first three calendar quarters of such previous 12-month period. For purposes of calculating the incentive fee during the first years after completion of this offering, adjusted funds from operations (“AFFO”) will be determined by annualizing the applicable period following completion of this offering. AFFO is calculated by removing the effect of items that do not reflect ongoing property operations. The Company further adjusts funds from operations (“FFO”) for certain items that are not added to net income in the National Association of Real Estate Investment Trusts’ (NAREIT) definition of FFO, such as acquisition expenses, equity based compensation expenses, and any other non-recurring or non-cash expenses, which are costs that do not relate to the operating performance of the Company’s properties, and subtract recurring capital expenditures (and, when calculating the incentive fee only, we further adjust FFO to include any realized gains or losses on real estate investments). No incentive fees were earned or paid during the three months ended March 31, 2023 or 2022. ​ Colin Elliott Effective as of March 1, 2020, the Company entered into a consulting agreement (the “Consulting Agreement”), with Gunston Consulting, LLC (the “Consultant”), pursuant to which the Consultant agreed to provide certain financial and accounting consulting services to the Company, and the Company agreed to pay the Consultant an annual fee and annual stock grants awarded by the Compensation Committee and agreed to reimburse the Consultant for certain expenses to be authorized by the Company. Pursuant to the terms of the Consulting Agreement, the Company authorized the Consultant to retain the services of Mr. C. Elliott as vice president of the Company and authorized the Consultant to incur certain costs related to Mr. C. Elliott’s employment as vice president and agreed to reimburse the Consultant for such costs, including Mr. C. Elliott’s $150,000 annual salary, payroll taxes and certain benefits, and an annual bonus to be determined in consultation with the Company. In addition, on March 10, 2023, the Company entered into a change in control agreement with the Consultant and Mr. C. Elliott (the “Change in Control Agreement”), in order to authorize the Consultant to pay Mr. C. Elliott, our Vice President, and to reimburse the Consultant for, the payment of the Elliott Retention Amount (as defined below), in the event that (i) a Change in Control (as defined therein) occurs at a time when Mr. C. Elliott remains employed by the Consultant and no Cause Event (as defined therein) has then occurred and the Consultant thereafter terminates, at the request of the Company (or any successor), the employment of Mr. C. Elliott (other than on account of a Cause Event) within twelve (12) months after the date of the Change in Control; (ii) a Change in Control occurs at a time when Mr. C. Elliott remains employed by the Consultant and no Cause Event has then occurred and within twelve (12) months after the date of the Change in Control Mr. C. Elliott elects to terminate his engagement with the Consultant to provide services to the Company (or any successor) because either (a) the Company (or any successor) requires Mr. C. Elliott to relocate his primary work location by more than fifty (50) miles from the location as of the effective date of the Change in Control Agreement; (b) the Company (or any successor) directs the Consultant to reduce the annual compensation ($150,000) of Mr. C. Elliott; (c) the Company (or any successor) directs the Consultant to materially diminish Mr. C. Elliott’s position, authority, duties or responsibilities with respect to services to the Company (or any successor); or (d) the Company (or any successor) commits a material breach of the Consulting Agreement and fails to cure such material breach within thirty (30) days after receiving written notice of such material breach; or (iii) the Consultant terminates, at the Company’s (or any successor’s) request, Mr. C. Elliott’s employment (other than on account of a Cause Event) ninety (90) or fewer days prior to the Change in Control. In each such case, a “Triggering Event” shall be deemed to have occurred, and pursuant to the Change in Control Agreement, the Company authorizes the Consultant to pay, and agrees to reimburse the Consultant for, and the Consultant agrees to pay to Mr. C. Elliott, within thirty-seven (37) days after such Triggering Event, an amount equal to the sum of (i) Mr. C. Elliott’s current annual compensation (i.e., $150,000) payable by the Consultant to Mr. C. Elliott and reimbursable by the Company, plus (ii) the amount of Mr. C. Elliott’s last annual bonus (i.e., $50,000) payable by the Consultant to Mr. C. Elliott and reimbursable by the Company, plus (iii) a cash payment equivalent to the value of the last stock grant from the Company to Mr. C. Elliott (i.e., $30,000) (collectively, the “Elliott Retention Amount”). ​ Mr. C. Elliott is the son of Mr. William R. Elliott, Vice Chairman of the Board and President and Chief Operating Officer of the Company. During the three months ended March 31, 2023 and 2022, the Company paid the Consultant $44,872 and $0, respectively, for services provided by Mr. C. Elliott under the Consulting Agreement. Other related parties The Company pays Shockoe Properties, LLC, a subsidiary of Dodson Properties, an entity in which one of the owners of the Manager holds a 6.32% interest, an annual property management fee of up to 3% of the monthly gross revenues of the Franklin Square, Hanover Square, Ashley Plaza, Brookfield, Lancer Center, Greenbrier Business Center, Parkway and Salisbury properties. These fees are paid in arrears on a monthly basis. During the three months ended March 31, 2023 and 2022, the Company paid Shockoe Properties, LLC property management fees of $70,519 and $62,072 , respectively.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
Segment Information
Segment Information	10. Segment Information ​ The Company establishes operating segments at the property level and aggregates individual properties into reportable segments based on product types in which the Company has investments. For the three months ended March 31, 2023, the Company had the following reportable segments: retail center properties and flex center properties. For the three months ended March 31, 2022, the Company had the following reportable segments: retail center properties, flex center properties and hotel properties. During the periods presented, there have been no material intersegment transactions. ​ Although the Company’s flex center property has tenants that are similar to tenants in its retail center properties, the Company considers its flex center properties as a separate reportable segment. Flex properties are considered by the real estate industry as a distinct subset of the industrial market segment. Flex properties contain a mix of industrial/warehouse and office spaces. Warehouse space that is not air conditioned can be used flexibly by building office or showroom space that is air conditioned, depending on tenants’ needs. ​ Net operating income (“NOI”) is a non-GAAP financial measure and is not considered a measure of operating results or cash flows from operations under GAAP. NOI is the primary performance measure reviewed by management to assess operating performance of properties and is calculated by deducting operating expenses from operating revenues. Operating revenues include rental income, tenant reimbursements, hotel income, and other property income; and operating expenses include retail center property and hotel operating costs. The NOI performance metric consists of only revenues and expenses directly related to real estate rental operations. NOI reflects property acquisitions and dispositions, occupancy levels, rental rate increases or decreases, and the recoverability of operating expenses. NOI, as the Company calculates it, may not be directly comparable to similarly titled, but differently calculated, measures for other REITs. ​ Asset information and capital expenditures by segment are not reported because the Company does not use these measures to assess performance. Depreciation and amortization expense, along with other expense and income items, are not allocated among segments. ​ The following table presents property operating revenues, expenses and NOI by product type: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended March 31, ​ ​ Hotel properties Retail center properties ​ Flex center property ​ Total ​ 2023 2022 ​ 2023 2022 2023 2022 2023 2022 ​ (unaudited) (unaudited) ​ (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Revenues ​ $ — ​ $ 765,489 ​ $ 1,891,679 ​ $ 1,525,085 ​ $ 569,297 ​ $ 613,390 ​ $ 2,460,976 ​ $ 2,903,964 Operating expenses ​ — ​ 372,860 ​ 520,615 ​ 450,125 ​ ​ 176,737 ​ ​ 161,381 ​ 697,352 ​ 984,366 Bad debt expense ​ ​ — ​ ​ — ​ ​ 125 ​ ​ 7,791 ​ ​ 26,997 ​ ​ 4,992 ​ ​ 27,122 ​ ​ 12,783 Net operating income ​ $ — ​ $ 392,629 ​ $ 1,370,939 ​ $ 1,067,169 ​ $ 365,563 ​ $ 447,017 ​ $ 1,736,502 ​ $ 1,906,815 ​

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events
Subsequent Events	11. Subsequent Events As of May 11, 2023, the following events have occurred subsequent to the March 31, 2023 effective date of the condensed consolidated financial statements: Common Stock Dividend On April 28, 2023, a dividend in the amount of $0.01 per share was paid to common stockholders and operating partnership unit holders of record on April 25, 2023. Mandatorily Redeemable Preferred Stock Dividend On April 28, 2023, a dividend in the amount of $0.50 per share was paid to mandatorily redeemable preferred stockholders of record on April 25, 2023 for the period from January 20, 2023 through April 20, 2023. Completion of 1-for-8 Reverse Stock Split ​ On May 3, 2023, the Company completed the previously announced reverse stock split of its Common Shares, and a corresponding adjustment to the outstanding common units of the Operating Partnership, at a ratio of 1 eight ​ The Reverse Stock Split affected all common stockholders uniformly and did not affect any common stockholder’s percentage ownership interest in the Company, except for de minimis changes as a result of the elimination of fractional shares, as described below. As a result of the Reverse Stock Split, the number of Common Shares outstanding was reduced from 17,758,421 to 2,219,779 shares as of the Effective Time. ​ No fractional shares were issued in connection with the Reverse Stock Split. Instead, each stockholder that otherwise would have received fractional shares received, in lieu of such fractional shares, cash in an amount equal to the applicable fraction multiplied by the closing price of the Common Shares on Nasdaq on May 3, 2023 (as adjusted for the Reverse Stock Split). ​ At the Effective Time, the aggregate number of shares of Common Stock available for awards under the Company’s 2018 Equity Incentive Plan and the terms of outstanding awards were ratably adjusted to reflect the Reverse Stock Split. ​ Trading of the Common Shares on Nasdaq commenced on a split-adjusted basis on May 4, 2023 under the existing trading symbol “MDRR.” The new CUSIP number for the Common Shares following the Reverse Stock Split is 58403P303. ​ The Reverse Stock Split is intended to help the Company regain compliance with the Minimum Bid Price Requirement. If at any time before July 10, 2023, the closing bid price of the Common Stock is at least $1.00 per share for a minimum of 10 consecutive business days, the Staff will provide the Company with written confirmation of compliance. If compliance with the Minimum Bid Price Requirement cannot be demonstrated by July 10, 2023, the Staff will provide written notification that the Common Stock will be delisted. At that time, the Company may appeal the Staff’s determination to a Hearings Panel. Accordingly, there can be no assurance that the Company will be able to regain compliance with the Minimum Bid Price Requirement or maintain its listing on Nasdaq. ​ Charter Amendments ​ In connection with the Reverse Stock Split, on April 19, 2023, the Company filed two Articles of Amendment to its charter with the State Department of Assessments and Taxation of Maryland that provided for: ​ (i) 1-for-8 ​ (ii) ​ The foregoing descriptions of the First Amendment and the Second Amendment do not purport to be complete and are qualified in their entirety by reference to each amendment, copies of which are filed as Exhibit 3.3 and Exhibit 3.4, respectively, to this Quarterly Report on Form 10-Q (this “Quarterly Report”) and are incorporated herein by reference. ​ Wells Fargo Line of Credit ​ On May 2, 2023, the Company and Wells Fargo Bank entered into the First Amendment to Revolving Line of Credit Note which extended the maturity date of the Wells Fargo Line of Credit to June 9, 2024 (see Note 5, above). Update on Special Committee and Exploration of Strategic Alternatives ​ On March 10, 2023, the Board announced that it established a Special Committee (the “Special Committee”) to explore potential strategic alternatives focusing on maximizing stockholder value. The Special Committee is comprised solely of independent directors and is charged with exploring potential strategic alternatives including, without limitation, a business combination involving our company, a sale of all or part of our company’s assets, joint venture arrangements and/or restructurings, and determining whether a strategic transaction is in the best interest of our company. ​ On April 18, 2023, the Company provided an update on the Special Committee’s efforts. Specifically, the Company announced that the Special Committee is in active discussions with potential parties in pursuit of those alternatives and the Company will provide further disclosures as appropriate or required by law or regulation. While the review is underway, the Company remains fully focused on its operations and on the continued execution of its strategies to create stockholder value. There is no assurance that the review will result in any transaction, including a sale of the Company, its assets, or entry into a business combination, among other alternatives being reviewed.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Summary of Significant Accounting Policies
Assets Held for Sale	Assets Held for Sale The Company may decide to sell properties that are held as investment properties. The accounting treatment for the disposal of long-lived assets is covered by ASC 360. Under this guidance, the Company records the assets associated with these properties, and any associated mortgages payable, as held for sale when management has committed to a plan to sell the assets, actively seeks a buyer for the assets, and the consummation of the sale is considered probable and is expected within one year. Delays in the time required to complete a sale do not preclude a long-lived asset from continuing to be classified as held for sale beyond the initial one-year period if the delay is caused by events or circumstances beyond an entity’s control and there is sufficient evidence that the entity remains committed to a qualifying plan to sell the long-lived asset. Properties classified as held for sale are reported at the lower of their carrying value or their fair value, less estimated costs to sell. When the carrying value exceeds the fair value, less estimated costs to sell, an impairment charge is recognized. The Company determines fair value based on the three-level valuation hierarchy for fair value measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets in markets that are not active; and inputs other than quoted prices. Level 3 inputs are unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. During February 2021, the Company committed to a plan for the sale of an asset group associated with the Clemson Best Western Hotel Property that included the land, site improvements, building, building improvements and furniture, fixtures and equipment. As of March 31, 2021, the Company recorded this asset group, and the associated mortgage payable, as held for sale. As of March 31, 2021, the date the Company originally recorded this asset group as held for sale, the Company determined that the fair value of the Clemson Best Western Property exceeded the carrying value of its asset group, and the Company did not record impairment of assets held for sale associated with this asset group. During subsequent periods since the asset group associated with the Clemson Best Western Property was initially classified as held for sale, the Company continued to follow its disposal plan. Under ASC 360, during subsequent reporting periods after the asset group is classified as held for sale, it is necessary to evaluate the amounts previously used for the estimated fair value of the asset group. Up to and including the reporting periods ending December 31, 2021, the Company reviewed and reassessed the estimated fair value of the asset group and believed that the fair value, less estimated costs to sell, exceeds the Company’s carrying cost in the property. Accordingly, the Company did not record impairment of assets held for sale related to the Clemson Best Western Property for the year ended December 31, 2021. As of March 31, 2022, the Company determined that the carrying value of the asset group associated with the Clemson Best Western Hotel Property exceeded its fair value, less estimated costs to sell, and recorded impairment of assets held for sale of $175,671 on its condensed consolidated statement of operations for the three months ended March 31, 2022. No such impairment of assets held for sale was recorded during the three months ended March 31, 2023. On September 29, 2022, the Company closed on the sale of the Clemson Best Western Hotel Property to an unaffiliated purchaser. See Note 3 for additional details.
Intangible Assets and Liabilities, net	Intangible Assets and Liabilities, net The Company determines, through the ASC 805 evaluation, the above and below market lease intangibles upon acquiring a property. Intangible assets (or liabilities) such as above or below-market leases and in-place lease value are recorded at fair value and are amortized as an adjustment to rental revenue or amortization expense, as appropriate, over the remaining terms of the underlying leases. The Company amortizes amounts allocated to tenant improvements, in-place lease assets and other lease-related intangibles over the remaining life of the underlying leases. The analysis is conducted on a lease-by-lease basis. The Company reviews its intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value of its intangible assets may not be recoverable, but at least annually. During the three months ended March 31, 2023, a tenant defaulted on its lease and abandoned its premises. The Company determined that the carrying value of the intangible assets and liabilities, net, associated with this lease of $35,551 that were recorded as part of the purchase of this property should be written off. This amount is included in the loss on impairment reported on the Company’s condensed consolidated statement of operations for the three months ended March 31, 2023. During the three months ended March 31, 2022, two tenants defaulted on their leases and abandoned their premises. The Company determined that the carrying value of the intangible assets and liabilities, net, associated with these leases of $36,670 that were recorded as part of the purchase of these properties should be written off. This amount is included in the loss on impairment reported on the Company’s condensed consolidated statement of operations for the three months ended March 31, 2022. Details of the deferred costs, net of amortization, arising from the Company’s purchases of its retail center properties and flex center properties are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ ​ ​ (unaudited) December 31, 2022 Intangible Assets, net ​ ​ ​ ​ ​ ​ ​ Leasing commissions ​ $ 1,074,551 ​ $ 1,135,421 ​ Legal and marketing costs ​ 150,957 ​ 169,437 ​ Above market leases ​ 175,839 ​ 209,860 ​ Net leasehold asset ​ 2,048,253 ​ 2,233,988 ​ ​ ​ $ 3,449,600 ​ $ 3,748,706 ​ ​ ​ ​ ​ ​ ​ ​ ​ Intangible Liabilities, net ​ ​ ​ ​ ​ Below market leases ​ $ (2,133,752) ​ $ (2,234,113) ​ ​ Capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. Capitalized below-market lease values are amortized as an increase to rental income over the remaining terms of the respective leases. Adjustments to rental revenue related to the above and below market leases during the three months ended March 31, 2023 and 2022, respectively, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ March 31, ​ ​ ​ ​ 2023 ​ ​ 2022 ​ ​ (unaudited) (unaudited) Amortization of above market leases ​ $ (27,343) ​ $ (69,583) ​ Amortization of below market leases ​ 100,361 ​ 95,617 ​ ​ ​ $ 73,018 ​ $ 26,034 ​ ​ Amortization of lease origination costs, leases in place and legal and marketing costs represent a component of depreciation and amortization expense. Amortization related to these intangible assets during the three months ended March 31, 2023 and 2022, respectively, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ March 31, ​ ​ ​ ​ 2023 ​ ​ 2022 ​ ​ (unaudited) (unaudited) Leasing commissions ​ $ (56,618) ​ $ (63,032) ​ Legal and marketing costs ​ (16,205) ​ (14,559) ​ Net leasehold asset ​ (172,044) ​ (306,046) ​ ​ ​ $ (244,867) ​ $ (383,637) ​ ​ As of March 31, 2023 and December 31, 2022, the Company’s accumulated amortization of lease origination costs, leases in place and legal and marketing costs totaled $2,148,257 and $2,198,049, respectively. During the three months ended March 31, 2023 and 2022, the Company wrote off $273,252 and $486,785, respectively, in accumulated amortization related to fully amortized intangible assets and $21,407 and $5,108, respectively, in accumulated amortization related to the write off of intangible assets related to the tenant defaults, discussed above. Future amortization of above and below market leases, lease origination costs, leases in place, legal and marketing costs and tenant relationships is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ remaining nine ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ months ending ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2024 2025 2026 2027 2028-2042 Total Intangible Assets ​ ​ ​ ​ ​ ​ ​ Leasing commissions ​ $ 160,102 ​ $ 171,601 ​ $ 145,550 ​ $ 107,312 ​ $ 88,394 ​ $ 401,592 ​ $ 1,074,551 Legal and marketing costs ​ 43,963 ​ 38,900 ​ 24,004 ​ 13,160 ​ 7,917 ​ 23,013 ​ 150,957 Above market leases ​ 66,689 ​ 42,858 ​ 21,526 ​ 15,629 ​ 14,543 ​ 14,594 ​ 175,839 Net leasehold asset ​ 443,833 ​ 394,874 ​ 295,851 ​ 199,466 ​ 153,142 ​ 561,087 ​ 2,048,253 ​ ​ $ 714,587 ​ $ 648,233 ​ $ 486,931 ​ $ 335,567 ​ $ 263,996 ​ $ 1,000,286 ​ $ 3,449,600 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Intangible Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Below market leases, net ​ $ (268,441) ​ $ (285,892) ​ $ (213,348) ​ $ (178,776) ​ $ (161,866) ​ $ (1,025,429) ​ $ (2,133,752) ​
Conditional Asset Retirement Obligation	Conditional Asset Retirement Obligation A conditional asset retirement obligation represents a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement depends on a future event that may or may not be within the Company’s control. Currently, the Company does not have any conditional asset retirement obligations. However, any such obligations identified in the future would result in the Company recording a liability if the fair value of the obligation can be reasonably estimated. Environmental studies conducted at the time the Company acquired its properties did not reveal any material environmental liabilities, and the Company is unaware of any subsequent environmental matters that would have created a material liability. The Company believes that its properties are currently in material compliance with applicable environmental, as well as non-environmental, statutory and regulatory requirements. The Company did not record any conditional asset retirement obligation liabilities during the three months ended March 31, 2023 and 2022, respectively.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents consist primarily of bank operating accounts and money markets. Financial instruments that potentially subject the Company to concentrations of credit risk include its cash and equivalents and its trade accounts receivable. The Company places its cash and cash equivalents and any restricted cash held by the Company on deposit with financial institutions in the United States which are insured by the Federal Deposit Insurance Company ("FDIC") up to $250,000. The Company's credit loss in the event of failure of these financial institutions is represented by the difference between the FDIC limit and the total amounts on deposit. Management monitors the financial institutions credit worthiness in conjunction with balances on deposit to minimize risk. As of March 31, 2023, the Company held one cash account at a financial institution with a balance that exceeded the FDIC limit by $1,404,374. As of December 31, 2022, the Company held two cash accounts at a single financial institution with combined balances that exceeded the FDIC limit by $2,613,789. ​ Restricted cash represents (i) amounts held by the Company for tenant security deposits, (ii) escrow deposits held by lenders for real estate tax, insurance, and operating reserves, (iii) an escrow for the first year of dividends on the Company’s mandatorily redeemable preferred stock, and (iv) capital reserves held by lenders for investment property capital improvements. Tenant security deposits are restricted cash balances held by the Company to offset potential damages, unpaid rent or other unmet conditions of its tenant leases. As of March 31, 2023 and December 31, 2022, the Company reported $283,646 and $267,854, respectively, in security deposits held as restricted cash. Escrow deposits are restricted cash balances held by lenders for real estate taxes, insurance and other operating reserves. As of March 31, 2023 and December 31, 2022, the Company reported $736,865 and $579,785, respectively, in escrow deposits. Capital reserves are restricted cash balances held by lenders for capital improvements, leasing commissions furniture, fixtures and equipment, and tenant improvements. As of March 31, 2023 and December 31, 2022, the Company reported $916,754 and $893,078, respectively, in capital property reserves. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, ​ Property and Purpose of Reserve (unaudited) 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ Franklin Square Property - leasing costs ​ $ 858,509 ​ $ 845,765 ​ Brookfield Center Property - maintenance and leasing cost reserve ​ 58,245 ​ 47,313 ​ Total ​ $ 916,754 ​ $ 893,078 ​ ​
Share Retirement	Share Retirement ​ ASC 505-30-30-8 provides guidance on accounting for share retirement and establishes two alternative methods for accounting for the repurchase price paid in excess of par value. The Company has elected the method by which the excess between par value and the repurchase price, including costs and fees, is recorded to additional paid in capital on the Company’s condensed consolidated balance sheets. During the three months ended March 31, 2022, the Company repurchased 268,070 shares of its common stock at a total cost of $278,277 at an average price of $1.038 per common share. The Company incurred fees of $8,266 associated with these transactions. Of the total repurchase price, $2,681 was recorded to common stock and the difference, $283,862, was recorded to additional paid in capital on the Company’s condensed consolidated balance sheet. No such amounts were recorded during the three months ended March 31, 2023.
Revenue Recognition	Revenue Recognition Retail and Flex Center Property Revenues The Company recognizes minimum rents from its retail center properties and flex center properties on a straight-line basis over the terms of the respective leases which results in an unbilled rent asset being recorded on the condensed consolidated balance sheets. As of March 31, 2023 and December 31, 2022, the Company reported $1,069,860 and $1,022,153, respectively, in unbilled rent. During the three months ended March 31, 2023, the Company recorded a loss on impairment of $1,192 related to previously recognized straight-line rent related to a defaulting tenant’s lease. No such loss on impairment related to straight-line rent was recorded during the three months ended March 31, 2022. ​ The Company’s leases generally require the tenant to reimburse the Company for a substantial portion of its expenses incurred in operating, maintaining, repairing, insuring and managing the shopping center and common areas (collectively defined as Common Area Maintenance or “CAM” expenses). The Company includes these reimbursements, along with other revenue derived from late fees and seasonal events, on the condensed consolidated statements of operations under the captions "Retail center property revenues” and “Flex center property revenues.” (See Recent Accounting Pronouncements, below.) This significantly reduces the Company’s exposure to increases in costs and operating expenses resulting from inflation or other outside factors. The Company accrues reimbursements from tenants for recoverable portions of all these expenses as revenue in the period the applicable expenditures are incurred. The Company calculates the tenant’s share of operating costs by multiplying the total amount of the operating costs by a fraction, the numerator of which is the total number of square feet being leased by the tenant, and the denominator of which is the average total square footage of all leasable buildings at the property. The Company also receives payments for these reimbursements from substantially all its tenants on a monthly basis throughout the year. ​ The Company recognizes differences between previously estimated recoveries and the final billed amounts in the year in which the amounts become final. Since these differences are determined annually under the leases and accrued as of December 31 in the year earned, no such revenues were recognized during the three months ended March 31, 2023 and 2022. The Company recognizes lease termination fees in the period that the lease is terminated and collection of the fees is reasonably assured. Upon early lease termination, the Company provides for losses related to unrecovered intangibles and other assets. During the three months ended March 31, 2023 and 2022, respectively, no such termination costs were recognized. ​ Hotel Property Revenues Hotel revenues from the Clemson Best Western Property were recognized as earned, which is generally defined as the date upon which a guest occupies a room or utilizes the hotel’s services. Revenues from the Company’s occupancy agreement with Clemson University were recognized as earned, which is as rooms are occupied or otherwise reserved for use by the University. The Clemson University occupancy agreement ended on May 15, 2022 and the Company sold the Clemson Best Western Property on September 29, 2022. The Clemson Best Western Property was required to collect certain taxes and fees from customers on behalf of government agencies and remit them back to the applicable governmental agencies on a periodic basis. The Clemson Best Western Property had a legal obligation to act as a collection agent. The Clemson Best Western Property did not retain these taxes and fees; therefore, they were not included in revenues. The Clemson Best Western Property recorded a liability when the amounts were collected and relieved the liability when payments were made to the applicable taxing authority or other appropriate governmental agency.
Hotel Property Operating Expenses	Hotel Property Operating Expenses All personnel of the Clemson Best Western Property were directly or indirectly employees of Marshall Hotels and Resorts, Inc. (“Marshall”), the Company’s hotel management firm. In addition to fees and services discussed above, the Clemson Best Western Property reimbursed Marshall for all employee related service costs, including payroll salaries and wages, payroll taxes and other employee benefits paid by Marshall on its behalf. The total amounts incurred for payroll salaries and wages, payroll taxes and other employee benefits for the three months ended March 31, 2023 and 2022 were $0 and $131,939 , respectively
Rent and other receivables	Rent and other receivables Rent and other receivables include tenant receivables related to base rents and tenant reimbursements. Rent and other receivables do not include receivables attributable to recording rents on a straight-line basis, which are included in unbilled rent, discussed above. The Company determines an allowance for the uncollectible portion of accrued rents and accounts receivable based upon customer credit worthiness (including expected recovery of a claim with respect to any tenants in bankruptcy), historical bad debt levels, and current economic trends. The Company considers a receivable past due once it becomes delinquent per the terms of the lease. A past due receivable triggers certain events such as notices, fees and other allowable and required actions per the lease. As of March 31, 2023 and December 31, 2022, the Company’s allowance for uncollectible rent totaled $62,960 and $47,109, respectively, which are comprised of amounts specifically identified based on management’s review of individual tenants’ outstanding receivables. Management determined that no additional general reserve is considered necessary as of March 31, 2023 and December 31, 2022, respectively.
Income Taxes	Income Taxes Beginning with the Company’s taxable year ended December 31, 2017, the REIT has elected to be taxed as a real estate investment trust for federal income tax purposes under Sections 856 through 860 of the Internal Revenue Code and applicable Treasury regulations relating to REIT qualification. In order to maintain this REIT status, the regulations require the Company to distribute at least 90% of its taxable income to shareholders and meet certain other asset and income tests, as well as other requirements. If the Company fails to qualify as a REIT, it will be subject to tax at regular corporate rates for the years in which it fails to qualify. If the Company loses its REIT status it could not elect to be taxed as a REIT for five years unless the Company’s failure to qualify was due to reasonable cause and certain other conditions were satisfied. During the three months ended March 31, 2022 , Management has evaluated the effect of the guidance provided by GAAP on Accounting for Uncertainty of Income Taxes
Use of Estimates	Use of Estimates 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.
Noncontrolling Interests	Noncontrolling Interests The ownership interests not held by the REIT are considered noncontrolling interests. There are three elements of noncontrolling interests in the capital structure of the Company. These noncontrolling interests have been reported in equity on the condensed consolidated balance sheets but separate from the Company’s equity. On the condensed consolidated statements of operations, the subsidiaries are reported at the consolidated amount, including both the amount attributable to the Company and noncontrolling interests. The Company’s condensed consolidated statements of changes in stockholders’ equity includes beginning balances, activity for the period and ending balances for shareholders’ equity, noncontrolling interests and total equity. The first noncontrolling interest is in the Hanover Square Property in which the Company owns an 84% tenancy in common interest through its subsidiary and an outside party owns a 16% tenancy in common interest. The Hanover Square Property’s net loss is allocated to the noncontrolling ownership interest based on its 16% ownership. During the three months ended March 31, 2023, 16% of the Hanover Square Property’s net loss of $7,755, or $1,241, $1,992, $319, The second noncontrolling interest is in the Parkway Property in which the Company owns an 82% tenancy in common interest through its subsidiary and an outside party owns an 18% tenancy in common interest. The Parkway Property's net (loss) income is allocated to the noncontrolling ownership interest based on its 18% ownership. During the three months ended March 31, 2023, 18% of the Parkway Property's net loss of $46,482, $8,367, ​ The third noncontrolling ownership interest are the units in the Operating Partnership that are not held by the REIT. In 2017, 125,000 Operating Partnership units were issued to members of the selling limited liability company which owned the Hampton Inn Property who elected to participate in a 721 exchange, which allows the exchange of interests in real property for shares in a real estate investment trust. These members of the selling limited liability company invested $1,175,000 in the Operating Partnership in exchange for 125,000 Operating Partnership units. Additionally, as discussed above, effective on January 1, 2020, 93,850 Operating Partnership units were issued in exchange for approximately 3.45% of the noncontrolling owner’s tenant in common interest in the Hampton Inn Property. On August 31, 2020, a unitholder converted 5,319 Operating Partnership units into shares of Common Stock. As of March 31, 2023 and December 31, 2022, there were 213,531 Operating Partnership units outstanding. The Operating Partnership units not held by the REIT represent 1.19% of the outstanding Operating Partnership units as of March 31, 2023 and December 31, 2022. The noncontrolling interest percentage is calculated at any point in time by dividing the number of units not owned by the Company by the total number of units outstanding. The noncontrolling interest ownership percentage will change as additional common or preferred shares are issued by the REIT, or additional Operating Partnerships units are issued or as units are exchanged for the Company’s $0.01 par value per share Common Stock. During periods when the Operating Partnership’s noncontrolling interest changes, the noncontrolling ownership interest is calculated based on the weighted average Operating Partnership noncontrolling ownership interest during that period. The Operating Partnership’s net loss is allocated to the noncontrolling unit holders based on their ownership interest. During the three months ended March 31, 2023, a weighted average of 1.19 % of the Operating Partnership’s net loss of $243,989 , or $2,903 , was allocated to the noncontrolling unit holders. During the three months ended March 31, 2022, a weighted average of 1.28 % of the Operating Partnership’s net loss of $75,882 , or $973 , was allocated to the noncontrolling unit holders.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Since its initial public offering, the Company has elected to be classified as an emerging growth company in its periodic reporting to the U.S. Securities and Exchange Commission (the “SEC”), and accordingly has followed the private company implementation dates for new accounting pronouncements. Effective for the three months ending March 31, 2023, the Company will no longer be classified as an emerging growth company, but will retain its classification as a smaller reporting company and therefore follow implementation dates applicable to smaller reporting companies with respect to new accounting pronouncements. In addition, the Company has elected to follow scaled disclosure requirements applicable to smaller reporting companies. Recently Adopted Accounting Pronouncements Accounting for Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases (Topic 842) Leases interim periods within fiscal years beginning after December 15, 2022. The Company adopted the standard effective on January 1, 2022 using the modified retrospective approach within ASU 2018-11, which allows for the application date to be the beginning of the reporting period in which the entity first applies the new standard. The Company historically has not been and is not currently a “lessee” under any lease agreements, and thus did not have any arrangements requiring the recognition of lease assets or liabilities on its balance sheet. As a “lessor”, the Company has active lease agreements with over 100 tenants across its portfolio of investment properties. On a prospective and retrospective basis, the accounting for those leases under ASU 2016-02 (ASC No. 842) is substantially unchanged from the previous guidance in ASC No. 840. However, upon the adoption of ASC No. 842, the Company has elected the practical expedient permitting lessors to elect by class of underlying asset to not separate non-lease components (for example, maintenance services, including common area maintenance) from associated lease components (the “non-separation practical expedient”) if both of the following criteria are met: (1) the timing and pattern of transfer of the lease and non-lease component(s) are the same and (2) the lease component would be classified as an operating lease if it were accounted for separately. If both criteria are met, the combined component is accounted for in accordance with ASC No. 842 if the lease component is the predominant component of the combined component; otherwise, the combined component is accounted for in accordance with the revenue recognition standard. Prior to the adoption of ASC No. 842, the Company separated lease-related revenue from its retail center and flex center properties into two components. Fixed rental payments under its leases (recognized on a straight-line basis over the term of the underlying lease) were recorded as retail center property revenues and flex center property revenues. Variable payments under the leases made by tenants for real estate taxes, insurance and common area maintenance (“CAM”) expenses were recorded as retail center and flex center tenant reimbursements. With the adoption of ASC No. 842, the Company determined that its retail center and flex center operating leases qualify for the non-separation practical expedient based on the guidance. As a result, the Company has accounted for and presented the revenues from these leases, including tenant reimbursements, as a single line item on its condensed consolidated statements of operations. Debt With Conversion Options In August 2020, the FASB issued ASU 2020-06, Debt - Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in an Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. Credit Losses on Financial Instruments In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Upcoming Accounting Pronouncements Effects of Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, . The London Interbank Offered Rate (LIBOR), which is widely used as a reference interest rate in debt agreements and other contracts, was effectively discontinued for new contracts as of December 31, 2021, and its publication for existing contracts is scheduled to be discontinued by June 30, 2023. Financial market regulators in certain jurisdictions throughout the world undertook reference rate reform initiatives to guide the transition and modification of debt agreements and other contracts that are based on LIBOR to the successor reference rate that will replace it. ASU 2020-04 was issued to provide companies that are impacted by these changes with the opportunity to elect certain expedients and exceptions that are intended to ease the potential burden of accounting for or recognizing the effects of reference rate reform on financial reporting. Under ASU 2020-04, companies may generally elect to make use of the expedients and exceptions provided therein for any reference rate contract modifications that occur in reporting periods that encompass the timeline from March 12, 2020 to December 31, 2022. The FASB subsequently issued ASU 2022-06, , to extend that timeline from December 31, 2022 to December 31, 2024. The Company’s Parkway Property is financed by a mortgage loan with a corresponding interest rate protection agreement which both use USD LIBOR as the reference interest rate (see Note 5, below). The mortgage loan matures on November 1, 2031, and the interest rate protection agreement expires on December 1, 2026. The Company is continuing to review the guidance in ASU 2020-04 and anticipates that it will use the expedients and exceptions provided therein with respect to the replacement of USD LIBOR as the reference rate in the Parkway Property mortgage loan and corresponding interest rate protection agreement. However, the Company does not expect that any changes under ASU 2020-04 will have a material impact on its condensed consolidated financial statements. Evaluation of the Company’s Ability to Continue as a Going Concern Under the accounting guidance related to the presentation of financial statements, the Company is required to evaluate, on a quarterly basis, whether or not the entity’s current financial condition, including its sources of liquidity at the date that the condensed consolidated financial statements are issued, will enable the entity to meet its obligations as they come due arising within one year of the date of the issuance of the Company’s condensed consolidated financial statements and to make a determination as to whether or not it is probable, under the application of this accounting guidance, that the entity will be able to continue as a going concern. The Company’s condensed consolidated financial statements have been presented on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. In applying applicable accounting guidance, management considered the Company’s current financial condition and liquidity sources, including current funds available, forecasted future cash flows, the Company’s obligations due over the next twelve months as well as the Company’s recurring business operating expenses. The Company concludes that it is probable that the Company will be able to meet its obligations arising within one year of the date of issuance of these condensed consolidated financial statements within the parameters set forth in the accounting guidance.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Summary of Significant Accounting Policies
Schedule of net intangible assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ ​ ​ (unaudited) December 31, 2022 Intangible Assets, net ​ ​ ​ ​ ​ ​ ​ Leasing commissions ​ $ 1,074,551 ​ $ 1,135,421 ​ Legal and marketing costs ​ 150,957 ​ 169,437 ​ Above market leases ​ 175,839 ​ 209,860 ​ Net leasehold asset ​ 2,048,253 ​ 2,233,988 ​ ​ ​ $ 3,449,600 ​ $ 3,748,706 ​ ​ ​ ​ ​ ​ ​ ​ ​ Intangible Liabilities, net ​ ​ ​ ​ ​ Below market leases ​ $ (2,133,752) ​ $ (2,234,113) ​ ​
Schedule of adjustments to rental revenue related to the above and below market leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ March 31, ​ ​ ​ ​ 2023 ​ ​ 2022 ​ ​ (unaudited) (unaudited) Amortization of above market leases ​ $ (27,343) ​ $ (69,583) ​ Amortization of below market leases ​ 100,361 ​ 95,617 ​ ​ ​ $ 73,018 ​ $ 26,034 ​ ​
Schedule of amortization related to intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ March 31, ​ ​ ​ ​ 2023 ​ ​ 2022 ​ ​ (unaudited) (unaudited) Leasing commissions ​ $ (56,618) ​ $ (63,032) ​ Legal and marketing costs ​ (16,205) ​ (14,559) ​ Net leasehold asset ​ (172,044) ​ (306,046) ​ ​ ​ $ (244,867) ​ $ (383,637) ​ ​
Schedule of future amortization of above and below market leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ remaining nine ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ months ending ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2024 2025 2026 2027 2028-2042 Total Intangible Assets ​ ​ ​ ​ ​ ​ ​ Leasing commissions ​ $ 160,102 ​ $ 171,601 ​ $ 145,550 ​ $ 107,312 ​ $ 88,394 ​ $ 401,592 ​ $ 1,074,551 Legal and marketing costs ​ 43,963 ​ 38,900 ​ 24,004 ​ 13,160 ​ 7,917 ​ 23,013 ​ 150,957 Above market leases ​ 66,689 ​ 42,858 ​ 21,526 ​ 15,629 ​ 14,543 ​ 14,594 ​ 175,839 Net leasehold asset ​ 443,833 ​ 394,874 ​ 295,851 ​ 199,466 ​ 153,142 ​ 561,087 ​ 2,048,253 ​ ​ $ 714,587 ​ $ 648,233 ​ $ 486,931 ​ $ 335,567 ​ $ 263,996 ​ $ 1,000,286 ​ $ 3,449,600 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Intangible Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Below market leases, net ​ $ (268,441) ​ $ (285,892) ​ $ (213,348) ​ $ (178,776) ​ $ (161,866) ​ $ (1,025,429) ​ $ (2,133,752) ​
Schedule of property and purpose of reserve	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, ​ Property and Purpose of Reserve (unaudited) 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ Franklin Square Property - leasing costs ​ $ 858,509 ​ $ 845,765 ​ Brookfield Center Property - maintenance and leasing cost reserve ​ 58,245 ​ 47,313 ​ Total ​ $ 916,754 ​ $ 893,078 ​ ​

Investment Properties (Tables)

Investment Properties (Tables)	3 Months Ended
	Mar. 31, 2023
Schedule of investment properties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ December 31, ​ ​ ​ (unaudited) ​ 2022 ​ Land ​ $ 16,526,436 ​ $ 16,526,436 ​ Site improvements ​ 4,731,249 ​ 4,719,926 ​ Buildings and improvements (1) ​ 65,209,769 ​ 64,669,498 ​ Investment properties at cost (2) ​ 86,467,454 ​ 85,915,860 ​ Less accumulated depreciation ​ 10,224,948 ​ 9,400,908 ​ Investment properties, net ​ $ 76,242,506 ​ $ 76,514,952 ​ (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 assets and liabilities (see Note 2, above, for a discussion of the Company's accounting treatment of intangible assets), escrow deposits and property reserves.
Schedule of deferred costs, net of depreciation and amortization	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ ​ ​ ​ ​ 2023 ​ December 31, ​ ​ (unaudited) 2022 ​ Capitalized tenant improvements – acquisition cost allocation, net ​ $ 2,996,990 ​ $ 3,178,534 ​ Capitalized tenant improvements incurred subsequent to acquisition, net ​ 683,836 ​ 338,836 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, ​ ​ ​ (unaudited) ​ 2022 ​ Capitalized leasing commissions, net $ 614,663 $ 555,956 ​ ​
Schedule of operating results of hotel properties included in continuing operations	Operating results of the Clemson Best Western Hotel Property, which was sold on September 29, 2022 and which are included in continuing operations, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ March 31, ​ ​ ​ ​ 2023 ​ ​ 2022 ​ ​ (unaudited) (unaudited) Hotel property room revenues ​ $ — ​ $ 762,200 ​ Hotel property other revenues ​ — ​ 3,289 ​ Total Revenue ​ ​ — ​ ​ 765,489 ​ Hotel property operating expenses ​ ​ — ​ ​ 372,860 ​ Impairment of assets held for sale ​ — ​ 175,671 ​ Total Operating Expenses ​ ​ — ​ ​ 548,531 ​ Operating Income ​ ​ — ​ ​ 216,958 ​ Interest expense ​ — ​ 138,917 ​ Net Income from Operations ​ ​ — ​ ​ 78,041 ​ Other income ​ — ​ 263 ​ Net Income ​ ​ — ​ ​ 78,304 ​ Net income attributable to Operating Partnership noncontrolling interests ​ — ​ 1,002 ​ Net Income Attributable to Medalist Common Shareholders ​ $ — ​ $ 77,302 ​ ​
Salisbury Marketplace Property
Schedule of fair values of assets acquired and liabilities assumed	​ ​ ​ ​ ​ ​ ​ ​ Salisbury ​ ​ ​ Marketplace ​ ​ Property Fair value of assets acquired: ​ ​ ​ Investment property (a) ​ $ 9,963,258 Lease intangibles and other assets (b) ​ ​ 1,045,189 Above market leases (b) ​ ​ 40,392 Below market leases (b) ​ ​ (769,125) Fair value of net assets acquired (c) ​ $ 10,279,714 ​ ​ ​ ​ Purchase consideration: ​ ​ ​ Consideration paid with cash (d) ​ $ 3,746,561 Consideration paid with new mortgage debt, net (e) ​ 6,533,153 Total consideration (f) ​ $ 10,279,714 a. Represents the fair value of the investment property acquired which includes land, buildings, site improvements, tenant improvements and furniture, fixtures and equipment. The fair value was determined using the market approach, the cost approach, the income approach or a combination thereof. Closing and acquisition costs were allocated and added to the fair value of the tangible assets acquired. b. Represents the fair value of lease intangibles and other assets. Lease intangibles include leasing commissions, leases in place, above market leases, 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 at closing and cash paid for acquisition (including intangible assets), and closing costs paid at closing or directly by the Company outside of closing. e. Represents allocation of the Wells Fargo Mortgage Facility proceeds used to fund the purchase of the Salisbury Marketplace Property, net of $18,847 in capitalized loan issuance costs. See Note 5, below. f. Represents the consideration paid for the fair value of the assets and liabilities acquired.

Mandatorily Redeemable Prefer_2

Mandatorily Redeemable Preferred Stock (Tables)	3 Months Ended
	Mar. 31, 2023
Mandatorily Redeemable Preferred Stock
Schedule of mandatorily redeemable preferred stock	For all periods the mandatorily redeemable preferred stock has been outstanding, the Company has paid a cash dividend on the stock equal to 8 % per annum, paid quarterly, as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount ​ Payment Date ​ Record Date ​ per share ​ For the period April 27, 2020 ​ April 24, 2020 ​ $ 0.37 February 19, 2020 - April 27, 2020 July 24, 2020 ​ July 22, 2020 ​ 0.50 April 28, 2020 - July 24, 2020 October 26, 2020 ​ October 23, 2020 ​ 0.50 July 25, 2020 - October 26, 2020 February 1, 2021 ​ January 29, 2021 ​ 0.50 October 27, 2020 - February 1, 2021 April 30, 2021 ​ April 26, 2021 ​ ​ 0.50 ​ February 2, 2021 – April 30, 2021 July 26, 2021 ​ July 12, 2021 ​ ​ 0.50 ​ May 1, 2021 - July 26, 2021 October 27, 2021 ​ October 25, 2021 ​ ​ 0.50 ​ July 27, 2021 – October 26, 2021 January 20, 2022 ​ January 13, 2022 ​ ​ 0.50 ​ October 27, 2021 – January 19, 2022 April 21, 2022 ​ April 18, 2022 ​ ​ 0.50 ​ January 20, 2022 - April 20, 2022 July 21, 2022 ​ July 18, 2022 ​ ​ 0.50 ​ April 21, 2022 - July 20, 2022 October 20, 2022 ​ October 17, 2022 ​ ​ 0.50 ​ July 21, 2022 - October 19, 2022 January 27, 2023 ​ January 24, 2023 ​ ​ 0.50 ​ October 20, 2022 - January 19, 2023 April 28, 2023 ​ April 25, 2023 ​ ​ 0.50 ​ January 20, 2023 - April 20, 2023 ​

Loans Payable (Tables)

Loans Payable (Tables)	3 Months Ended
	Mar. 31, 2023
Loans Payable
Schedule of mortgages payables, net	The Company’s mortgages payables, net consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ ​ ​ ​ ​ Monthly ​ Interest ​ ​ ​ ​ 2023 ​ ​ December 31, ​ Property Payment Rate Maturity (unaudited) 2022 ​ Franklin Square (a) ​ Interest only 3.808 % December 2031 ​ $ 13,250,000 ​ $ 13,250,000 ​ Hanover Square (b) $ 78,098 6.94 % December 2027 ​ 9,813,679 ​ 9,877,867 ​ Ashley Plaza (c) ​ $ 52,795 3.75 % September 2029 ​ 10,856,618 ​ 10,930,370 ​ Brookfield Center (d) ​ $ 22,876 ​ 3.90 % November 2029 ​ ​ 4,639,969 ​ ​ 4,663,206 ​ Parkway Center (e) ​ $ 28,161 ​ Variable ​ October 2026 ​ ​ 4,956,301 ​ ​ 4,992,427 ​ Wells Fargo Facility (f) ​ $ 103,438 ​ 4.50 % June 2027 ​ ​ 18,247,707 ​ ​ 18,351,981 ​ Unamortized issuance costs, net ​ ​ ​ ​ ​ ​ ​ ​ ​ (698,602) ​ ​ (725,592) ​ Total mortgages payable, net ​ ​ ​ ​ $ 61,065,672 ​ $ 61,340,259 ​ (a) The original mortgage loan for the Franklin Square Property in the amount of $14,275,000 matured on October 6, 2021. Effective on October 6, 2021, the Company entered into a forbearance agreement with the current lender extending the maturity date for thirty days with a right to extend the maturity date for an additional thirty days . On November 8, 2021, the Company closed on a new loan in the principal amount of $13,250,000 with a ten -year term and a maturity date of December 6, 2031. In addition to the funds from the new loan, the Company used $2,242,273 in cash on hand for loan issuance costs (totaling $283,721 ), to fund escrows and to repay the remaining balance of the original mortgage loan. The Company has guaranteed the payment and performance of the obligations of the new mortgage loan. The new mortgage loan bears interest at a fixed rate of 3.808 % and is interest only until January 6, 2025, at which time the monthly payment will become $61,800 , which includes interest and principal based on a thirty-year amortization schedule. The Company accounted for this refinancing transaction under debt extinguishment accounting in accordance with ASC 470. The new mortgage includes covenants for the Company to maintain a net worth of $13,250,000 , excluding the assets and liabilities associated with the Franklin Square Property and for the Company to maintain liquid assets of no less than $1,000,000 . As of March 31, 2023 and December 31, 2022, respectively, the Company believes that it is compliant with these covenants. (b) The mortgage loan for the Hanover Square Property bore interest at a fixed rate of 4.25 % until January 1, 2023, when the interest rate adjusted to a fixed rate of 6.94 %, which was determined by adding 3.00% to the daily average yield on United States Treasury securities adjusted to a constant maturity of five years , as made available by the Federal Reserve Board, with a minimum of 4.25 %. As a result of the interest rate change, as of February 1, 2023, the fixed monthly payment of $56,882 increased to $78,098 which includes interest at the fixed rate, and principal, based on a twenty-five-year amortization schedule. The mortgage loan agreement for the Hanover Square property includes covenants to (i) maintain a Debt Service Coverage Ratio (“DSCR”) in excess of 1.35 and (ii) maintain a loan-to-value of real estate ratio of 75 %. As of March 31, 2023 and December 31, 2022, respectively, the Company believes that it is compliant with these covenants. (c) The mortgage loan for the Ashley Plaza Property bears interest at a fixed rate of 3.75 % and was interest only for the first twelve months. Beginning on October 1, 2020, the monthly payment became $52,795 for the remaining term of the loan, which includes interest at the fixed rate, and principal, based on a thirty-year amortization schedule. (d) The mortgage loan for the Brookfield Property bears interest at a fixed rate of 3.90 % and was interest only for the first twelve months. Beginning on November 1, 2020, the monthly payment became $22,876 for the remaining term of the loan, which includes interest at the fixed rate, and principal, based on a thirty-year amortization schedule. (e) The mortgage loan for the Parkway Property bears interest at a variable rate based on LIBOR with a minimum rate of 2.25 %. The interest rate payable is the ICE LIBOR rate plus 225 basis points. Under the terms of the mortgage, the interest rate payable each month shall not change by greater than 1% during any six-month period and 2% during any 12-month period. As of March 31, 2023 and December 31, 2022 the rate in effect for the Parkway Property mortgage was 4.4806 % and 4.3117 %, respectively. The monthly payment, which varies based on the interest rate in effect each month, includes interest at the variable rate, and principal based on a thirty-year amortization schedule. On October 28, 2021, the Company entered into an interest rate protection transaction to limit its exposure to increases in interest rates on the variable rate mortgage loan on the Parkway Property (the “Interest Rate Protection Transaction”). Under this agreement, the Company’s interest rate exposure is capped at 5.25% if USD 1-Month ICE LIBOR exceeds 3%. For the period from September 1, 2022 through March 31, 2023, LIBOR exceeded the 3% cap, and payments from the Interest Rate Protection Transaction reduced the Company’s net interest expense. Payments to the Company from the Interest Rate Protection Transaction are recorded as an offset to interest expense on the Company’s condensed consolidated statements of operations for the three months ended March 31, 2023. No such payments were received during the three months ended March 31, 2022 because the LIBOR rate in effect did not exceed the LIBOR cap. The mortgage loan for the Parkway Property includes a covenant to maintain a debt service coverage ratio of not less than 1.60 to 1.00 on an annual basis . As of March 31, 2023 and December 31, 2022, respectively, the Company believes that it is compliant with this covenant. (f) On June 13, 2022, the Company entered into a mortgage loan facility with Wells Fargo Bank (the “Wells Fargo Mortgage Facility”) in the principal amount of $18,609,500 . The proceeds of this mortgage were used to finance the acquisition of the Salisbury Marketplace Property and to refinance the mortgages payable on the Lancer Center Property and the Greenbrier Business Center Property. The Wells Fargo Mortgage Facility bears interest at a fixed rate of 4.50 % for a five-year term. The monthly payment, which includes interest at the fixed rate, and principal, based on a twenty-five-year amortization schedule, is $103,438 . The Company has provided an unconditional guaranty of the payment of and performance under the terms of the Wells Fargo Mortgage Facility. The Wells Fargo Mortgage Facility credit agreement includes covenants to maintain a debt service coverage ratio of not less than 1.50 to 1.00 on an annual basis, a minimum debt yield of 9.5 % on the Salisbury Marketplace, Lancer Center and Greenbrier Business Center properties, and the maintenance of liquid assets of not less than $1,500,000 . As of March 31, 2023 and December 31, 2022, respectively, the Company believes that it is compliant with these covenants.
Schedule of interest expense, including amortization of capitalized issuance costs and payments received from the Company's interest rate protection transactions for the Hampton Inn Property and Clemson Best Western Property	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended March 31, 2023 (unaudited) ​ ​ ​ Amortization Interest rate ​ ​ ​ ​ ​ Mortgage ​ of discounts and ​ protection ​ Other ​ ​ ​ ​ Interest ​ capitalized ​ transaction ​ interest ​ ​ ​ ​ Expense ​ issuance costs ​ payments ​ expense ​ Total Franklin Square mortgage ​ $ 126,140 $ 7,093 $ — $ — $ 133,233 Hanover Square mortgage ​ 170,640 ​ 3,223 ​ — ​ — ​ 173,863 Ashley Plaza mortgage ​ 102,133 ​ 4,357 ​ — ​ — ​ 106,490 Brookfield Center mortgage ​ 45,391 ​ 2,838 ​ — ​ — ​ 48,229 Parkway Center mortgage ​ ​ 47,257 ​ ​ 2,757 ​ ​ (19,342) ​ ​ — ​ ​ 30,672 Wells Fargo Mortgage Facility ​ ​ 206,039 ​ ​ 6,722 ​ ​ — ​ ​ — ​ ​ 212,761 Amortization and preferred stock dividends on mandatorily redeemable preferred stock ​ ​ — ​ ​ 58,804 ​ ​ — ​ ​ 100,000 ​ ​ 158,804 Total interest expense ​ $ 697,600 ​ $ 85,794 ​ $ (19,342) ​ $ 100,000 ​ $ 864,052 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended March 31, 2022 (unaudited) ​ ​ ​ Amortization ​ ​ ​ ​ ​ Mortgage ​ of discounts and ​ Other ​ ​ ​ ​ Interest ​ capitalized ​ interest ​ ​ ​ ​ Expense ​ issuance costs ​ expense ​ Total Franklin Square mortgage ​ $ 126,140 ​ $ 7,093 ​ $ — ​ $ 133,233 Hanover Square mortgage ​ 104,854 ​ ​ 3,223 ​ ​ — ​ ​ 108,077 Ashley Plaza mortgage ​ 104,147 ​ ​ 4,358 ​ ​ — ​ ​ 108,505 Clemson Best Western mortgage ​ 138,531 ​ ​ — ​ ​ 386 ​ ​ 138,917 Brookfield Center mortgage ​ 46,254 ​ ​ 2,838 ​ ​ — ​ ​ 49,092 Lancer Center mortgage ​ ​ 63,746 ​ ​ 7,156 ​ ​ — ​ ​ 70,902 Greenbrier Business Center mortgage ​ ​ 44,950 ​ ​ 693 ​ ​ — ​ ​ 45,643 Parkway Center mortgage ​ ​ 30,375 ​ ​ 2,757 ​ ​ — ​ ​ 33,132 Amortization and preferred stock dividends on mandatorily redeemable preferred stock ​ ​ — ​ ​ 53,923 ​ ​ 100,000 ​ ​ 153,923 Total interest expense ​ $ 658,997 ​ $ 82,041 ​ $ 100,386 ​ $ 841,424 ​
Schedule of interest accrued and accumulated amortization of capitalized issuance costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 (unaudited) ​ As of December 31, 2022 ​ ​ ​ Accumulated ​ ​ Accumulated ​ ​ ​ ​ ​ amortization of ​ ​ ​ ​ amortization ​ ​ Accrued ​ capitalized ​ Accrued ​ of capitalized ​ ​ interest ​ issuance costs ​ interest ​ issuance costs Franklin Square mortgage ​ $ 43,448 ​ $ 37,829 ​ $ 43,448 ​ $ 30,736 Hanover Square mortgage ​ 60,539 ​ 63,103 ​ 38,792 ​ 59,880 Ashley Plaza mortgage ​ — ​ 62,466 ​ 35,296 ​ 58,109 Brookfield Center mortgage ​ — ​ 39,731 ​ — ​ 36,893 Parkway Center mortgage ​ ​ 22,041 ​ ​ 15,621 ​ ​ 26,502 ​ ​ 12,864 Wells Fargo Mortgage Facility ​ ​ — ​ ​ 20,166 ​ ​ — ​ ​ 13,444 Amortization and accrued preferred stock dividends on mandatorily redeemable preferred stock (1) ​ ​ 70,004 ​ ​ 648,443 ​ ​ 70,004 ​ ​ 589,639 Total ​ $ 196,032 ​ $ 887,359 ​ $ 214,042 ​ $ 801,565 (1) Recorded as accrued interest under accounts payable and accrued liabilities on the Company’s condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022, respectively. ​
Schedule of principal repayments on indebtedness	​ ​ ​ ​ ​ For the remaining nine months ending December 31, 2023 $ 780,584 2024 ​ 1,092,879 2025 ​ 1,391,025 2026 ​ 1,460,923 2027 ​ 25,990,390 Thereafter ​ 31,048,473 Total principal payments and debt maturities ​ ​ 61,764,274 Less unamortized issuance costs ​ (698,602) Net principal payments and debt maturities ​ $ 61,065,672

Rentals under Operating Leases

Rentals under Operating Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Rentals under Operating Leases
Schedule of future minimum rentals to be received under noncancelable tenant operating leases	​ ​ ​ ​ ​ For the remaining nine months ending December 31, 2023 $ 5,967,624 2024 ​ 6,702,872 2025 ​ 5,814,765 2026 ​ 4,048,868 2027 ​ 3,053,369 Thereafter ​ 7,608,664 Total minimum rents ​ $ 33,196,162

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Equity
Schedule of Stock Issuances under Standby Equity Purchase Agreement	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuance Date Shares Issued Price Per Share Total Proceeds March 3, 2022 ​ 90,600 ​ $ 1.088 ​ $ 98,574 March 14, 2022 276,190 ​ 1.050 ​ 290,000 March 17, 2022 278,810 ​ 1.076 ​ 300,000 March 21, 2022 474,068 ​ 1.055 ​ 500,000 April 1, 2022 325,732 ​ 1.075 ​ 350,313 Total 1,445,400 ​ $ 1.065 ​ $ 1,538,887 ​
Schedule of common stock purchases under Common Stock Repurchase Plan	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchase (Trade) Date Shares Purchased Price Per Share Total Cost (1) January 4, 2022 ​ 400 ​ $ 1.060 ​ $ 424 January 5, 2022 48,205 ​ 1.060 ​ 51,093 January 6, 2022 100,000 ​ 1.046 ​ 104,556 January 7, 2022 30,000 ​ 1.050 ​ 31,500 January 10, 2022 50,000 ​ 1.020 ​ 51,000 January 14, 2022 100 ​ 1.010 ​ 101 January 21, 2022 39,365 ​ 1.006 ​ 39,603 Total 268,070 ​ $ 1.038 ​ $ 278,277 (1) Total cost before transaction fees.
Schedule of earnings per common share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2023 2022 ​ ​ (unaudited) (unaudited) ​ Basic and diluted shares outstanding ​ ​ ​ ​ ​ ​ ​ Weighted average Common Shares – basic ​ ​ 17,758,421 ​ 16,037,073 ​ Effect of conversion of operating partnership units ​ ​ 213,531 ​ 213,531 ​ Weighted average Common Shares – diluted ​ ​ 17,971,952 ​ 16,250,604 ​ ​ ​ ​ ​ ​ ​ ​ ​ Calculation of earnings per share – basic and diluted ​ ​ ​ ​ ​ ​ Net loss attributable to common shareholders ​ $ (1,221,295) ​ $ (989,284) ​ Weighted average Common Shares – basic and diluted ​ 17,758,421 ​ 16,037,073 ​ Loss per share – basic and diluted ​ $ (0.07) ​ $ (0.06) ​ ​
Schedule of dividends and distributions to common shareholders and noncontrolling interests	​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2023 2022 ​ ​ (unaudited) (unaudited) Common shareholders (dividends) ​ $ 176,810 ​ $ 316,450 Hanover Square Property noncontrolling interest (distributions) ​ — ​ 10,000 Parkway Property noncontrolling interest (distributions) ​ — ​ 10,800 Operating Partnership unit holders (distributions) ​ 2,135 ​ 4,271 Total dividends and distributions ​ $ 178,945 ​ $ 341,521 ​

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Information
Schedule of property operating revenues, expenses and NOI by product type	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended March 31, ​ ​ Hotel properties Retail center properties ​ Flex center property ​ Total ​ 2023 2022 ​ 2023 2022 2023 2022 2023 2022 ​ (unaudited) (unaudited) ​ (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Revenues ​ $ — ​ $ 765,489 ​ $ 1,891,679 ​ $ 1,525,085 ​ $ 569,297 ​ $ 613,390 ​ $ 2,460,976 ​ $ 2,903,964 Operating expenses ​ — ​ 372,860 ​ 520,615 ​ 450,125 ​ ​ 176,737 ​ ​ 161,381 ​ 697,352 ​ 984,366 Bad debt expense ​ ​ — ​ ​ — ​ ​ 125 ​ ​ 7,791 ​ ​ 26,997 ​ ​ 4,992 ​ ​ 27,122 ​ ​ 12,783 Net operating income ​ $ — ​ $ 392,629 ​ $ 1,370,939 ​ $ 1,067,169 ​ $ 365,563 ​ $ 447,017 ​ $ 1,736,502 ​ $ 1,906,815

Organization and Basis of Pre_2

Organization and Basis of Presentation and Consolidations (Details)	Sep. 29, 2022 a room	Mar. 31, 2023 ft²	Jun. 13, 2022 ft²	Mar. 31, 2022
Clemson Best Western University Inn
Organization And Basis Of Presentation And Consolidation [Line Items]
Number of hotel rooms | room	148
Area of land | a	5.92
Hanover Square Property
Organization And Basis Of Presentation And Consolidation [Line Items]
Percentage by parent		84%
Ownership percentage by noncontrolling owners		16%		16%
Parkway Property
Organization And Basis Of Presentation And Consolidation [Line Items]
Percentage by parent		82%
Ownership percentage by noncontrolling owners		18%		18%
Greenbrier Business Center Property
Organization And Basis Of Presentation And Consolidation [Line Items]
Area of building		89,280
Lancer Center Shopping Center
Organization And Basis Of Presentation And Consolidation [Line Items]
Area of building		181,590
Franklin Square Property
Organization And Basis Of Presentation And Consolidation [Line Items]
Area of building		134,239
Hanover Square Property
Organization And Basis Of Presentation And Consolidation [Line Items]
Area of building		73,440
Hanover Square Property | Hanover Square Property
Organization And Basis Of Presentation And Consolidation [Line Items]
Percentage by parent		84%
Ownership percentage by noncontrolling owners		16%
Ashley Plaza Property
Organization And Basis Of Presentation And Consolidation [Line Items]
Area of building		164,012
Brookfield Center Property
Organization And Basis Of Presentation And Consolidation [Line Items]
Area of building		64,880
Parkway Property
Organization And Basis Of Presentation And Consolidation [Line Items]
Area of building		64,109
Parkway Property | Parkway Property
Organization And Basis Of Presentation And Consolidation [Line Items]
Percentage by parent		82%
Ownership percentage by noncontrolling owners		18%
Salisbury Marketplace Property
Organization And Basis Of Presentation And Consolidation [Line Items]
Area of building		79,732	79,732

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Investment Properties, Assets Held for Sale and Intangible Assets and Liabilities, net (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($) tenant	Dec. 31, 2022 USD ($)
Real Estate [Line Items]
Number tenants defaulted | tenant		2
Loss on impairment - intangible assets	$ 35,551	$ 36,670
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Sale of Assets and Asset Impairment Charges	Gain (Loss) on Sale of Assets and Asset Impairment Charges
Impairment of assets held for sale	$ 0	$ 175,671
Accumulated amortization of lease origination costs, leases in place and legal and marketing costs	2,148,257		$ 2,198,049
Write off of fully amortized intangible assets	273,252	486,785
Write Off amortization of tenant defaults	$ 21,407	$ 5,108
Buildings and improvements | Maximum
Real Estate [Line Items]
Estimated useful life of asset	42 years
Buildings and improvements | Minimum
Real Estate [Line Items]
Estimated useful life of asset	4 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Intangible Assets and Liabilities, net (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Intangible Assets, net
Net intangible assets	$ 3,449,600	$ 3,748,706
Intangible Liabilities, net
Below market leases	(2,133,752)	(2,234,113)
Leasing commissions
Intangible Assets, net
Net intangible assets	1,074,551	1,135,421
Legal and marketing costs
Intangible Assets, net
Net intangible assets	150,957	169,437
Above market leases
Intangible Assets, net
Net intangible assets	175,839	209,860
Net leasehold asset
Intangible Assets, net
Net intangible assets	$ 2,048,253	$ 2,233,988

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Rental Revenue Related to Above and Below Market Leases (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ (244,867)	$ (383,637)
Amortization of below market leases	100,361	95,617
Amortization of above and below market leases	73,018	26,034
Above market leases
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ (27,343)	$ (69,583)

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Related to Intangible Assets (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ (244,867)	$ (383,637)
Leasing commissions
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	(56,618)	(63,032)
Legal and marketing costs
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	(16,205)	(14,559)
Net leasehold asset
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ (172,044)	$ (306,046)

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Future Amortization of Above and Below Market Leases (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Intangible Assets, net
For the remaining nine months ending December 31, 2023	$ 714,587
2024	648,233
2025	486,931
2026	335,567
2027	263,996
2028-2042	1,000,286
Intangible assets, net	3,449,600	$ 3,748,706
Intangible Liabilities, net
For the remaining nine months ending December 31, 2023	(268,441)
2024	(285,892)
2025	(213,348)
2026	(178,776)
2027	(161,866)
2028 - 2042	(1,025,429)
Below market leases	(2,133,752)	(2,234,113)
Leasing commissions
Intangible Assets, net
For the remaining nine months ending December 31, 2023	160,102
2024	171,601
2025	145,550
2026	107,312
2027	88,394
2028-2042	401,592
Intangible assets, net	1,074,551	1,135,421
Legal and marketing costs
Intangible Assets, net
For the remaining nine months ending December 31, 2023	43,963
2024	38,900
2025	24,004
2026	13,160
2027	7,917
2028-2042	23,013
Intangible assets, net	150,957	169,437
Above market leases
Intangible Assets, net
For the remaining nine months ending December 31, 2023	66,689
2024	42,858
2025	21,526
2026	15,629
2027	14,543
2028-2042	14,594
Intangible assets, net	175,839	209,860
Net leasehold asset
Intangible Assets, net
For the remaining nine months ending December 31, 2023	443,833
2024	394,874
2025	295,851
2026	199,466
2027	153,142
2028-2042	561,087
Intangible assets, net	$ 2,048,253	$ 2,233,988

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Exceeded the FDIC limit	$ 1,404,374	$ 2,613,789
Security deposits	283,646	267,854
Escrow deposits	736,865	579,785
Capital property reserves	916,754	$ 893,078
FDIC Limit | UNITED STATES
Restricted Cash and Cash Equivalents Items [Line Items]
FDIC Limit, per account	$ 250,000

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Property and Purpose of Reserves (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Capital property reserves	$ 916,754	$ 893,078
Franklin Square Property | Leasing costs [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Capital property reserves	858,509	845,765
Brookfield Center Property. | Maintenance and leasing cost reserve
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Capital property reserves	$ 58,245	$ 47,313

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Share Retirement (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Common stock repurchases		$ 286,543
Common Stock
Common stock repurchases (in shares)		268,070
Cost of re-purchased common stock		$ 278,277
Average price of repurchased shares		$ 1.038
Expenses from stock repurchase plan		$ 8,266
Common stock repurchases	$ 0	2,681
Additional Paid in Capital
Common stock repurchases		$ 283,862

Summary of Significant Accou_12

Summary of Significant Accounting Policies - Revenue Recognition (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($) tenant	Dec. 31, 2022 USD ($)
Summary of Significant Accounting Policies
Unbilled rent	$ 1,069,860		$ 1,022,153
Loss on impairment	1,192	$ 0
Revenues	2,460,976	$ 2,903,964
Number tenants defaulted | tenant		2
Loss on impairment - intangible assets	$ 35,551	$ 36,670
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Sale of Assets and Asset Impairment Charges	Gain (Loss) on Sale of Assets and Asset Impairment Charges

Summary of Significant Accou_13

Summary of Significant Accounting Policies - Additional Information (Details)			3 Months Ended		12 Months Ended
	Aug. 31, 2020 shares	Jan. 01, 2020 shares	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) shares	Dec. 31, 2017 USD ($) Partnership
Accounting Policies [Line Items]
Allowance for uncollectible tenant receivables			$ 62,960		$ 47,109
Percentage of taxable income required to be distributed to shareholders			90%
Tenant in common interest exchanged for operating partnership units (as a percent)		3.45%
Tenant in common interest exchanged, operating partnership units issued (in shares) | shares		93,850
Net (loss) income			$ (1,233,806)	$ (980,383)
Noncontrolling Operating Partnership Units | Partnership						125,000
Number of Operating Partnership units into shares of Common Stock | shares	5,319
Common stock, par value per share (in dollars per share) | $ / shares			$ 0.01
Less: Net loss attributable to Operating Partnership noncontrolling interests			$ (2,903)	(973)
Hanover Square Property
Accounting Policies [Line Items]
Net loss (income) attributable to noncontrolling interests			(1,241)	(319)
Hanover Square Property | Noncontrolling Interests
Accounting Policies [Line Items]
Net (loss) income			(1,241)	(319)
Clemson Best Western Property
Accounting Policies [Line Items]
Amounts incurred for payroll salaries and wages, payroll taxes and other employee benefits			0	131,939
Income tax expense				0
Parkway Property
Accounting Policies [Line Items]
Net loss (income) attributable to noncontrolling interests			(8,367)	10,193
Parkway Property | Noncontrolling Interests
Accounting Policies [Line Items]
Net (loss) income			(8,367)	10,193
Hanover Square Property
Accounting Policies [Line Items]
Net (loss) income			7,755	(1,992)
Parkway Property
Accounting Policies [Line Items]
Net (loss) income			46,482	(56,624)
Operating Partnership
Accounting Policies [Line Items]
Net (loss) income			(243,989)	75,882
Operating Partnership | Noncontrolling Interests
Accounting Policies [Line Items]
Net (loss) income			$ (2,903)	$ 973
Percentage of outstanding operating partnership units			1.19%		1.19%
Weighted average of net income (loss) allocated to noncontrolling unit holders			0.0119	0.0128
Operating Partnership | Members of the selling LLC
Accounting Policies [Line Items]
Investment of non-controlling owner						$ 1,175,000
Hampton Inn Property
Accounting Policies [Line Items]
Operating Partnership units outstanding | shares			213,531		213,531
Hanover Square Property
Accounting Policies [Line Items]
Percentage by parent			84%
Ownership percentage by noncontrolling owners			16%	16%
Hanover Square Property | Hanover Square Property
Accounting Policies [Line Items]
Percentage by parent			84%
Ownership percentage by noncontrolling owners			16%
Parkway Property
Accounting Policies [Line Items]
Percentage by parent			82%
Ownership percentage by noncontrolling owners			18%	18%
Parkway Property | Noncontrolling Interests
Accounting Policies [Line Items]
Net (loss) income			$ 8,367	$ (10,193)
Parkway Property | Parkway Property
Accounting Policies [Line Items]
Percentage by parent			82%
Ownership percentage by noncontrolling owners			18%

Investment Properties - Investm

Investment Properties - Investment Properties (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Real Estate [Line Items]
Investment properties at cost	$ 86,467,454	$ 85,915,860
Less accumulated depreciation	10,224,948	9,400,908
Investment properties, net	76,242,506	76,514,952
Land
Real Estate [Line Items]
Investment properties at cost	16,526,436	16,526,436
Site improvements
Real Estate [Line Items]
Investment properties at cost	4,731,249	4,719,926
Buildings and improvements
Real Estate [Line Items]
Investment properties at cost	$ 65,209,769	$ 64,669,498

Investment Properties - Deferre

Investment Properties - Deferred costs, net of depreciation (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Capitalized leasing commissions, net	$ 614,663	$ 555,956
Capitalized tenant improvements - acquisition cost allocation, net
Capitalized tenant improvements, net	2,996,990	3,178,534
Capitalized tenant improvements incurred subsequent to acquisition, net
Capitalized tenant improvements, net	$ 683,836	$ 338,836

Investment Properties - Propert

Investment Properties - Property (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Real Estate [Line Items]
Depreciation expense	$ 911,481	$ 771,560
Capitalized tenant improvements	377,265	56,281
Capitalized leasing commissions	90,637	78,921
Depreciation on capitalized leasing commissions	31,930	19,791
Impairment of assets held for sale	0	175,671
Investment property
Real Estate [Line Items]
Depreciation expense	911,481	771,560
Capitalized tenant improvements incurred subsequent to acquisition, net
Real Estate [Line Items]
Depreciation on capitalized tenant improvements	32,265	21,648
Capitalized tenant improvements - acquisition cost allocation, net
Real Estate [Line Items]
Depreciation on capitalized tenant improvements	$ 172,888	$ 127,276

Investment Properties - Additio

Investment Properties - Additional Information (Details)		3 Months Ended		12 Months Ended
	Jun. 13, 2022 USD ($) ft²	Mar. 31, 2023 USD ($) ft²	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Real Estate [Line Items]
Depreciation expense		$ 911,481	$ 771,560
Capitalized Tenant Improvements		377,265	56,281
Capitalized tenant improvements written off		8,656		$ 0
Capitalized Leasing Commissions		90,637	78,921
Depreciation on capitalized leasing commissions		31,930	$ 19,791
Capitalized loan issuance costs		$ 698,602		$ 725,592
Parkway Property
Real Estate [Line Items]
Ownership percentage by noncontrolling owners		18%	18%
Noncontrolling ownership percentage		18%	18%
Ownership percentage		82%
Greenbrier Business Center Property
Real Estate [Line Items]
Area of building | ft²		89,280
Salisbury Marketplace Property
Real Estate [Line Items]
Area of building | ft²	79,732	79,732
Purchase price of property	$ 10,025,000
Acquisition and closing costs	254,714
Total investment	10,279,714
Percentage of property leased		91.20%
Parkway Property
Real Estate [Line Items]
Area of building | ft²		64,109
Parkway Property | Parkway Property
Real Estate [Line Items]
Ownership percentage by noncontrolling owners		18%
Noncontrolling ownership percentage		18%
Ownership percentage		82%
Salisbury Marketplace Property | Lancer Center Property
Real Estate [Line Items]
Capitalized loan issuance costs	$ 18,847
Investment property
Real Estate [Line Items]
Depreciation expense		$ 911,481	$ 771,560

Investment Properties - Assets

Investment Properties - Assets held for sale and liabilities associated with assets held for sale (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Long Lived Assets Held-for-sale [Line Items]
Impairment of assets held for sale	$ 0	$ 175,671
Clemson Best Western Hotel Property
Long Lived Assets Held-for-sale [Line Items]
Impairment of assets held for sale		$ 175,671

Investment Properties - Sale of

Investment Properties - Sale of investment property (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUE
Total Revenue	$ 2,460,976	$ 2,903,964
OPERATING EXPENSES
Hotel property operating expenses		372,860
Depreciation and amortization	1,156,348	1,155,197
Impairment of assets held for sale	0	175,671
Total Operating Expenses	2,801,692	3,138,362
Operating Income	(340,716)	(234,398)
Interest Expense	864,052	841,424
Net Income from Operations	(1,204,768)	(1,075,822)
Net (loss) income	(1,233,806)	(980,383)
Net income attributable to Operating Partnership noncontrolling interests	(2,903)	(973)
Net Income Attributable to Medalist Common Shareholders	$ (1,221,295)	(989,284)
Clemson Best Western Hotel Property and Hampton Inn Property
REVENUE
Total Revenue		765,489
OPERATING EXPENSES
Hotel property operating expenses		372,860
Total Operating Expenses		548,531
Operating Income		216,958
Interest Expense		138,917
Net Income from Operations		78,041
Net (loss) income		78,304
Net income attributable to Operating Partnership noncontrolling interests		1,002
Net Income Attributable to Medalist Common Shareholders		77,302
Clemson Best Western Hotel Property
OPERATING EXPENSES
Impairment of assets held for sale		175,671
Other income (expense)		263
Hotel property room revenues
REVENUE
Total Revenue		762,200
Hotel property room revenues | Clemson Best Western Hotel Property
REVENUE
Total Revenue		762,200
Hotel property other revenues
REVENUE
Total Revenue		3,289
Hotel property other revenues | Clemson Best Western Hotel Property
REVENUE
Total Revenue		$ 3,289

Investment Properties - 2022 Ac

Investment Properties - 2022 Acquisition (Details) - USD ($)	Jun. 13, 2022	Mar. 31, 2023	Dec. 31, 2022
Real Estate [Line Items]
Investment property		$ 76,242,506	$ 76,514,952
Salisbury Marketplace Property
Real Estate [Line Items]
Investment property	$ 9,963,258
Lease intangibles and other assets	1,045,189
Above market leases	40,392
Below market leases	(769,125)
Fair value of net assets acquired	10,279,714
Purchase consideration:
Consideration paid with cash	3,746,561
Consideration paid with new mortgage debt, net	6,533,153
Total consideration	$ 10,279,714

Investment Properties - 2021 Ac

Investment Properties - 2021 Acquisition (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Investment Properties
Investment property	$ 76,242,506	$ 76,514,952

Mandatorily Redeemable Prefer_3

Mandatorily Redeemable Preferred Stock (Details)															3 Months Ended
	Apr. 28, 2023 $ / shares	Jan. 27, 2023 $ / shares	Oct. 20, 2022 $ / shares	Jul. 21, 2022 $ / shares	Apr. 21, 2022 $ / shares	Jan. 20, 2022 $ / shares	Oct. 27, 2021 $ / shares	Jul. 26, 2021 $ / shares	Apr. 30, 2021 $ / shares	Feb. 01, 2021 $ / shares	Oct. 26, 2020 $ / shares	Jul. 24, 2020 $ / shares	Apr. 27, 2020 $ / shares	Feb. 19, 2020 USD ($) director period $ / shares shares	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Apr. 01, 2022 $ / shares	Mar. 21, 2022 $ / shares	Mar. 17, 2022 $ / shares	Mar. 14, 2022 $ / shares	Mar. 03, 2022 $ / shares
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Price Per Share | $ / shares																		$ 1.075	$ 1.055	$ 1.076	$ 1.050	$ 1.088
Dividends paid (in dollars per share) | $ / shares		$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.37
Mandatorily redeemable preferred stock.
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Preferred stock issuances (shares) | shares														200,000
Price Per Share | $ / shares														$ 23
Gross proceeds														$ 4,600,000
Net proceeds of the redeemable preferred stock														3,860,882
Aggregate liquidation preference														$ 5,000,000
Preferred Stock, dividend rate (as a percent)														8%	8%
Defaulted dividend payment quarterly periods, number | period														6
Number of additional directors, who can be elected | director														2
Accrued but unpaid dividends															$ 70,004		$ 70,004
Discount on stock issued (in dollars per share) | $ / shares														$ 2
Discount on stock issued														$ 400,000
Discount on stock issued, amortization period														5 years
Legal Fees														$ 739,118
Amortization of the discount and deferred financing costs															58,804	$ 53,923
Accumulated amortization of the discount and deferred financing costs															$ 648,443		$ 589,639
Subsequent event
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Dividends paid (in dollars per share) | $ / shares	$ 0.50
Subsequent event | Mandatorily redeemable preferred stock.
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Dividends paid (in dollars per share) | $ / shares	$ 0.50

Loans Payable - Mortgages Payab

Loans Payable - Mortgages Payables, Net (Details) - USD ($)					3 Months Ended	12 Months Ended
	Feb. 01, 2023	Jan. 31, 2023	Aug. 01, 2022	Jun. 13, 2022	Mar. 31, 2023	Dec. 31, 2022	Jan. 01, 2023	Jul. 31, 2022
Loans Payable
Less unamortized issuance costs					$ (698,602)	$ (725,592)
Mortgages Payable
Loans Payable
Less unamortized issuance costs					(698,602)
Net principal payments and debt maturities					61,065,672	61,340,259
Franklin Square Property
Loans Payable
Mortgages payable					$ 13,250,000	$ 13,250,000
Franklin Square Property | Mortgages Payable
Loans Payable
Monthly Payment					Interest only
Interest Rate					3.808%
Maturity					2031-12	2031-12
Hanover Square Property
Loans Payable
Mortgages payable					$ 9,813,679	$ 9,877,867
Hanover Square Property | Mortgages Payable
Loans Payable
Monthly Payment	$ 78,098	$ 56,882			$ 78,098
Interest Rate					6.94%	4.25%	6.94%
Maturity					2027-12	2027-12
Ashley Plaza Property
Loans Payable
Mortgages payable					$ 10,856,618	$ 10,930,370
Ashley Plaza Property | Mortgages Payable
Loans Payable
Monthly Payment					$ 52,795
Interest Rate					3.75%
Maturity					2029-09	2029-09
Brookfield Center Property.
Loans Payable
Mortgages payable					$ 4,639,969	$ 4,663,206
Brookfield Center Property. | Mortgages Payable
Loans Payable
Monthly Payment					$ 22,876
Interest Rate					3.90%
Maturity					2029-11	2029-11
Parkway Property
Loans Payable
Maturity					2026-10	2026-10
Mortgages payable					$ 4,956,301	$ 4,992,427
Parkway Property | Mortgages Payable
Loans Payable
Monthly Payment					28,161
Wells Fargo Facility
Loans Payable
Mortgages payable					$ 18,247,707	$ 18,351,981
Wells Fargo Facility | Mortgages Payable
Loans Payable
Monthly Payment					103,438
Monthly Payment				$ 103,438
Interest Rate				4.50%	4.50%
Maturity					2027-06	2027-06
Lancer Center Property | Mortgages Payable
Loans Payable
Monthly Payment				$ 34,667
Interest Rate				4%
Greenbrier Business Center Property | Mortgages Payable
Loans Payable
Monthly Payment			$ 23,873
Interest Rate								4%

Loans Payable - Assets held for

Loans Payable - Assets held for sale (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Loans Payable
Less unamortized issuance costs	$ (698,602)	$ (725,592)

Loans Payable - Wells Fargo Lin

Loans Payable - Wells Fargo Line of Credit (Details) - Wells Fargo Line of Credit - USD ($)	Jun. 13, 2022	Mar. 31, 2023	Dec. 31, 2022
Loans Payable
Line of credit, maximum borrowing capacity	$ 1,500,000
Line of credit, outstanding balance		$ 0
Basis spread on variable rate	2.25%
Term of loan	1 year
SOFR
Loans Payable
Interest Rate		4.87%	4.30%

Loans Payable - Interest expens

Loans Payable - Interest expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Mortgage Interest Expense	$ 697,600	$ 658,997
Amortization of discounts and capitalized issuance costs	85,794	82,041
Interest rate protection transaction payments	(19,342)	(100,386)
Other interest expense	100,000	841,424
Total interest expense	864,052	841,424
Amortization and preferred stock dividends on mandatorily redeemable preferred stock
Debt Instrument [Line Items]
Amortization of discounts and capitalized issuance costs	58,804	53,923
Other interest expense	100,000	100,000
Total interest expense	158,804	153,923
Franklin Square Property
Debt Instrument [Line Items]
Mortgage Interest Expense	126,140	126,140
Amortization of discounts and capitalized issuance costs	7,093	7,093
Total interest expense	133,233	133,233
Hanover Square Property
Debt Instrument [Line Items]
Mortgage Interest Expense	170,640	104,854
Amortization of discounts and capitalized issuance costs	3,223	3,223
Total interest expense	173,863	108,077
Ashley Plaza Property
Debt Instrument [Line Items]
Mortgage Interest Expense	102,133	104,147
Amortization of discounts and capitalized issuance costs	4,357	4,358
Total interest expense	106,490	108,505
Clemson Best Western Property
Debt Instrument [Line Items]
Mortgage Interest Expense		138,531
Other interest expense		386
Total interest expense		138,917
Brookfield Center Property.
Debt Instrument [Line Items]
Mortgage Interest Expense	45,391	46,254
Amortization of discounts and capitalized issuance costs	2,838	2,838
Total interest expense	48,229	49,092
Lancer Centers Property
Debt Instrument [Line Items]
Mortgage Interest Expense		63,746
Amortization of discounts and capitalized issuance costs		7,156
Total interest expense		70,902
Greenbrier Business Center Property
Debt Instrument [Line Items]
Mortgage Interest Expense		44,950
Amortization of discounts and capitalized issuance costs		693
Total interest expense		45,643
Parkway Center
Debt Instrument [Line Items]
Mortgage Interest Expense	47,257	30,375
Amortization of discounts and capitalized issuance costs	2,757	2,757
Interest rate protection transaction payments	(19,342)
Total interest expense	30,672	$ 33,132
Wells Fargo Facility
Debt Instrument [Line Items]
Mortgage Interest Expense	206,039
Amortization of discounts and capitalized issuance costs	6,722
Total interest expense	$ 212,761

Loans Payable - Interest accrue

Loans Payable - Interest accrued and accumulated amortization of capitalized issuance costs (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Accrued interest	$ 196,032	$ 214,042
Accumulated amortization of capitalized issuance costs	887,359	801,565
Amortization and preferred stock dividends on mandatorily redeemable preferred stock
Debt Instrument [Line Items]
Accrued interest	70,004	70,004
Accumulated amortization of capitalized issuance costs	648,443	589,639
Franklin Square Property
Debt Instrument [Line Items]
Accrued interest	43,448	43,448
Accumulated amortization of capitalized issuance costs	37,829	30,736
Hanover Square Property
Debt Instrument [Line Items]
Accrued interest	60,539	38,792
Accumulated amortization of capitalized issuance costs	63,103	59,880
Ashley Plaza Property
Debt Instrument [Line Items]
Accrued interest		35,296
Accumulated amortization of capitalized issuance costs	62,466	58,109
Brookfield Center Property.
Debt Instrument [Line Items]
Accumulated amortization of capitalized issuance costs	39,731	36,893
Parkway Center
Debt Instrument [Line Items]
Accrued interest	22,041	26,502
Accumulated amortization of capitalized issuance costs	15,621	12,864
Wells Fargo Facility
Debt Instrument [Line Items]
Accumulated amortization of capitalized issuance costs	$ 20,166	$ 13,444

Loans Payable - Principal Repay

Loans Payable - Principal Repayments on Indebtedness (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Less unamortized issuance costs	$ (698,602)	$ (725,592)
Mortgages Payable
Debt Instrument [Line Items]
For the remaining nine months ending December 31, 2023	780,584
2024	1,092,879
2025	1,391,025
2026	1,460,923
2027	25,990,390
Thereafter	31,048,473
Total principal payments and debt maturities	61,764,274
Less unamortized issuance costs	(698,602)
Net principal payments and debt maturities	$ 61,065,672	$ 61,340,259

Loans Payable - Additional Info

Loans Payable - Additional Information (Details) - USD ($)

3 Months Ended

12 Months Ended

Mar. 31, 2023

Feb. 01, 2023

Jan. 31, 2023

Jan. 01, 2023

Dec. 31, 2022

Aug. 01, 2022

Jun. 13, 2022

Nov. 08, 2021

Oct. 28, 2021

Oct. 06, 2021

Mar. 31, 2023

Dec. 31, 2022

Jul. 31, 2022

Debt Instrument [Line Items]

Unamortized issuance costs, net

$ 698,602

$ 725,592

$ 698,602

$ 725,592

LIBOR | Minimum

Debt Instrument [Line Items]

Interest rate exposure cap

3%

3%

Mortgages Payable

Debt Instrument [Line Items]

Mortgages payables

$ 61,065,672

$ 61,340,259

$ 61,065,672

$ 61,340,259

Unamortized issuance costs, net

$ 698,602

$ 698,602

Wells Fargo Line of Credit

Debt Instrument [Line Items]

Basis spread on variable rate

2.25%

Term of loan

1 year

Wells Fargo Line of Credit | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Interest Rate

4.87%

4.30%

4.87%

4.30%

Parkway Property | Interest Rate Protection Transaction

Debt Instrument [Line Items]

Interest rate exposure cap

5.25%

Description of interest rate

capped at 5.25% if USD 1-Month ICE LIBOR exceeds 3%

Fair value of derivative

$ 258,279

$ 258,279

Parkway Property | Interest Rate Protection Transaction | ICE LIBOR

Debt Instrument [Line Items]

Description of interest rate

4.86%

4.39%

Basis spread on variable rate

3%

Franklin Square Property

Debt Instrument [Line Items]

Refinance with new mortgage payable

$ 13,250,000

$ 13,250,000

$ 13,250,000

13,250,000

Franklin Square Property | Mortgages Payable

Debt Instrument [Line Items]

Maturity extension period

30 days

Additional maturity period

30 days

Cash proceeds used to fund escrows and to repay the remaining balance of the original mortgage loan.

$ 2,242,273

Interest Rate

3.808%

3.808%

Term of loan

10 years

Net worth to be maintained by the entity (excluding mortgaged property's assets and liabilities)

$ 13,250,000

$ 13,250,000

Principal Amount

$ 13,250,000

$ 14,275,000

Amortization schedule of the mortgage loan

30 years

Loan issuance costs

$ 283,721

Minimum liquid assets to be maintained

1,000,000

1,000,000

Franklin Square Property | Mortgages Payable | Monthly payments till January 6, 2025

Debt Instrument [Line Items]

Interest Rate

3.808%

Fixed monthly payment including principal and interest

$ 61,800

Hanover Square Property

Debt Instrument [Line Items]

Refinance with new mortgage payable

$ 9,813,679

$ 9,877,867

$ 9,813,679

$ 9,877,867

Hanover Square Property | Mortgages Payable

Debt Instrument [Line Items]

Interest Rate

6.94%

6.94%

4.25%

6.94%

4.25%

Term of loan

5 years

Debt service coverage ratio

excess of 1.35

Loan-to-value of real estate ratio

75%

Fixed monthly payment including principal and interest

$ 78,098

$ 56,882

$ 78,098

Amortization schedule of the mortgage loan

25 years

Hanover Square Property | Mortgages Payable | US Treasury Securities Interest Rate

Debt Instrument [Line Items]

Basis spread on variable rate

3%

Hanover Square Property | Mortgages Payable | US Treasury Securities Interest Rate | Minimum

Debt Instrument [Line Items]

Interest Rate

4.25%

Ashley Plaza Property

Debt Instrument [Line Items]

Refinance with new mortgage payable

$ 10,856,618

$ 10,930,370

$ 10,856,618

$ 10,930,370

Ashley Plaza Property | Mortgages Payable

Debt Instrument [Line Items]

Interest Rate

3.75%

3.75%

Fixed monthly payment including principal and interest

$ 52,795

Amortization schedule of the mortgage loan

30 years

Lancer Center Property | Mortgages Payable

Debt Instrument [Line Items]

Interest Rate

4%

Fixed monthly payment including principal and interest

$ 34,667

Amortization schedule of the mortgage loan

25 years

Loss on extinguishment of debt

113,282

Brookfield Center Property.

Debt Instrument [Line Items]

Refinance with new mortgage payable

$ 4,639,969

4,663,206

$ 4,639,969

4,663,206

Brookfield Center Property. | Mortgages Payable

Debt Instrument [Line Items]

Interest Rate

3.90%

3.90%

Fixed monthly payment including principal and interest

$ 22,876

Amortization schedule of the mortgage loan

30 years

Greenbrier Business Center Property | Mortgages Payable

Debt Instrument [Line Items]

Interest Rate

4%

Fixed monthly payment including principal and interest

$ 23,873

Amortization schedule of the mortgage loan

25 years

Loss on extinguishment of debt

56,393

Parkway Property

Debt Instrument [Line Items]

Refinance with new mortgage payable

$ 4,956,301

4,992,427

$ 4,956,301

$ 4,992,427

Parkway Property | Interest Rate Protection Transaction

Debt Instrument [Line Items]

Interest rate exposure cap

5.25%

5.25%

Description of interest rate

capped at 5.25% if USD 1-Month ICE LIBOR exceeds 3%.

Fair value of derivative

$ 218,411

$ 218,411

Parkway Property | Mortgages Payable

Debt Instrument [Line Items]

Maximum allowed change in interest payable each month during any 6 month period

1%

Maximum allowed change in interest payable each month during any 12 month period

2%

Effective interest rate

4.4806%

4.3117%

Debt service coverage ratio

not less than 1.60 to 1.00 on an annual basis

Fixed monthly payment including principal and interest

$ 28,161

Amortization schedule of the mortgage loan

30 years

Parkway Property | Mortgages Payable | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

2.25%

Parkway Property | Mortgages Payable | LIBOR | Minimum

Debt Instrument [Line Items]

Interest Rate

2.25%

2.25%

Wells Fargo Facility

Debt Instrument [Line Items]

Debt service coverage ratio

not less than 1.50 to 1.00

Refinance with new mortgage payable

$ 18,247,707

$ 18,351,981

$ 18,247,707

$ 18,351,981

Wells Fargo Facility | Mortgages Payable

Debt Instrument [Line Items]

Maturity period

5 years

Interest Rate

4.50%

4.50%

4.50%

Fixed monthly payment including principal and interest

$ 103,438

Principal Amount

$ 18,609,500

Minimum debt yield

9.50%

Amortization schedule of the mortgage loan

25 years

Minimum liquid assets to be maintained

$ 1,500,000

Rentals under Operating Lease_2

Rentals under Operating Leases (Details)	Mar. 31, 2023 USD ($)
Future minimum rents to be received under operating leases
For the remaining nine months ending December 31, 2023	$ 5,967,624
2024	6,702,872
2025	5,814,765
2026	4,048,868
2027	3,053,369
Thereafter	7,608,664
Total minimum rents	$ 33,196,162

Equity - Standby Equity Purchas

Equity - Standby Equity Purchase Agreement (Details) - USD ($)						1 Months Ended	3 Months Ended
	Apr. 01, 2022	Mar. 21, 2022	Mar. 17, 2022	Mar. 14, 2022	Mar. 03, 2022	Apr. 01, 2022	Mar. 31, 2023
Equity
Total Proceeds	$ 350,313	$ 500,000	$ 300,000	$ 290,000	$ 98,574	$ 1,538,887	$ 1,538,887
Price Per Share	$ 1.075	$ 1.055	$ 1.076	$ 1.050	$ 1.088	$ 1.075
Common stock issuances (shares)	325,732	474,068	278,810	276,190	90,600	1,445,400	1,445,400

Equity - Common Stock Repurchas

Equity - Common Stock Repurchase Plan (Details) - USD ($)								1 Months Ended	3 Months Ended
	Jan. 21, 2022	Jan. 14, 2022	Jan. 10, 2022	Jan. 07, 2022	Jan. 06, 2022	Jan. 05, 2022	Jan. 04, 2022	Jan. 21, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2021
Equity [Line Items]
Number of common shares approved to repurchase											500,000
Total Cost										$ 286,543
Common Stock Repurchase Plan
Equity [Line Items]
Shares Purchased	39,365	100	50,000	30,000	100,000	48,205	400	268,070	268,070
Total Cost	$ 39,603	$ 101	$ 51,000	$ 31,500	$ 104,556	$ 51,093	$ 424	$ 278,277	$ 278,277
Price Per Share	$ 1.006	$ 1.010	$ 1.020	$ 1.050	$ 1.046	$ 1.060	$ 1.060	$ 1.006
Expenses from stock repurchase plan									$ 8,266
Average price of repurchased shares	$ 1.038							$ 1.038	$ 1.038

Equity - Earnings Per Common Sh

Equity - Earnings Per Common Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Basic and diluted shares outstanding
Weighted average Common Shares - basic	17,758,421	16,037,073
Effect of conversion of operating partnership units	213,531	213,531
Weighted average common shares - diluted	17,971,952	16,250,604
Calculation of earnings per share - basic and diluted
Net loss attributable to common shareholders	$ (1,221,295)	$ (989,284)
Weighted-average number of shares - basic	17,758,421	16,037,073
Weighted-average number of shares - diluted	17,758,421	16,037,073
Loss per share from operations - basic	$ (0.07)	$ (0.06)
Loss per share from operations - diluted	$ (0.07)	$ (0.06)

Equity - Dividends and Distribu

Equity - Dividends and Distributions to Noncontrolling Interests Paid (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity [Line Items]
Common shareholders (dividends)	$ 176,810	$ 316,450
Total dividends and distributions	178,945	341,521
Hanover Square Property
Equity [Line Items]
Noncontrolling interest (distributions)		10,000
Parkway Property
Equity [Line Items]
Noncontrolling interest (distributions)		10,800
Operating Partnership unit holders (distributions)
Equity [Line Items]
Noncontrolling interest (distributions)	$ 2,135	$ 4,271

Equity - 2018 Equity Incentive

Equity - 2018 Equity Incentive Plan (Details) - 2018 Equity Incentive Plan	Nov. 22, 2022 USD ($) employee item director shares	Mar. 02, 2022 USD ($) director employee shares	Aug. 23, 2018 shares	Mar. 31, 2023	Jan. 01, 2023 shares
Equity [Line Items]
Number of shares available for issuance under the plan					491,304
Percentage of fully diluted shares of common shares			8%
Fair value of grants | $	$ 250,000	$ 233,100
Consultants
Equity [Line Items]
Number of shares granted	50,956
Number of consultants | item	2
Minimum
Equity [Line Items]
Number of shares authorized			240,000
Independent directors
Equity [Line Items]
Number of shares granted	114,651	90,000
Number of directors who received grants | director	3	3
Employee
Equity [Line Items]
Number of shares granted	76,434	60,000
Number of employees of the Manager who also serve as directors who received grants | employee	2	2
Chief financial officer
Equity [Line Items]
Number of shares granted	76,433	60,000
Percent incremental common shares reserved				8%

Equity - Additional Information

Equity - Additional Information (Details)									1 Months Ended		3 Months Ended		12 Months Ended	15 Months Ended
	Jan. 27, 2023 $ / shares	Apr. 01, 2022 USD ($) $ / shares shares	Mar. 21, 2022 USD ($) $ / shares shares	Mar. 17, 2022 USD ($) $ / shares shares	Mar. 14, 2022 USD ($) $ / shares shares	Mar. 03, 2022 USD ($) $ / shares shares	Jan. 20, 2022 $ / shares	Nov. 17, 2021 USD ($)	Apr. 01, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) shares	Mar. 31, 2023 USD ($) $ / shares shares	Jun. 30, 2021 USD ($)
Equity [Line Items]
Shares authorized											1,000,000,000			1,000,000,000
Common stock, shares authorized											750,000,000			750,000,000
Common stock, par value per share (in dollars per share) | $ / shares											$ 0.01			$ 0.01
Preferred stock, shares authorized											250,000,000			250,000,000
Preferred stock, par value per share (in dollars per share) | $ / shares											$ 0.01			$ 0.01
Number of common shares issued and sold		325,732	474,068	278,810	276,190	90,600			1,445,400		1,445,400
Sales price per share | $ / shares		$ 1.075	$ 1.055	$ 1.076	$ 1.050	$ 1.088			$ 1.075
Average share price | $ / shares		$ 1.065							$ 1.065		$ 1.065			$ 1.065
Net proceeds from issuance of common shares | $		$ 350,313	$ 500,000	$ 300,000	$ 290,000	$ 98,574			$ 1,538,887		$ 1,538,887
Authorized aggregate amount of common stock under shelf registration | $											150,000,000			$ 150,000,000
Legal costs and filing fees associated with filling of shelf registration statement | $										$ 84,926	84,926		$ 84,926	$ 84,926	$ 84,926
Maximum period to issue common shares								36 months
Number of shares authorized to repurchase										500,000
Maximum price per share under stock repurchase plan | $ / shares										$ 4.80
Common stock, shares, outstanding													17,758,421
Dividend paid | $											$ 178,945	$ 341,521
Dividends paid per common share | $ / shares	$ 0.01						$ 0.02				$ 0.01	$ 0.02
Standby Equity Purchase Agreement (SEPA)
Equity [Line Items]
Maximum value of shares issuable under the agreement | $								$ 6,665,299
Price per share as a percentage of market price								96.50%
Restrictions on owning of common shares (in percentage)								4.99%
Noncontrolling Interest Operating Partnership
Equity [Line Items]
Common units outstanding											17,971,952		17,971,952	17,971,952
Dividend paid | $											$ 2,135	$ 4,271
General Partner | Noncontrolling Interest Operating Partnership
Equity [Line Items]
Common units outstanding											17,758,421		17,758,421	17,758,421
General Partner | Medalist Diversified Real Estate Investment Trust, Inc. ("REIT") | Noncontrolling Interest Operating Partnership
Equity [Line Items]
Common stock, shares, outstanding											17,758,421		17,758,421	17,758,421
Operating Partnership unit holders (distributions) | Noncontrolling Interest Operating Partnership
Equity [Line Items]
Common units eligible for conversion											213,531	213,531	213,531	213,531
Operating Partnership unit holders (distributions) | Noncontrolling Limited Partner | Noncontrolling Interest Operating Partnership
Equity [Line Items]
Common units outstanding											213,531	213,531	213,531	213,531
Common unit to common share conversion ratio											1	1		1
Operating Partnership | General Partner
Equity [Line Items]
Operating Partnership ownership interest											98.81%		98.81%
Operating Partnership | Noncontrolling Limited Partner
Equity [Line Items]
Common unit to common share conversion ratio											1			1

Equity - Reverse Stock Split (D

Equity - Reverse Stock Split (Details)	May 03, 2023 D $ / shares shares	May 02, 2023 shares	Dec. 31, 2022 shares
Equity [Line Items]
Common stock, shares, outstanding			17,758,421
Subsequent event
Equity [Line Items]
Conversion ratio	0.125
Common stock, shares, outstanding		17,758,421
Fractional shares issued	0
Minimum Bid Price Requirement | $ / shares	$ 1
Minimum number or consecutive business days that the closing bid price of the common stock must be at or above the Minimum Bid Price Requiirement. | D	10

Commitments and Contingencies (

Commitments and Contingencies (Details)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies
Percentage of total annualized base revenues of properties in the Mid-Atlantic	100%

Related Party Transactions - Me

Related Party Transactions - Medalist Fund Manager Inc (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Mar. 19, 2021
Amounts payable to Manager
Retail center property operating expenses	$ 520,615	$ 450,125
Hotel property operating expenses		372,860
Flex center property operating expenses	176,737	161,381
Legal, accounting and other professional fees	767,078	459,869
Asset management fees
Amounts payable to Manager
Retail center property operating expenses	84,282	70,257
Hotel property operating expenses	0	6,825
Flex center property operating expenses	27,675	26,075
Legal, accounting and other professional fees	$ 112,423	106,991
Asset management fees | Medalist Fund Manager, Inc.
Amounts payable to Manager
Asset management fee percentage	0.125%
Asset management fees incurred	$ 224,380	210,148
Acquisition fees | Medalist Fund Manager, Inc.
Amounts payable to Manager
Percentage Of Acquisition Fee	2%
Threshold stock price up to which one half of acquisition fees will defer					$ 5
Acquisition fee accrued	$ 352,717		$ 352,717
Acquisition fees | Medalist Fund Manager, Inc. | Salisbury Marketplace Property
Amounts payable to Manager
Acquisition and closing costs			201,524
Cash payment of acquisition fee			100,762
Acquisition fee accrued			$ 100,762
Acquisition fees | Medalist Fund Manager, Inc. | Lancer Center Property, Greenbrier Business Center Property and Parkway Property [Member]
Amounts payable to Manager
Acquisition and closing costs				$ 503,910
Cash payment of acquisition fee				251,955
Acquisition fee accrued				$ 251,955
Incentive fees | Medalist Fund Manager, Inc.
Amounts payable to Manager
Incentive fee expenses	$ 0	$ 0

Related Party Transactions - Ot

Related Party Transactions - Other Related Parties (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
One of the Medalist Fund Manager, Inc. owners | Shockoe Properties, LLC
Related Party Transaction [Line Items]
Ownership percentage by noncontrolling owners	6.32%
Property management fees | Shockoe Properties, LLC
Related Party Transaction [Line Items]
Property management fees	$ 70,519	$ 62,072
Percentage of rent	3%
Threshold limit of percentage of asset management fee	up to 3% of the monthly gross revenues
Consulting Agreement | Gunston Consulting, LLC
Related Party Transaction [Line Items]
Annual salary	$ 150,000
Consulting fees paid	$ 44,872	$ 0

Segment Information - Property

Segment Information - Property Operating Revenues, Expenses and NOI by Product Type (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 2,460,976	$ 2,903,964
Operating expenses	2,801,692	3,138,362
Bad debt expense	27,122	12,783
Net operating income	(340,716)	(234,398)
Operating segments
Segment Reporting Information [Line Items]
Revenues	2,460,976	2,903,964
Operating expenses	697,352	984,366
Bad debt expense	27,122	12,783
Net operating income	1,736,502	1,906,815
Operating segments | Hotel properties.
Segment Reporting Information [Line Items]
Revenues		765,489
Operating expenses		372,860
Net operating income		392,629
Operating segments | Retail center properties
Segment Reporting Information [Line Items]
Revenues	1,891,679	1,525,085
Operating expenses	520,615	450,125
Bad debt expense	125	7,791
Net operating income	1,370,939	1,067,169
Operating segments | Flex center property
Segment Reporting Information [Line Items]
Revenues	569,297	613,390
Operating expenses	176,737	161,381
Bad debt expense	26,997	4,992
Net operating income	$ 365,563	$ 447,017

Subsequent Events - Additional

Subsequent Events - Additional Information (Details)															3 Months Ended
	May 03, 2023 $ / shares	Apr. 28, 2023 $ / shares	Jan. 27, 2023 $ / shares	Oct. 20, 2022 $ / shares	Jul. 21, 2022 $ / shares	Apr. 21, 2022 $ / shares	Jan. 20, 2022 $ / shares	Oct. 27, 2021 $ / shares	Jul. 26, 2021 $ / shares	Apr. 30, 2021 $ / shares	Feb. 01, 2021 $ / shares	Oct. 26, 2020 $ / shares	Jul. 24, 2020 $ / shares	Apr. 27, 2020 $ / shares	Mar. 31, 2023 $ / shares	Mar. 31, 2022 $ / shares	May 02, 2023 $ / shares
Subsequent Event [Line Items]
Common stock dividend paid			$ 0.01				$ 0.02								$ 0.01	$ 0.02
Dividends paid (in dollars per share)			$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.37
Common stock, par value per share (in dollars per share)															$ 0.01
Subsequent event
Subsequent Event [Line Items]
Dividends paid (in dollars per share)		$ 0.50
Conversion ratio	0.125
Common stock, par value per share (in dollars per share)	$ 0.01																$ 0.08
Subsequent event | Common Stock
Subsequent Event [Line Items]
Common stock dividend paid		0.01
Subsequent event | Mandatorily redeemable preferred stock.
Subsequent Event [Line Items]
Dividends paid (in dollars per share)		$ 0.50