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MDRR

Medalist Diversified REIT, Inc.

MDRR

Medalist Diversified REIT, Inc. • NASDAQ
$13.58 ▼ -2.86% (-0.40)
Market Cap $17.26 M
52w High $15.00
52w Low $9.55
Dividend Yield 0.27%
P/E -7.85
Volume 213
Outstanding Shares 1.27M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.786M ▲ $1.588M ▼ $-395.948K ▲ -14.211% ▲ $-0.33 ▲ $1.371M ▲
Q2-2025 $2.465M ▲ $1.639M ▲ $-456.444K ▲ -18.516% ▲ $-0.34 ▲ $1.161M ▲
Q1-2025 $2.322M ▼ $1.11M ▼ $-1.007M ▼ -43.367% ▼ $-0.74 ▼ $512.827K ▼
Q4-2024 $2.525M ▲ $1.435M ▼ $-281.176K ▲ -11.134% ▲ $-0.25 ▲ $1.391M ▲
Q3-2024 $2.337M $1.489M $-526.996K -22.551% $-0.47 $1.186M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.887M ▼ $92.104M ▲ $67.109M ▲ $10.378M ▼
Q2-2025 $1.951M ▼ $77.657M ▼ $52.336M ▼ $13.409M ▼
Q1-2025 $2.744M ▼ $78.23M ▲ $52.384M ▼ $13.991M ▼
Q4-2024 $4.776M ▲ $75.098M ▲ $54.095M ▼ $15.033M ▲
Q3-2024 $3.121M $74.607M $58.138M $12.559M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-166.738K ▲ $1.568M ▲ $-15.256M ▼ $13.853M ▲ $164.804K ▲ $935.981K ▲
Q2-2025 $-393.378K ▲ $244.126K ▼ $-480.634K ▼ $-363.919K ▲ $-600.427K ▲ $-181.504K ▼
Q1-2025 $-1.027M ▼ $459.972K ▲ $-227.464K ▲ $-2.067M ▼ $-1.835M ▼ $322.383K ▲
Q4-2024 $-171.953K ▼ $385.168K ▲ $-238.133K ▲ $957.042K ▲ $1.104M ▲ $147.035K ▲
Q3-2024 $80.582K $139.885K $-304.538K $-331.23K $-495.883K $-164.653K

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Flex center property
Flex center property
 $0 ▲$0 ▲$0 ▲$0 ▲
Retail center properties
Retail center properties
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Medalist Diversified REIT shows very modest and fairly flat revenue over the past several years, with only a thin layer of operating profit at best. The company has struggled with consistent profitability, with past years showing meaningful losses and more recent results only marginally around break-even. Earnings per share have swung sharply, reflecting the combination of small scale, financing costs, and share structure changes. Overall, the income statement points to a business still trying to reach durable, predictable profitability rather than one already there.

Balance Sheet

Balance Sheet The balance sheet is small and fairly leveraged, with debt making up a large share of the capital structure and equity relatively thin. Assets have stayed in a narrow band, suggesting limited growth in the underlying property base so far. Cash on hand appears minimal, which can constrain flexibility and makes access to financing and recurring cash flow especially important. The company does not appear overbuilt on assets, but its modest equity cushion and reliance on borrowing heighten sensitivity to any downturn in property performance or funding conditions.

Cash Flow

Cash Flow Cash flow looks very tight, hovering roughly around break-even with no obvious surplus being generated. There is little sign of large new investments or heavy property development spending, which fits a strategy that relies more on structuring and transactions than on big construction projects. At the same time, the lack of strong, recurring free cash flow means the company’s room to absorb shocks, fund growth internally, or pay generous distributions is limited and highly dependent on how well its properties and financing structures perform quarter to quarter.

Competitive Edge

Competitive Edge Medalist operates in a crowded real estate market but competes by focusing on complex tax-efficient structures and relationships rather than sheer size. Its niche is working with real estate sponsors, property owners, and family offices using tools like Delaware Statutory Trusts and UPREIT exchanges, mainly in specific regional markets in the Mid-Atlantic and Southeast. This specialization and relationship-driven approach can create a differentiated position, but the REIT’s small scale, external management structure, and past profitability challenges mean its competitive strength rests heavily on execution and the continued appeal of its specialized offerings to a narrow client base.

Innovation and R&D

Innovation and R&D Innovation here is financial and structural, not technological. The company’s “Triple Play” model—combining DSTs, UPREIT exchanges, and family office co-investment—is designed to be an ecosystem that continually channels deals and capital into the platform. This is innovative in how it packages tax deferral, liquidity, and long-term ownership solutions for real estate sponsors. However, the model is complex, depends on deep trust and repeat relationships, and must prove that it can scale and generate steady returns through different market environments. There is little traditional R&D; the “experimentation” is in deal structures and strategic repositioning, such as the move toward more net-leased assets for stability.

Summary

Medalist Diversified REIT is a small, specialized REIT trying to distinguish itself through complex tax-advantaged structures and relationship-driven dealmaking rather than property scale. Financially, it has a history of weak and uneven profitability, limited cash flow cushions, and a relatively leveraged balance sheet. Strategically, its Triple Play ecosystem and focus on DSTs, UPREITs, and net-leased assets provide a clear, differentiated story that could appeal to a specific type of real estate sponsor. The main opportunity lies in successfully executing this niche strategy and building a repeatable pipeline of deals; the main risks lie in its small size, tight cash flows, leverage, and the need to show that its innovative structure can translate into consistent, long-term financial performance.

NEWS

September 26, 2025 · 4:05 PM UTC

Medalist Diversified REIT, Inc. Announces Dividend of $0.0675 Per Share on Its Common Stock

Read more