Highlands REIT, Inc.

What Do They Do?

Owns and leases multifamily and commercial real estate to residential and business tenants.

How Do They Make Money?

Tenants pay monthly rent and reimburse property expenses such as real estate taxes, common-area maintenance, management fees and insurance under their leases.

revenue

Segment	Share	Revenue
Other property income	2.4% FY2022: 2.9%
Rental income	79% FY2022: 97%
Tenant Recovery	15%

Who Are Their Customers?

Tenants lease the company's multifamily and other properties and pay rent under lease agreements.

Do Revenues Turn Into Profits?

No. It lost $11.1M in FY2025.

Operating income, FY2025

−12% of revenue

▲ +219% (Loss) vs FY2024 (−$1.5M, −4%)

Net income, FY2025

−30% of revenue

▲ +1004% (Loss) vs FY2024 (−$1M, −3%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −5%; vs $9.5M in Q2 FY2025
Net income: ▲ +12% (Loss); vs −$3M in Q2 FY2025

Rental income share of revenue vs 80.0% in Q2 FY2025

Growing. Revenue grew 31% in 4 years, from $28.6M in FY2021 to $37.4M in FY2025, about 7% a year.

Revenue over time

Other property income Rental income Tenant Recovery

$50M$25M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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