Medalist Diversified Inc

medalistdst.com

What Do They Do?

Leases retail centers, flex/industrial properties and single-tenant buildings to commercial tenants.

How Do They Make Money?

Tenants pay rent under leases over time and reimburse the company for property operating costs. Substantially all tenants pay those reimbursements monthly.

revenue

Segment	Share	How money arrives
Retail center property Recurring	61%	Recurring
Flex center properties Recurring	27% FY2022: 23%	Recurring
Single tenant net lease property Recurring	12%	Recurring

Who Are Their Customers?

Commercial tenants rent space in the company’s retail, flex and single-tenant properties under leases and reimburse operating costs; third-party property managers manage the properties.

Do Revenues Turn Into Profits?

No. It lost $2.4M in FY2025.

Operating income, FY2025

5% of revenue

▼ −85% vs FY2024 ($3.7M, 38%)

Net income, FY2025

−23% of revenue

▼ Now a loss vs FY2024 ($27.5K, 0%)

How Are They Changing?

Since the FY2025 annual report

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

Revenue: ▼ −27%; vs $2.5M in Q2 FY2025
Net income: ▼ −8% (Loss); vs −$456.4K in Q2 FY2025

Sep 17, 2026 Acquired a Caliber Collision property through a trust The company expects to offer trust interests to investors in a private placement.
Sep 1, 2026 Sold Brookfield Center and committed capital to a real estate joint venture The company sold Brookfield Center and committed $4.0 million for preferred equity in the Mira JV.
Aug 5, 2026 Sold the Ashley Plaza shopping center The company closed the sale to an unaffiliated purchaser.
Jul 29, 2026 Acquired an automotive service property through a trust The company expects to offer trust interests to accredited investors in a private placement.

Shrinking. Revenue fell 9% in 4 years, from $11.5M in FY2021 to $10.4M in FY2025, about 2% a year.

A focus on trust sponsorship The earlier report described acquiring, renovating, leasing and managing commercial, multifamily and hotel properties. The latest report shifts the primary focus to a Delaware statutory trust program intended to raise capital, generate fees and increase assets under management.

Revenue over time

Retail center property Flex center properties Single tenant net lease property Hotel property other revenues Retail center property revenues Hotel property room revenues

$20M$10M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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