Medalist Diversified, Inc. reported a total revenue of $10.4 million for the fiscal year ended December 31, 2025, marking an increase of approximately 6.8% from $9.7 million in 2024. The growth in revenue was primarily driven by a significant rise in single-tenant net lease (STNL) property revenues, which surged to $1.3 million from $359,894 in the previous year, largely due to the acquisition of properties such as the Buffalo Wild Wings and United Rentals locations, as well as the Tesla Pensacola Property. However, retail center property revenues decreased by $311,507, attributed to the sale of the Hanover Square Shopping Center and increased vacancies at the Lancer Center.
The company experienced a net loss of $1.9 million for 2025, a decline from a net income of $744,325 in 2024. This shift was influenced by several factors, including increased legal, accounting, and professional fees, as well as impairment losses related to assets held for sale. Operating income also fell sharply to $547,902 from $3.7 million in the prior year, reflecting the impact of property sales and rising operational costs. The total operating expenses rose to $10.1 million, up from $8.7 million in 2024, driven by higher share-based compensation and other administrative costs.
In terms of strategic developments, Medalist initiated a Delaware Statutory Trust (DST) sponsorship program in 2025, aiming to raise capital through private placements. The company completed the acquisition of the Tesla Pensacola Property in July 2025 and subsequently contributed it to the XXV DST, which is expected to generate fee income and increase assets under management. The company also sold several properties, including the Salisbury Marketplace and Buffalo Wild Wings, to streamline its portfolio and focus on its DST strategy.
As of December 31, 2025, Medalist owned ten investment properties, with an occupancy rate of 94.3%. The company reported a total of $41.2 million in net investment properties, down from $64.4 million in 2024, reflecting the impact of property sales. The company’s total assets amounted to $77.7 million, while total liabilities were $53.6 million, resulting in stockholders' equity of $9.4 million. Looking ahead, Medalist plans to continue its strategic transition away from its previous REIT structure, which it revoked effective January 1, 2026, to focus on building its DST program and exploring new investment opportunities.
About Medalist Diversified REIT, Inc.
Medalist Diversified REIT, Inc. is a real estate investment company focused on acquiring, managing, and expanding income-producing properties, primarily retail, industrial, and single-tenant net lease assets across the U.S. It operates as a REIT, leveraging property acquisitions and strategic management to generate income and growth, with a focus on secondary markets and opportunistic investments in commercial real estate.
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