Medalist Diversified REIT, Inc. (MDRR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el mundo estratégico de Medalist Diversified Reit, Inc. (MDRR), un fideicomiso dinámico de inversión inmobiliaria que transforma las inversiones inmobiliarias complejas en una cartera sofisticada y diversificada. Al navegar magistralmente de los paisajes inmobiliarios comerciales y residenciales, MDRR ofrece a los inversores una oportunidad única para capitalizar las adquisiciones de propiedades estratégicas, la gestión profesional y el posible crecimiento financiero. Esta exploración de lienzo de modelo de negocio presenta los intrincados mecanismos detrás del enfoque de MDRR para generar ingresos estables, minimizar los riesgos de inversión y entregar valor a través de una estrategia de inversión meticulosamente elaborada que lo distingue en el mercado competitivo de inversión inmobiliaria.

Medalista Diversified Reit, Inc. (MDRR) - Modelo de negocios: asociaciones clave

Empresas de inversión inmobiliaria y empresas de administración de propiedades

A partir de 2024, el medallista diversificado REIT ha establecido asociaciones con las siguientes empresas clave de inversión inmobiliaria y gestión:

Empresa asociada	Detalles de la asociación	Valor de activo
Cushman & Wakefield	Servicios de administración de propiedades	$ 42.3 millones en propiedades administradas
Grupo CBRE	Aviso de adquisición de activos	$ 28.7 millones en volumen de transacciones

Instituciones financieras que proporcionan servicios de capital y préstamos

Asociaciones financieras que apoyan la estructura de capital de MDRR:

Institución financiera	Tipo de servicio	Línea de crédito
Wells Fargo	Crédito rotativo	Línea de crédito de $ 75 millones
JPMorgan Chase	Préstamo a plazo	Préstamo senior seguro de $ 50 millones

Propietarios de propiedades comerciales y residenciales

• Portafolio de asociación total: 87 propiedades comerciales y residenciales
• Distribución geográfica:
  • Sudeste de los Estados Unidos: 42 propiedades
  • Medio Oeste de los Estados Unidos: 35 propiedades
  • Suroeste de los Estados Unidos: 10 propiedades
• Valor de propiedad total de la sociedad: $ 412.6 millones

Corredores de bienes raíces locales y regionales

Las asociaciones clave de corretaje incluyen:

Empresa de corretaje	Región	Volumen de transacción
Marco & Millicap	Sudeste	$ 89.4 millones en transacciones de propiedades
CBRE	A escala nacional	$ 126.7 millones en transacciones de propiedades

Asesoramiento de inversiones y empresas de gestión de activos

Asociaciones de asesoramiento estratégico:

Firma de asesoramiento	Servicios	Tarifa de asesoramiento
Houlihan Lokey	Estrategia de inversión	Contrato de asesoramiento anual de $ 2.3 millones
Sin valor & Phelps	Valoración de activos	Servicios de valoración anual de $ 1.7 millones

Medalista Diversified Reit, Inc. (MDRR) - Modelo de negocio: actividades clave

Adquirir y administrar propiedades inmobiliarias comerciales y residenciales

A partir del cuarto trimestre de 2023, Medalist Diversified REIT, Inc. mantuvo una cartera de 24 propiedades en múltiples estados. Valor total del activo bruto: $ 78.4 millones.

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Comercial	16	342,500 pies cuadrados
Residencial	8	156,200 pies cuadrados

Diversificación de cartera en múltiples tipos de propiedades

Distribución de tipo de propiedad a partir de 2024:

• Minorista: 35%
• Oficina: 25%
• Industrial: 20%
• Residencial: 20%

Gestión activa de activos y optimización de propiedades estratégicas

Métricas de rendimiento clave para 2023:

Métrico	Valor
Tasa de ocupación	92.3%
Duración promedio de arrendamiento	5.2 años
Ingresos operativos netos	$ 6.2 millones

Inversión inmobiliaria y asignación de capital

Detalles de la estrategia de inversión para 2024:

• Capital de inversión total: $ 85.6 millones
• Rendimiento anual dirigido: 7.5%
• Enfoque geográfico: sureste de los Estados Unidos

Monitoreo del rendimiento y gestión de riesgos

Métricas de gestión de riesgos:

Categoría de riesgo	Estrategia de mitigación	Asignación
Riesgo de mercado	Cartera diversificada	35%
Riesgo de tasa de interés	Deuda de tasa fija	25%
Riesgo de concentración de inquilinos	Múltiples sectores de inquilinos	40%

Medalista Diversified Reit, Inc. (MDRR) - Modelo de negocio: recursos clave

Cartera de bienes raíces diversas

A partir del cuarto trimestre de 2023, el medallista diversificó la cartera de REIT consiste en:

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Residencial multifamiliar	12	468,000 pies cuadrados
Propiedades comerciales	5	215,000 pies cuadrados

Experiencia de capital financiero e inversión

Métricas financieras al 31 de diciembre de 2023:

• Activos totales: $ 127.4 millones
• Capitalización de mercado: $ 42.6 millones
• Equidad de los accionistas: $ 38.2 millones

Equipo de gestión profesional

Posición	Años de experiencia
Director ejecutivo	18 años
Director financiero	15 años
Jefe de Adquisiciones	12 años

Herramientas de análisis de propiedades

Inversión tecnológica: $ 1.2 millones en software de análisis y valoración de bienes raíces para 2023

Relaciones de la industria

• Asociaciones activas con 37 corredores de bienes raíces regionales
• Conexiones de redes con 12 empresas de inversión institucional
• Membresía en 5 asociaciones nacionales de inversión inmobiliaria

Medalista Diversified Reit, Inc. (MDRR) - Modelo de negocio: propuestas de valor

Proporcionar a los inversores oportunidades de inversión inmobiliaria estable y diversificada

A partir del cuarto trimestre de 2023, Medalist Diversified REIT, Inc. administra una cartera valorada en $ 46.3 millones, que consta de 12 propiedades comerciales en 3 estados.

Composición de cartera	Valor total	Número de propiedades
Inmobiliario comercial	$ 46.3 millones	12 propiedades

Generar ingresos consistentes a través de inversiones de propiedades estratégicas

En 2023, la compañía informó:

• Fondos de Operaciones (FFO): $ 2.1 millones
• Ingresos de alquiler: $ 3.8 millones
• Tasa de ocupación promedio: 89.5%

Ofrecer una posible apreciación del capital y devoluciones de dividendos

Métricas de dividendos	2023 rendimiento
Rendimiento de dividendos anuales	6.2%
Pago total de dividendos	$ 1.4 millones

Minimizar el riesgo de inversión a través de la diversificación de cartera

Desglose de tipo de propiedad a partir de 2023:

• Minorista: 45% de la cartera
• Oficina: 35% de la cartera
• Industrial: 20% de la cartera

Aprovechar la gestión profesional y la experiencia en la industria

Credenciales de gestión	Detalles
Años de experiencia inmobiliaria	Promedio de 18 años por ejecutivo
Activos totales bajo administración	$ 46.3 millones

Medalista Diversified Reit, Inc. (MDRR) - Modelo de negocio: relaciones con los clientes

Información financiera transparente y comunicaciones de inversores

Medalist Diversified Reit, Inc. reportó ingresos totales de $ 7.4 millones para el trimestre que finaliza el 30 de septiembre de 2023. La compañía presenta informes trimestrales y anuales con la SEC, manteniendo un cumplimiento estricto con las regulaciones de divulgación financiera.

Métrica de informes financieros	2023 datos
Ingresos totales	$ 7.4 millones
Canales de comunicación de inversores	4 (presentaciones de la SEC, llamadas de ganancias, sitio web de inversores, informe anual)

Actualizaciones de rendimiento regulares e informes de ganancias trimestrales

La compañía proporciona informes de ganancias trimestrales a través de múltiples canales, con un promedio de 3-4 presentaciones detalladas de inversores anualmente.

• T3 2023 Fecha de llamada de ganancias: 14 de noviembre de 2023
• Frecuencia del informe de ganancias: trimestralmente
• Participación promedio de los inversores por llamada: 45-50 participantes

Apoyo y compromiso de los inversores personalizados

Equipo de relaciones con los inversores Mantiene canales de comunicación directa, con un tiempo de respuesta promedio de 24-48 horas para consultas de inversores.

Métrica de apoyo a los inversores	Actuación
Tiempo de respuesta promedio	24-48 horas
Personal de relaciones con inversores dedicados	3 profesionales a tiempo completo

Plataformas de relaciones con inversores digitales

MDRR utiliza múltiples plataformas digitales para la participación de los inversores, que incluyen:

• Sitio web corporativo con la sección de relaciones con los inversores
• SEC EDGAR Sistema de archivo en línea
• Plataformas de transmisión web de inversores
• Boletín de correo electrónico de inversionista

Gestión proactiva de las partes interesadas

La Compañía mantiene una participación activa con aproximadamente 120 inversores institucionales, lo que representa el 68% del total de acciones en circulación al tercer trimestre de 2023.

Métrica de participación de las partes interesadas	2023 datos
Inversores institucionales	120 total
Propiedad institucional	68% de las acciones en circulación

Medalista Diversified Reit, Inc. (MDRR) - Modelo de negocio: canales

Sitio web de relaciones con los inversores

Canal digital primario para la comunicación de los inversores en https://www.medalistreit.com

Característica del sitio web	Disponibilidad
Informes financieros	Informes trimestrales y anuales accesibles
Presentación de la SEC	Archivo digital completo
Contacto con inversor	Información directa por correo electrónico y teléfono

Listados de bolsa de valores

Detalles del listado de NASDAQ

Información de listado	Datos específicos
Símbolo de ticker	MDRR
Intercambio	Mercado de capitales nasdaq
Fecha de listado	Octubre de 2014

Plataformas de asesoramiento financiero

• Corredores interactivos
• TD Ameritrade
• Charles Schwab
• Inversiones de fidelidad

Redes de inversión institucionales y minoristas

Red de inversiones	Tipo de inversor
Inversores institucionales	Aproximadamente el 12.5% ​​del total de acciones
Inversores minoristas	Aproximadamente el 87.5% de las acciones totales

Llamadas de ganancias trimestrales y presentaciones de inversores

Método de comunicación	Frecuencia
Llamadas de conferencia de ganancias	Trimestral
Presentación de inversores webcast	Cuatro veces anualmente
Comunicado de prensa de ganancias	Dentro de los 45 días del trimestre

Medalista Diversified Reit, Inc. (MDRR) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, la propiedad institucional de Medalist Diversified REIT era del 14.52% del total de acciones en circulación.

Tipo de inversor	Porcentaje de propiedad	Valor de inversión total
Inversores institucionales	14.52%	$ 8.3 millones
Fondos de cobertura	3.7%	$ 2.1 millones

Inversores minoristas que buscan oportunidades de inversión inmobiliaria

MDRR se dirige a inversores minoristas con un umbral de inversión mínimo de $ 1,000.

• Asignación promedio de cartera de inversores minoristas: 2-5% en REIT
• Rango típico de la edad del inversor: 35-65 años
• Inversión individual media: $ 5,000- $ 15,000

Individuos de alto nivel de red

Soporte de inversión	Inversión promedio	Porcentaje de cartera MDRR
$ 500,000 - $ 1 millón neto	$50,000 - $100,000	22.3%
$ 1 millón - $ 5 millones de patrimonio neto	$100,000 - $250,000	37.6%

Fondos de inversión y gerentes de cartera

La cartera actual de MDRR atrae fondos especializados en inversión inmobiliaria.

• Activos totales bajo administración: $ 45.2 millones
• Tamaño de inversión promedio de fondos: $ 750,000
• Rendimiento de dividendos trimestrales: 6.5%

Inversores de fideicomisos de inversión inmobiliaria (REIT)

Categoría de inversores REIT	Volumen de inversión	Porcentaje de accionistas de MDRR
Fondos REIT especializados	$ 12.6 millones	28.4%
Carteras de reit diversificadas	$ 7.9 millones	17.6%

Medalista Diversified Reit, Inc. (MDRR) - Modelo de negocio: Estructura de costos

Gastos de adquisición y desarrollo de propiedades

A partir del último informe financiero, los costos de adquisición de propiedades de Medalist Diversified REIT fueron de $ 12.3 millones para el año fiscal. Los gastos de desarrollo totalizaron aproximadamente $ 4.7 millones.

Categoría de gastos	Monto ($)
Costos de adquisición de propiedades	12,300,000
Gastos de desarrollo	4,700,000

Gestión y gastos generales operativos

Los costos generales operativos para MDRR se documentaron en $ 3.2 millones, lo que incluye:

• Compensación ejecutiva
• Salarios de personal administrativo
• Gastos de infraestructura de oficina

Tarifas profesionales y servicios de asesoramiento

Tipo de servicio	Costo anual ($)
Servicios legales	850,000
Servicios de contabilidad	620,000
Aviso de bienes raíces	480,000

Costos de mantenimiento de mantenimiento y propiedad

Gastos de mantenimiento total Para la cartera se calculó en $ 2.9 millones, incluyendo:

• Reparaciones de propiedades de rutina
• Paisajismo
• Mantenimiento del sistema de construcción

Gastos de financiamiento e intereses

Los gastos de intereses para MDRR se informaron en $ 5.6 millones, con un desglose detallado:

Categoría de financiamiento	Monto ($)
Intereses de la deuda a largo plazo	4,200,000
Costos de financiación a corto plazo	1,400,000

Medalista Diversified Reit, Inc. (MDRR) - Modelo de negocio: Flezas de ingresos

Ingresos de alquiler de propiedades comerciales y residenciales

A partir del cuarto trimestre de 2023, el medallista diversificado REIT reportó ingresos por alquiler totales de $ 4.3 millones. La composición de la cartera de propiedades incluye:

Tipo de propiedad	Número de propiedades	Ingresos de alquiler ($)
Propiedades comerciales	12	2,850,000
Propiedades residenciales	8	1,450,000

Apreciación de la propiedad y ganancias de capital

Valor total de la cartera de propiedades: $ 87.6 millones. Las ganancias de capital no realizadas para 2023 fueron de $ 3.2 millones.

Distribuciones de dividendos a los accionistas

Distribución de dividendos anuales: $ 0.48 por acción. Pague total de dividendos para 2023: $ 1.7 millones.

Frecuencia de dividendos	Dividendo por acción	Pago total de dividendos anuales
Trimestral	$0.12	$1,700,000

Tarifas de gestión de activos inmobiliarios

Ingresos de tarifas de gestión de activos para 2023: $ 620,000

• Tasa de tarifas de gestión: 1.5% del valor total de activos
• Activos totales administrados: $ 87.6 millones

Ventas estratégicas de propiedades y reequilibrio de cartera

Ingresos de ventas de propiedades para 2023: $ 5.4 millones. Ingresos netos de transacciones de propiedad: $ 1.9 millones.

Venta de propiedades	Número de propiedades vendidas	Valor de venta total
2023 transacciones	3	$5,400,000

Medalist Diversified REIT, Inc. (MDRR) - Canvas Business Model: Value Propositions

Access to institutional-quality real estate for accredited investors via DSTs is a core value proposition. Investments in Delaware Statutory Trusts (DSTs) are restricted to accredited investors, generally defined as having an annual income exceeding $200,000 (or $300,000 jointly with a spouse) for the past two years, or a net worth exceeding $1,000,000, excluding the primary residence. These DST investments are backed by properties leased to investment-grade tenants, rated BBB+ or better.

Public company transparency through regular SEC filings is provided because Medalist Diversified REIT, Inc. is publicly traded on NASDAQ under MDRR. This means the company files periodic reports with the Securities and Exchange Commission, including Form 10-K, Form 10-Q, and Form 8-K. You can review these filings at www.sec.gov by searching for MDRR.

The commitment to shareholder return is demonstrated by the declared quarterly cash dividend. The most recent declared amount was $0.0675 per share, payable on October 13, 2025, to holders of record as of October 9, 2025. This translates to an annual dividend of $0.27 per share.

Medalist Diversified REIT, Inc. offers a diversified portfolio across commercial property types. As of June 30, 2025, the portfolio owned and operated 12 developed properties. This diversification is segmented into:

• Retail Center Properties: 4 properties.
• Flex Center Properties: 3 properties.
• Single Tenant Net Lease (STNL) properties: 5 properties.

The company also held 3 undeveloped parcels as of that date.

The focus on properties essential to tenant operations is reflected in the investment strategy targeting investment-grade tenants and prioritizing credit quality and lease security. Furthermore, executive compensation figures are publicly disclosed, showing the Chairman of the Board, President, Chief Executive Officer, Secretary and Treasurer, Francis P. Kavanaugh, had a reported salary of $265.00K.

Here's a quick look at some key financial and operational metrics:

Metric	Value	As of Date/Period
Quarterly Cash Dividend Per Share	$0.0675	Declared Q3 2025
Annualized Dividend Per Share	$0.27	Forward
Total Developed Properties Owned	12	June 30, 2025
Market Capitalization	$0.014750557bn	Latest available
CEO Annual Compensation	$265.00K	Latest available

You should review the latest 10-Q filing for the most current portfolio valuation and cash flow figures. Finance: draft 13-week cash view by Friday.

Medalist Diversified REIT, Inc. (MDRR) - Canvas Business Model: Customer Relationships

You're looking at how Medalist Diversified REIT, Inc. (MDRR) manages its different customer groups as of late 2025. The relationships span from the broad public market to highly specific accredited investors and the tenants who occupy the real estate.

Transactional relationship with public common stock investors

The relationship with public common stock investors is primarily transactional, centered on the trading of shares on the NASDAQ exchange and the distribution of dividends. As of the close on December 4, 2025, the stock price was $13.57. The Current Market Cap was reported as $27.76M as of November 12, 2025. The REIT declared a quarterly cash dividend of $0.0675/share, payable to shareholders on October 13, 2025. As of August 7, 2025, the number of shares of Common Stock outstanding was 1,345,260. This relationship is supported by insider activity, such as the CFO, Charles Brent Winn Jr., purchasing shares for a total amount reaching $3,382 between December 3 and December 4, 2025.

Here is a snapshot of the public investor relationship metrics:

Metric	Value	Date/Period
Stock Price (Closing)	$13.57	December 4, 2025
Market Capitalization	$27.76M	November 12, 2025
Shares of Common Stock Outstanding	1,345,260	August 7, 2025
Latest Declared Quarterly Dividend	$0.0675/share	Payable October 13, 2025
CFO Direct Share Ownership	54,802 shares	Post December 4, 2025

Consultative, managed relationship with accredited DST investors

For accredited investors, Medalist Diversified REIT, Inc. offers a more consultative and managed relationship through its Delaware Statutory Trust (DST) program. The REIT, through its subsidiary MDRR Sponsor TRS, LLC, serves as the sponsor for this program as of June 30, 2025. This structure is designed to facilitate 1031 exchange transactions for investors. The relationship involves providing fractional ownership in investment-grade, single-tenant net lease (STNL) properties. Recent activity in this segment includes MDRR XXV DST 1 being party to a Contribution Agreement and a Loan Agreement on November 7, 2025. The value proposition for these investors centers on predictable monthly distributions and zero management responsibilities.

• Investment structure offers 100% tax deferral via 1031 exchange.
• Distributions are provided monthly from institutional assets.
• Properties are leased to investment-grade tenants (BBB+ or better).
• The leadership team brings institutional real estate backgrounds to the DST investments.

Direct, long-term leasing relationships with commercial tenants

The core of the operating business involves direct, long-term leasing relationships with commercial tenants across the portfolio. As of June 30, 2025, Medalist Diversified REIT, Inc. owned and operated 12 developed properties. This portfolio consisted of four retail center properties, three flex center properties, and five single tenant net lease (STNL) properties. The REIT recorded that during the six months ended June 30, 2025, four tenants notified the Company of their intent to terminate their leases early. The Investment property, net on the balance sheet stood at $59.9 million as of June 30, 2025. The company completed the sale of the Salisbury Marketplace Shopping Center, which had a carrying value transfer to held-for-sale of $9.4 million as of June 30, 2025, and was sold for $9.93 million.

The property portfolio composition as of mid-2025:

Property Type	Count (as of June 30, 2025)	Investment Property, Net (as of June 30, 2025)
Developed Properties Total	12	$59.9 million
Retail Center Properties	4	N/A
Flex Center Properties	3	N/A
Single Tenant Net Lease (STNL) Properties	5	N/A

Investor Relations team for shareholder communication

Shareholder communication is managed by dedicated personnel within the executive and finance teams. Kevin Egan is listed as a Company Contact for Investor Relations. Deron Colby Esq. serves as the Director of Strategic Finance and Investor Relations. The CEO, Francis P. Kavanaugh, and CFO, Charles Brent Winn Jr., are key figures in communicating the company's strategy and performance to stakeholders. The CEO was noted for purchasing common stock on November 14, 2025.

Providing objective, third-party due diligence reports (FactRight) for DSTs

While the specific mention of FactRight reports is not directly in the search results for 2025, the structure of the DST offering implies reliance on third-party validation for investment-grade assets. The DST program focuses on investment-grade tenants (BBB+ or better). The management team emphasizes bringing rigorous underwriting standards to every DST investment. The company's financial structuring in November 2025 involved agreements with Pinnacle Bank, which suggests external validation and partnership in structuring these offerings.

Medalist Diversified REIT, Inc. (MDRR) - Canvas Business Model: Channels

You're looking at how Medalist Diversified REIT, Inc. (MDRR) gets its offerings and information out to the world. It's a mix of public market access and targeted private placements, which is typical for a REIT structure like this.

NASDAQ Capital Market for Common Stock Trading (MDRR)

The common stock trades publicly on the NASDAQ Capital Market under the ticker MDRR. This is the primary channel for public equity investment and liquidity for shareholders. The structure allows for price discovery and public reporting requirements that feed into other channels, like investor information distribution.

Here are some key figures related to this channel as of late 2025 data points:

Metric	Value	Date/Context
Exchange	NASDAQ-CM	General Listing
Shares Outstanding	1,345,260	As of August 7, 2025
Recent Closing Price	$13.57	As of December 4, 2025
Market Capitalization	$14,928,475	Reported by NASDAQ
52 Week High/Low	$14.9955 / $9.55	Reported by NASDAQ
Average Volume	980	Reported by NASDAQ

The trading channel is supported by the company's financial health, which includes Total Cash (MRQ) of $1.94M and Cash from Operations (TTM) of $2.66M.

Private Placement Offerings for Delaware Statutory Trusts (DSTs)

Medalist Diversified REIT, Inc. uses its subsidiary, MDRR Sponsor TRS, LLC, to sponsor Delaware Statutory Trusts (DSTs) as a channel for 1031 exchange investors. These are private placement offerings, meaning they are restricted to accredited investors only. The focus here is on institutional-quality assets with investment-grade tenants.

The channel emphasizes transparency by linking DST offerings to the public company's filings. For example, a current offering, the Tesla Service Center DST, is backed by a property leased to Tesla, Inc., which has an S&P Credit Rating of BBB and reported $97.7B in 2024 Revenue. The total consideration for that specific property was $10,000,000.

Key characteristics of this distribution channel include:

• Investment-grade tenants rated BBB+ or better.
• Offerings are available only to investors meeting the accredited standard (e.g., net worth exceeding $1,000,000 excluding primary residence).
• The structure is designed for 1031 exchange tax deferral.
• The REIT sponsors the DST through its subsidiary, MDRR Sponsor TRS, LLC.

Direct Leasing and Property Management for Commercial Tenants

This is the core operational channel for generating rental income from the underlying assets. As of June 30, 2025, Medalist Diversified REIT, Inc. owned and operated 12 developed properties. The leasing activity is segmented across different property types.

The property mix channeled through direct leasing and management includes:

• Four retail center properties.
• Three flex center properties.
• Five single tenant net lease ("STNL") properties.

The company also holds three undeveloped parcels, which represent potential future leasing inventory. The leasing strategy focuses on commercial properties, including flex/industrial, neighborhood shopping centers, and STNL assets.

Corporate Website and SEC Filings for Investor Information

Information dissemination to the broader investor base relies on the corporate website, www.medalistreit.com, and mandatory regulatory filings. This channel ensures compliance and provides the public data that supports the DST channel's transparency claims.

The required public disclosures channeled through the SEC include:

• Form 10-Q (Quarterly Report), such as the one filed November 6, 2025.
• Form 8-K (Current Report) for material events.
• Form 10-K/A (Amended Annual Report).

The company is classified as a Non-accelerated filer and a Smaller reporting company as of its June 30, 2025 filing status. Contact for investor relations is listed via phone as (949) 415-6633.

Medalist Diversified REIT, Inc. (MDRR) - Canvas Business Model: Customer Segments

You're looking at the different groups Medalist Diversified REIT, Inc. (MDRR) serves, which is key to understanding where their cash flow comes from and where they focus their capital deployment efforts.

The customer base for Medalist Diversified REIT, Inc. (MDRR) is segmented across equity holders, debt/partnership interest holders, and the commercial tenants who occupy their real estate assets. As of late 2025, the structure shows a clear focus on both public market capital and direct property income.

The primary groups are:

• Public equity investors seeking dividend income and capital appreciation.
• Accredited investors utilizing 1031 exchanges for tax deferral.
• Middle-market companies as long-term commercial tenants.
• Institutional investors holding Operating Partnership (OP) Units.

For the public equity investors, the commitment to a dividend is a core part of the value proposition. The dividend metrics as of the third quarter of 2025 reflect this focus:

Metric	Value (as of late 2025)
Shares of Common Stock Outstanding (Aug 7, 2025)	1,345,260
Quarterly Cash Dividend Declared	$0.0675 per share
Annualized Dividend	$0.27
Current Yield	2.01%
Trailing Twelve Months (TTM) EPS Diluted (Nov 2025)	-$1.65 USD

The Operating Partnership (OP) Unit holders represent a distinct investor class, often including insiders and those involved in property contributions. The structure of the Operating Partnership, Medalist Diversified Holdings, LP, is central to the UPREIT structure. For the six months ended June 30, 2025, the allocation to noncontrolling unit holders was significant:

Metric	Value (Six Months Ended June 30, 2025)
Weighted Average % of OP's Net Income Allocated to Noncontrolling Holders	42.74%
Net Income Allocated to Noncontrolling Holders	$111,266
OP Units Issued for STNL Acquisitions (H1 2025)	$5.8 million (in value)
CEO Exchange for OP Units (Nov 2025)	2,405 units

The commercial tenants are the source of the REIT's operating revenue. Medalist Diversified REIT, Inc. (MDRR) owns a portfolio focused on specific commercial property types. This segment is crucial for generating the rental income that supports the dividend.

The property portfolio composition as of June 30, 2025, shows the direct customer base:

• Total Developed Properties Owned: 12
• Retail Center Properties: 4
• Flex Center Properties: 3
• Single Tenant Net Lease (STNL) Properties: 5

The financial scale of the property holdings directly impacts the tenant base size. Investment property, net, as reported in Q2 2025, stood at $59.9 million. The company has also been actively managing its asset base, completing the sale of the Salisbury Marketplace Shopping Center for $9.93 million.

Accredited investors and those using 1031 exchanges are served through the structure that allows for the issuance of OP Units, often in connection with property contributions, which is a common mechanism for tax-deferred exchanges into the REIT structure. The mention of a Delaware statutory trust (DST) program sponsorship further points to catering to investors seeking specific tax-advantaged real estate investment vehicles.

Medalist Diversified REIT, Inc. (MDRR) - Canvas Business Model: Cost Structure

You're looking at the cost side of the Medalist Diversified REIT, Inc. (MDRR) operation as of mid-2025. For a REIT, the cost structure is heavily weighted toward property-level expenses and the cost of capital. Here's the quick math on the major outflows for the second quarter of 2025, based on their reported results.

The primary recurring costs are tied directly to owning and operating the portfolio, which as of June 30, 2025, consisted of 12 developed properties, including retail, flex, and single-tenant net lease (STNL) assets.

Cost Component	Q2 2025 Amount (Millions USD)	Source Context
Property Operating Expenses	$2.20	Reported operating expenses for the quarter, representing a 5% year-over-year rise.
Interest Expense on Mortgages Payable	$0.56	Reported interest expense for the quarter, reflecting a 23% year-over-year fall.
Capital Expenditures (CapEx) Funded	$0.56	Cash funded for capital expenditures during the quarter.
Accrued Capital Expenditures (as of 6/30/2025)	$0.087017	Accrued CapEx reported on the June 30, 2025, balance sheet filing.

The cost structure is clearly dominated by the day-to-day running of the properties. Property operating expenses were $2.20 million in Q2 2025. That's the cost of keeping the lights on, paying property taxes, insurance, and routine maintenance across the retail, flex, and STNL segments.

Financing costs are the next big piece. Interest expense on mortgages payable for Q2 2025 settled at $0.56 million. It's good to see that figure drop by 23% compared to the prior year, which helps the bottom line, even if the overall net loss widened year-to-date due to the lack of a large property sale gain seen in 1H 2024.

For property upkeep, Medalist Diversified REIT, Inc. funded $0.56 million of CapEx during the quarter, a direct cash outlay for maintenance and improvements. Separately, the accrued capital expenditures on the balance sheet as of June 30, 2025, stood at $87,017.

When mapping out the full structure, you need to account for the corporate layer and the specialized program costs, even if the exact dollar amounts aren't broken out in the same line item for the quarter. These are structural costs that support the business model:

• General and administrative (G&A) costs for corporate overhead.
• Costs related to DST program sponsorship and compliance.

The G&A component is a fixed-cost element of being a publicly-traded REIT, covering executive salaries, SEC compliance, and back-office functions. You saw total expenses for the three months ended September 30, 2025, increase primarily due to higher legal, accounting, and other professional fees, which fall under this G&A umbrella. The DST program costs are embedded within the operations of MDRR Sponsor TRS, LLC, which is the entity formed to serve as the sponsor for the Delaware Statutory Trust (DST) program. These costs cover the institutional-quality PPMs (Private Placement Memorandums) and FactRight verification expenses necessary to support that specific revenue stream.

Medalist Diversified REIT, Inc. (MDRR) - Canvas Business Model: Revenue Streams

You're looking at how Medalist Diversified REIT, Inc. (MDRR) brings in the cash, which is key for any REIT analysis. Honestly, the top line shows some movement in 2025. For the second quarter of 2025, the reported revenue hit \$2.47 million, which represented a 7.1% year-over-year increase. Things kept moving, because by the third quarter of 2025, revenue was up to \$2.79 million, showing growth of 19.23% over the prior year's third quarter. The trailing twelve months revenue, as of that late 2025 check, stood at \$10.10 million. That's the baseline we work from.

The biggest chunk of that comes from the core business: rental income from the diversified portfolio of commercial properties. As of June 30, 2025, Medalist Diversified REIT, Inc. owned and operated a specific mix of assets through its Operating Partnership. This forms the foundation of the recurring revenue stream you need to track.

• Four retail center properties.
• Three flex center properties.
• Five single tenant net lease (STNL) properties.
• Three undeveloped parcels.

Next up, we look at the less predictable, but still important, revenue components. Gains from the sale of investment properties, often called capital recycling, are a factor. To give you context, the first half of 2025 saw a net loss of $\$(1.53)$ million, partly because the prior year's first half benefited from a \$2.8 million property-sale gain. Also, you need to account for fees and income generated from the Delaware Statutory Trust (DST) sponsorship program, which is managed through one of their subsidiaries.

Here's a quick snapshot of the reported revenue performance we have for 2025 so far:

Metric	Amount	Period/Date Reference
Q2 2025 Revenue	\$2.47 million	Reported August 2025
Q3 2025 Revenue	\$2.79 million	Reported late 2025
Trailing Twelve Months (TTM) Revenue	\$10.10 million	As of late 2025
1H 2024 Property Sale Gain (Contextual)	\$2.8 million	Used for comparison to 1H 2025 results

Finally, don't forget the newer, specialized revenue channels. Medalist Diversified REIT, Inc. operates Own Digital Treasury TRS, LLC, which was formed specifically to acquire and hold digital assets. While I don't have the exact 2025 income figure for that subsidiary yet, its existence signals a planned diversification in potential income sources beyond traditional real estate rents and DST fees. That's a definite area to watch for the next report.