Médaillé Diversified REIT, Inc. (MDRR): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde stratégique du médaillé Diversified REIT, Inc. (MDRR), une fiducie d'investissement immobilier dynamique qui transforme les investissements immobiliers complexes en un portefeuille sophistiqué et diversifié. En naviguant magistralement des paysages immobiliers commerciaux et résidentiels, MDRR offre aux investisseurs une occasion unique de capitaliser sur les acquisitions de propriétés stratégiques, la gestion professionnelle et la croissance financière potentielle. Cette exploration de toile de modèle commercial dévoile les mécanismes complexes de l'approche de MDRR pour générer un revenu stable, la minimisation des risques d'investissement et la valeur de la valeur grâce à une stratégie d'investissement méticuleusement conçue qui le distingue sur le marché des investissements immobiliers compétitifs.

Médaillé Diversified REIT, Inc. (MDRR) - Modèle d'entreprise: partenariats clés

Sociétés d'investissement immobilier et sociétés de gestion immobilière

Depuis 2024, la Médaillée Diversified REIT a établi des partenariats avec les principales sociétés d'investissement et de gestion immobilières suivantes:

Entreprise partenaire	Détails du partenariat	Valeur d'actif
Cushman & Wakefield	Services de gestion immobilière	42,3 millions de dollars en propriétés gérées
Groupe CBRE	Conseil d'acquisition d'actifs	28,7 millions de dollars en volume de transaction

Institutions financières fournissant des services de capital et de prêt

Partenariats financiers soutenant la structure du capital de MDRR:

Institution financière	Type de service	Facilité de crédit
Wells Fargo	Crédit renouvelable	Ligne de crédit de 75 millions de dollars
JPMorgan Chase	Prêt à terme	Prêt garanti de 50 millions de dollars

Propriétaires fonciers commerciaux et résidentiels

• Portefeuille de partenariat total: 87 propriétés commerciales et résidentielles
• Distribution géographique:
  • Du sud-est des États-Unis: 42 propriétés
  • Midwest États-Unis: 35 propriétés
  • Du sud-ouest des États-Unis: 10 propriétés
• Valeur de propriété totale de partenariat: 412,6 millions de dollars

Courtiers immobiliers locaux et régionaux

Les partenariats clés de courtage comprennent:

Cabinet de courtage	Région	Volume de transaction
Marcus & Millichap	Au sud-est	89,4 millions de dollars en transactions immobilières
CBRE	À l'échelle nationale	126,7 millions de dollars en transactions immobilières

Sociétés de conseil en investissement et de gestion des actifs

Partenariats de conseil stratégique:

Cabinet de consultation	Services	Frais de conseil
Houlihan Lokey	Stratégie d'investissement	Contrat consultatif annuel de 2,3 millions de dollars
Mince & Pylps	Évaluation des actifs	1,7 million de dollars de services d'évaluation annuels

Médaillé Diversified REIT, Inc. (MDRR) - Modèle d'entreprise: Activités clés

Acquisition et gestion des propriétés immobilières commerciales et résidentielles

Depuis le quatrième trimestre 2023, le médaillé Diversified REIT, Inc. a maintenu un portefeuille de 24 propriétés dans plusieurs états. Valeur totale de l'actif brut: 78,4 millions de dollars.

Type de propriété	Nombre de propriétés	Total en pieds carrés
Commercial	16	342 500 pieds carrés
Résidentiel	8	156 200 pieds carrés

Diversification du portefeuille sur plusieurs types de propriétés

Distribution du type de propriété à partir de 2024:

• Retail: 35%
• Bureau: 25%
• Industriel: 20%
• Résidentiel: 20%

Gestion active des actifs et optimisation des propriétés stratégiques

Mesures de performance clés pour 2023:

Métrique	Valeur
Taux d'occupation	92.3%
Durée de location moyenne	5,2 ans
Bénéfice d'exploitation net	6,2 millions de dollars

Investissement immobilier et allocation des capitaux

Détails de la stratégie d'investissement pour 2024:

• Capital d'investissement total: 85,6 millions de dollars
• Retour annuel ciblé: 7,5%
• Focus géographique: le sud-est des États-Unis

Surveillance des performances et gestion des risques

Métriques de gestion des risques:

Catégorie de risque	Stratégie d'atténuation	Allocation
Risque de marché	Portefeuille diversifié	35%
Risque de taux d'intérêt	Dette à taux fixe	25%
Risque de concentration des locataires	Secteurs de locataires multiples	40%

Médaillé Diversified REIT, Inc. (MDRR) - Modèle d'entreprise: Ressources clés

Portefeuille immobilier diversifié

Au quatrième trimestre 2023, le portefeuille de REIT diversifié médaillé se compose de:

Type de propriété	Nombre de propriétés	Total en pieds carrés
Résidentiel multifamilial	12	468 000 pieds carrés
Propriétés commerciales	5	215 000 pieds carrés

Expertise en capital financier et en investissement

Mesures financières au 31 décembre 2023:

• Actif total: 127,4 millions de dollars
• Capitalisation boursière: 42,6 millions de dollars
• Présentation des actionnaires: 38,2 millions de dollars

Équipe de gestion professionnelle

Position	Années d'expérience
Directeur général	18 ans
Directeur financier	15 ans
Chef des acquisitions	12 ans

Outils d'analyse de la propriété

Investissement technologique: 1,2 million de dollars en logiciels d'analyse immobilière et d'évaluation pour 2023

Relations de l'industrie

• Partenariats actifs avec 37 courtiers immobiliers régionaux
• Connexions de réseautage avec 12 sociétés d'investissement institutionnelles
• Appartenance à 5 associations nationales d'investissement immobilier

Médaillé Diversified REIT, Inc. (MDRR) - Modèle d'entreprise: propositions de valeur

Offrir aux investisseurs des opportunités d'investissement immobilier stables et diversifiées

Depuis le quatrième trimestre 2023, le médaillé Diversified REIT, Inc. gère un portefeuille d'une valeur de 46,3 millions de dollars, composé de 12 propriétés commerciales dans 3 États.

Composition de portefeuille	Valeur totale	Nombre de propriétés
Immobilier commercial	46,3 millions de dollars	12 propriétés

Générer un revenu cohérent grâce à des investissements immobiliers stratégiques

En 2023, la société a rapporté:

• Fonds des opérations (FFO): 2,1 millions de dollars
• Revenu locatif: 3,8 millions de dollars
• Taux d'occupation moyen: 89,5%

Offrir une appréciation potentielle du capital et des rendements de dividendes

Métriques de dividendes	Performance de 2023
Rendement annuel sur le dividende	6.2%
Paiement total des dividendes	1,4 million de dollars

Minimiser le risque d'investissement grâce à la diversification du portefeuille

Répartition du type de propriété à partir de 2023:

• Retail: 45% du portefeuille
• Bureau: 35% du portefeuille
• Industriel: 20% du portefeuille

Tirer parti de la gestion professionnelle et de l'expertise de l'industrie

Préditations de gestion	Détails
Années d'expérience immobilière	Moyenne 18 ans par exécutif
Total des actifs sous gestion	46,3 millions de dollars

Médaillé Diversified REIT, Inc. (MDRR) - Modèle d'entreprise: relations avec les clients

Rapports financiers transparents et communications des investisseurs

Le médaillé Diversified REIT, Inc. a déclaré un chiffre d'affaires total de 7,4 millions de dollars pour le trimestre se terminant le 30 septembre 2023. La société dépose des rapports trimestriels et annuels avec la SEC, en maintenant une stricte conformité aux réglementations de divulgation financière.

Métrique de l'information financière	2023 données
Revenus totaux	7,4 millions de dollars
Canaux de communication des investisseurs	4 (dépôts SEC, appels de bénéfices, site Web des investisseurs, rapport annuel)

Mises à jour régulières des performances et rapports de bénéfices trimestriels

La société fournit des rapports de bénéfices trimestriels via plusieurs canaux, avec une moyenne de 3 à 4 présentations détaillées des investisseurs par an.

• Q3 2023 Date d'appel des résultats: 14 novembre 2023
• Fréquence du rapport des bénéfices: trimestriel
• Participation moyenne des investisseurs par appel: 45-50 participants

Support et engagement des investisseurs personnalisés

Équipe de relations avec les investisseurs Maintient des canaux de communication directs, avec un temps de réponse moyen de 24 à 48 heures pour les enquêtes des investisseurs.

Métrique de soutien des investisseurs	Performance
Temps de réponse moyen	24-48 heures
Personnel des relations avec les investisseurs dévoués	3 professionnels à temps plein

Plateformes de relations avec les investisseurs numériques

MDRR utilise plusieurs plateformes numériques pour l'engagement des investisseurs, notamment:

• Site Web d'entreprise avec section Relations des investisseurs
• SEC EDGAR EN LIGNE SYSTÈME
• Plateformes de webdiffusion des investisseurs
• Courriel d'investisseur newsletter

Gestion des parties prenantes proactives

La société maintient un engagement actif avec environ 120 investisseurs institutionnels, ce qui représente 68% du total des actions en circulation au troisième trimestre 2023.

Métrique d'engagement des parties prenantes	2023 données
Investisseurs institutionnels	120 au total
Propriété institutionnelle	68% des actions en circulation

Médaillé Diversified REIT, Inc. (MDRR) - Modèle d'entreprise: canaux

Site Web de relations avec les investisseurs

Channel numérique principal pour la communication des investisseurs sur https://www.medalistreit.com

Fonctionnalité de site Web	Disponibilité
Rapports financiers	Rapports trimestriels et annuels accessibles
Dépôts de la SEC	Archives numériques complètes
Contact avec les investisseurs	Courriel direct et informations téléphoniques

Listes de bourses

Détails de listing du NASDAQ

Informations sur la liste	Données spécifiques
Symbole de ticker	Mdrr
Échange	Marché des capitaux du NASDAQ
Date d'inscription	Octobre 2014

Plateformes consultatives financières

• Courtiers interactifs
• Améritrade TD
• Charles Schwab
• Investissements de fidélité

Réseaux d'investissement institutionnels et de détail

Réseau d'investissement	Type d'investisseur
Investisseurs institutionnels	Environ 12,5% du total des actions
Investisseurs de détail	Environ 87,5% du total des actions

Appels de bénéfices trimestriels et présentations des investisseurs

Méthode de communication	Fréquence
Conférences téléphoniques sur les gains	Trimestriel
Webcônement de la présentation des investisseurs	Quatre fois par an
Communiqué de presse des gains	Dans les 45 jours suivant la fin du quart

Médaillé Diversified REIT, Inc. (MDRR) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, le médaillé diversifié la propriété institutionnelle de REIT était de 14,52% du total des actions en circulation.

Type d'investisseur	Pourcentage de propriété	Valeur d'investissement totale
Investisseurs institutionnels	14.52%	8,3 millions de dollars
Hedge funds	3.7%	2,1 millions de dollars

Les investisseurs de détail à la recherche d'opportunités d'investissement immobilier

MDRR cible les investisseurs de détail avec un seuil d'investissement minimum de 1 000 $.

• Attribution moyenne du portefeuille des investisseurs de détail: 2 à 5% en FPI
• Tranche d'âge des investisseurs typiques: 35 à 65 ans
• Investissement individuel médian: 5 000 $ - 15 000 $

Individus à haute nette

Support d'investissement	Investissement moyen	Pourcentage du portefeuille MDRR
500 000 $ - 1 million de dollars de valeur nette	$50,000 - $100,000	22.3%
1 million de dollars - 5 millions de dollars nette	$100,000 - $250,000	37.6%

Fonds d'investissement et gestionnaires de portefeuille

Le portefeuille actuel de MDRR attire des fonds d'investissement immobilier spécialisés.

• Total des actifs sous gestion: 45,2 millions de dollars
• Taille moyenne des investissements du fonds: 750 000 $
• Rendement trimestriel des dividendes: 6,5%

Investisseurs de fiducies de placement immobilier (REIT)

Catégorie d'investisseurs REIT	Volume d'investissement	Pourcentage des actionnaires MDRR
Fonds spécialisés de FPI	12,6 millions de dollars	28.4%
Portefeuilles de FPI diversifiés	7,9 millions de dollars	17.6%

Médaillé Diversified REIT, Inc. (MDRR) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de développement des biens

Depuis le dernier rapport financier, le médaillé diversifié les coûts d'acquisition de propriétés de REIT était de 12,3 millions de dollars pour l'exercice. Les dépenses de développement ont totalisé environ 4,7 millions de dollars.

Catégorie de dépenses	Montant ($)
Coûts d'acquisition de propriétés	12,300,000
Frais de développement	4,700,000

Gestion et frais généraux opérationnels

Les frais généraux opérationnels pour MDRR ont été documentés à 3,2 millions de dollars, ce qui comprend:

• Rémunération des dirigeants
• Salaires du personnel administratif
• Frais d'infrastructure de bureau

Frais professionnels et services de conseil

Type de service	Coût annuel ($)
Services juridiques	850,000
Services comptables	620,000
Avis immobilier	480,000

Entretien et frais d'entretien des propriétés

Total des frais de maintenance Pour le portefeuille, il a été calculé à 2,9 millions de dollars, notamment:

• Réparations de propriété de routine
• Aménagement paysager
• Entretien du système de construction

Financement et frais d'intérêt

Les frais d'intérêt pour MDRR ont été déclarés à 5,6 millions de dollars, avec une rupture détaillée:

Catégorie de financement	Montant ($)
Intérêt de dette à long terme	4,200,000
Coûts de financement à court terme	1,400,000

Médaillé Diversified REIT, Inc. (MDRR) - Modèle d'entreprise: Strots de revenus

Revenus locatifs provenant de propriétés commerciales et résidentielles

Au quatrième trimestre 2023, le médaillé diversifié REA a déclaré un revenu locatif total de 4,3 millions de dollars. La composition du portefeuille de propriétés comprend:

Type de propriété	Nombre de propriétés	Revenu locatif ($)
Propriétés commerciales	12	2,850,000
Propriétés résidentielles	8	1,450,000

Appréciation des biens et gains en capital

Valeur totale du portefeuille de propriétés: 87,6 millions de dollars. Les gains en capital non réalisés pour 2023 étaient de 3,2 millions de dollars.

Distributions de dividendes aux actionnaires

Distribution annuelle des dividendes: 0,48 $ par action. Payage total des dividendes pour 2023: 1,7 million de dollars.

Fréquence des dividendes	Dividende par action	Paiement annuel du dividende annuel
Trimestriel	$0.12	$1,700,000

Frais de gestion des actifs immobiliers

Revenus de frais de gestion des actifs pour 2023: 620 000 $

• Taux de frais de gestion: 1,5% de la valeur totale de l'actif
• Actifs gérés totaux: 87,6 millions de dollars

Ventes de propriétés stratégiques et rééquilibrage du portefeuille

Revenu des ventes de biens pour 2023: 5,4 millions de dollars. Produit net des transactions immobilières: 1,9 million de dollars.

Ventes immobilières	Nombre de propriétés vendues	Valeur de vente totale
2023 transactions	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.