Medalist Diversified (MDRR)
Market Price (6/20/2026): $11.69 | Market Cap: $15.0 MilSector: Real Estate | Industry: Real Estate Services
Medalist Diversified (MDRR)
Market Price (6/20/2026): $11.69Market Cap: $15.0 MilSector: Real EstateIndustry: Real Estate Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 53%, Dividend Yield is 2.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 49% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12% Megatrend and thematic driversMegatrends include E-commerce Logistics & Data Centers, Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include E-commerce Logistics REITs, Show more. | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 27x Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.1%, Rev Chg QQuarterly Revenue Change % is -7.0% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -14% Key risksMDRR key risks include [1] a constrained financial capacity, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 53%, Dividend Yield is 2.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 49% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12% |
| Megatrend and thematic driversMegatrends include E-commerce Logistics & Data Centers, Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include E-commerce Logistics REITs, Show more. |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 27x |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.1%, Rev Chg QQuarterly Revenue Change % is -7.0% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -14% |
| Key risksMDRR key risks include [1] a constrained financial capacity, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Medalist Diversified (MDRR) stock has remained largely at the same level since 2/28/2026 because of the following key factors:
1. Corporate Repositioning and New Strategic Focus.
Medalist Diversified (MDRR) embarked on a significant strategic shift, revoking its Real Estate Investment Trust (REIT) tax election effective January 1, 2026, and transitioning to a standard C-corporation. This corporate repositioning, announced in February 2026, introduced new strategic priorities for fiscal year 2026, including expanding its Delaware Statutory Trust (DST) sponsorship platform to generate fee income, implementing a treasury strategy, and preparing for strategic acquisitions. This fundamental change in business model likely led to a period of investor re-evaluation, tempering significant stock movements as the market awaited clearer operational performance under the new structure.
2. Balanced Asset Management and Capital Recycling.
During the period, Medalist Diversified actively managed its portfolio through notable transactions. The company reached an agreement to sell Brookfield Center, a flex-industrial property, for $10.25 million, announced on June 17, 2026. Concurrently, it agreed to acquire a Kansas automotive service property for $5.8 million, structured through its DST platform, announced on June 9, 2026. While demonstrating ongoing strategic execution and a pivot towards fee-generating business lines, these capital recycling activities likely resulted in a relatively neutral short-term impact on the company's overall market valuation, contributing to the stock's tendency to remain largely at the same level.
Show more
Medalist Diversified (MDRR) stock has remained largely at the same level since 2/28/2026 because of the following key factors:
1. Corporate Repositioning and New Strategic Focus.
Medalist Diversified (MDRR) embarked on a significant strategic shift, revoking its Real Estate Investment Trust (REIT) tax election effective January 1, 2026, and transitioning to a standard C-corporation. This corporate repositioning, announced in February 2026, introduced new strategic priorities for fiscal year 2026, including expanding its Delaware Statutory Trust (DST) sponsorship platform to generate fee income, implementing a treasury strategy, and preparing for strategic acquisitions. This fundamental change in business model likely led to a period of investor re-evaluation, tempering significant stock movements as the market awaited clearer operational performance under the new structure.
2. Balanced Asset Management and Capital Recycling.
During the period, Medalist Diversified actively managed its portfolio through notable transactions. The company reached an agreement to sell Brookfield Center, a flex-industrial property, for $10.25 million, announced on June 17, 2026. Concurrently, it agreed to acquire a Kansas automotive service property for $5.8 million, structured through its DST platform, announced on June 9, 2026. While demonstrating ongoing strategic execution and a pivot towards fee-generating business lines, these capital recycling activities likely resulted in a relatively neutral short-term impact on the company's overall market valuation, contributing to the stock's tendency to remain largely at the same level.
3. Consistent but Moderate Dividend Payout.
Medalist Diversified maintained a consistent quarterly dividend payout of $0.0675 per share on its common stock, with payments made on January 13, 2026, and April 21, 2026. This steady dividend stream offered a degree of investor confidence and provided a floor for the stock price. However, without substantial increases in the dividend or a significantly higher yield (which was 2.25% as of February 2026), it did not generate sufficient new buying interest to drive a dramatic or sustained upward trend, thus contributing to the stock remaining within a relatively stable range.
4. Small Market Capitalization and Divergent REIT Sector Performance.
As a company with a comparatively small market capitalization, approximately $18.49 million as of June 11, 2026, Medalist Diversified may inherently experience less sustained directional momentum than larger entities. While the broader REIT market demonstrated overall positive performance in fiscal Q1 and Q2 2026, with certain sub-sectors like data centers and healthcare leading with significant gains, Medalist Diversified's portfolio, consisting of retail center, flex center, and single-tenant net lease properties, may not have benefited from these specific strong tailwinds to the same extent. This nuanced sector performance, combined with its smaller size, likely limited the magnitude of sustained price movements, resulting in the stock largely maintaining its level.
Show less
Stock Movement Drivers
Fundamental Drivers
The 1.9% change in MDRR stock from 2/28/2026 to 6/19/2026 was primarily driven by a 6.1% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.48 | 11.70 | 1.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10 | 10 | 1.3% |
| P/S Multiple | 1.4 | 1.5 | 6.1% |
| Shares Outstanding (Mil) | 1 | 1 | -5.2% |
| Cumulative Contribution | 1.9% |
Market Drivers
2/28/2026 to 6/19/2026| Return | Correlation | |
|---|---|---|
| MDRR | 1.9% | |
| Market (SPY) | 9.2% | -1.4% |
| Sector (XLRE) | 0.7% | 3.7% |
Fundamental Drivers
The -12.9% change in MDRR stock from 11/30/2025 to 6/19/2026 was primarily driven by a -9.3% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.43 | 11.70 | -12.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10 | 10 | 1.3% |
| P/S Multiple | 1.6 | 1.5 | -9.3% |
| Shares Outstanding (Mil) | 1 | 1 | -5.2% |
| Cumulative Contribution | -12.9% |
Market Drivers
11/30/2025 to 6/19/2026| Return | Correlation | |
|---|---|---|
| MDRR | -12.9% | |
| Market (SPY) | 9.9% | -13.1% |
| Sector (XLRE) | 7.1% | -8.8% |
Fundamental Drivers
The 1.8% change in MDRR stock from 5/31/2025 to 6/19/2026 was primarily driven by a 7.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312025 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.49 | 11.70 | 1.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9 | 10 | 7.9% |
| P/S Multiple | 1.6 | 1.5 | -11.0% |
| Shares Outstanding (Mil) | 1 | 1 | 6.1% |
| Cumulative Contribution | 1.8% |
Market Drivers
5/31/2025 to 6/19/2026| Return | Correlation | |
|---|---|---|
| MDRR | 1.8% | |
| Market (SPY) | 28.1% | -8.0% |
| Sector (XLRE) | 8.8% | -3.3% |
Fundamental Drivers
The 1036.8% change in MDRR stock from 5/31/2023 to 6/19/2026 was primarily driven by a 1263.6% change in the company's P/S Multiple.| (LTM values as of) | 5312023 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.03 | 11.70 | 1036.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 11 | 10 | -3.9% |
| P/S Multiple | 0.1 | 1.5 | 1263.6% |
| Shares Outstanding (Mil) | 1 | 1 | -13.3% |
| Cumulative Contribution | 1036.8% |
Market Drivers
5/31/2023 to 6/19/2026| Return | Correlation | |
|---|---|---|
| MDRR | 1036.8% | |
| Market (SPY) | 85.7% | 1.7% |
| Sector (XLRE) | 34.9% | -0.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MDRR Return | -43% | -37% | -4% | 1185% | -5% | -7% | 285% |
| Peers Return | 29% | -27% | -3% | 1% | -22% | 3% | -26% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 98% |
Monthly Win Rates [3] | |||||||
| MDRR Win Rate | 42% | 25% | 33% | 67% | 42% | 17% | |
| Peers Win Rate | 48% | 44% | 45% | 53% | 40% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| MDRR Max Drawdown | -68% | -41% | -44% | -14% | -23% | -21% | |
| Peers Max Drawdown | -11% | -32% | -33% | -28% | -37% | -26% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NXDT, GOOD, CTO, MDV, GIPR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/18/2026 (YTD)
How Low Can It Go
| Event | MDRR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -14.1% | -18.8% |
| % Gain to Breakeven | 16.4% | 23.1% |
| Time to Breakeven | 139 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -32.9% | -6.7% |
| % Gain to Breakeven | 49.0% | 7.1% |
| Time to Breakeven | 386 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -24.0% | -24.5% |
| % Gain to Breakeven | 31.7% | 32.4% |
| Time to Breakeven | 203 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -64.2% | -33.7% |
| % Gain to Breakeven | 179.7% | 50.9% |
| Time to Breakeven | 1552 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.0% | -19.2% |
| % Gain to Breakeven | 29.9% | 23.8% |
| Time to Breakeven | 12 days | 105 days |
In The Past
Medalist Diversified's stock fell -14.1% during the 2025 US Tariff Shock. Such a loss loss requires a 16.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | MDRR | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -32.9% | -6.7% |
| % Gain to Breakeven | 49.0% | 7.1% |
| Time to Breakeven | 386 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -24.0% | -24.5% |
| % Gain to Breakeven | 31.7% | 32.4% |
| Time to Breakeven | 203 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -64.2% | -33.7% |
| % Gain to Breakeven | 179.7% | 50.9% |
| Time to Breakeven | 1552 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.0% | -19.2% |
| % Gain to Breakeven | 29.9% | 23.8% |
| Time to Breakeven | 12 days | 105 days |
In The Past
Medalist Diversified's stock fell -14.1% during the 2025 US Tariff Shock. Such a loss loss requires a 16.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Medalist Diversified (MDRR)
Medalist Diversified REIT Inc. (MDRR) is a real estate investment trust that specializes in acquiring, repositioning, renovating, leasing, and managing income-producing properties. As a REIT, the company primarily generates revenue by collecting rent from its diverse portfolio of real estate assets, aiming to distribute a significant portion of its taxable income to shareholders through dividends.
The company's investment strategy is focused on three primary types of properties: commercial properties, which include flex-industrial and retail spaces; multi-family residential properties; and limited service hotel properties. Medalist Diversified actively engages in the full lifecycle of property management, from initial acquisition and renovation to ongoing leasing and operational oversight of these assets.
Medalist Diversified concentrates its real estate investments in secondary and tertiary markets located in the southeastern United States. Its geographic focus spans states such as Virginia, North Carolina, South Carolina, Georgia, Florida, and Alabama. The company's diverse property portfolio serves a broad range of customers, including businesses for its commercial and industrial spaces, residents for its multi-family housing, and travelers for its hotel properties.
AI Analysis | Feedback
Here are 1-2 brief analogies for Medalist Diversified (MDRR):
- Like a mini-Berkshire Hathaway, but specifically for a diverse portfolio of retail, industrial, apartment, and hotel properties across the U.S. Southeast.
- It's essentially a publicly traded 'ETF' or 'mutual fund' that invests in and manages a variety of real estate properties – from stores and warehouses to apartments and hotels – primarily in the southeastern U.S.
AI Analysis | Feedback
- Commercial Property Leasing: Providing leasable space in commercial properties such as flex-industrial and retail facilities.
- Multi-Family Residential Property Leasing: Providing leasable units in multi-family residential complexes.
- Limited Service Hotel Property Income Generation: Generating income through the ownership and management of limited service hotel properties.
AI Analysis | Feedback
The company's major customers fall into the following categories:
- Commercial Tenants (Businesses): These are businesses that lease flex-industrial and retail spaces from Medalist Diversified. These customers utilize the properties for various commercial operations, including manufacturing, warehousing, distribution, office space, and retail sales. Specific names of individual commercial tenants are typically not disclosed by diversified REITs unless they represent a highly significant portion of the company's revenue.
- Multi-family Residential Tenants (Individuals/Families): These are individuals or families who rent apartment units within Medalist Diversified's multi-family residential properties.
- Limited Service Hotel Guests (Individuals): These are individuals who book stays at Medalist Diversified's limited service hotel properties for short-term accommodation, whether for business, leisure, or other travel needs.
AI Analysis | Feedback
AI Analysis | Feedback
Frank Kavanaugh, President and Chief Executive Officer
Frank Kavanaugh was appointed President and Chief Executive Officer in July 2023. He brings over 30 years of business transformation experience, having previously served as an executive at Microsoft and Hewlett-Packard. Notably, he led Force Protection Inc. from under $1 million to over $1 billion in six years.
Brent Winn, Jr., Chief Financial Officer
Brent Winn, Jr. is a real estate finance veteran with experience since 1987. He is a former CSX Realty executive and has been instrumental in architecting Medalist's financial systems and controls since 2018.
Peter Elwell, Managing Director, DST Investments
Peter Elwell is a finance and real estate investment professional with experience in constructing and managing multiple commercial real estate portfolios. His public company background includes roles in mergers and acquisitions and corporate finance at Disney, PRIMEDIA, and KPMG.
Ron Nielsen, EVP Sponsor Operations
Ron Nielsen leads platform operations, marketing strategy, and sales execution across Medalist's DST sponsor business. He is also responsible for managing investor onboarding through close and serves as a member of the Investment Committee.
Erin Burke, Chief of Staff
Erin Burke manages operational execution and coordinates investor communications, reporting, and internal workflows for Medalist.
AI Analysis | Feedback
Key Risks to Medalist Diversified (MDRR)
The primary risks to Medalist Diversified (MDRR) stem from its fundamental strategic repositioning, effective January 1, 2026, from a traditional Real Estate Investment Trust (REIT) to a business focused on generating fee income and increasing assets under management through its Delaware Statutory Trust (DST) Program. The company also changed its name to Medalist Diversified, Inc. on March 2, 2026.
-
Execution Risk of New Business Strategy: Medalist Diversified's success is heavily dependent on the effective execution of its new business strategy. The company has revoked its REIT status and is transitioning its primary focus to building its DST Program and selectively monetizing legacy real estate assets. There is no assurance that this strategic repositioning will be successful in unlocking potential value, achieving objectives related to the DST Program, or other investment strategies. The effectiveness of capital redeployment into DST fee income, treasuries, and potential acquisitions will significantly shape future earnings and risk.
-
Intense Competition in Real Estate and DST Markets: The company faces significant competition in acquiring real estate investments for its DST Program and in attracting investors to its DST offerings. It competes with a broad range of third parties, including other REITs, DST sponsors, specialty finance companies, banks, and institutional investors. This competitive landscape could impact Medalist Diversified's ability to source profitable investments and attract capital for its DSTs.
-
Real Estate Market Risks and Illiquidity of DST Properties: Despite the shift in business model, Medalist Diversified's underlying assets for its DST Program remain real estate, primarily commercial properties, multi-family residential properties, and limited-service hotels in secondary and tertiary markets in the southeastern United States. Consequently, the company remains susceptible to general real estate market fluctuations, economic downturns, and regional market risks. Additionally, DST properties may be less liquid than other assets, which could impair the company's ability to utilize cash proceeds from sales for debt reduction, distributions, or additional investments, thereby limiting its financial flexibility.
AI Analysis | Feedback
The clear emerging threat for Medalist Diversified is the continued expansion and increasing market penetration of **peer-to-peer lodging platforms (e.g., Airbnb, VRBO)**. These platforms offer an alternative lodging model that directly competes with Medalist Diversified's limited-service hotel properties, especially in the secondary and tertiary markets where the company focuses. This disruption is analogous to how Netflix challenged Blockbuster by offering a different service delivery model.
AI Analysis | Feedback
The addressable markets for Medalist Diversified (MDRR)'s main products or services in the Southeastern United States are as follows:
Commercial Properties: The U.S. Commercial Real Estate Market size is estimated to be approximately $1.7 trillion in 2025. The South region, which includes Medalist Diversified's target states, accounted for 29% of the total United States commercial real estate market in 2025. Therefore, the addressable market for Medalist Diversified in the Southeastern U.S. for commercial properties is approximately $493 billion USD in 2025. This market covers regions including Virginia, North Carolina, South Carolina, Georgia, Florida, and Alabama.
Multi-family Residential Properties: The United States multifamily market size was valued at $265 billion USD in 2022 and is projected to grow to $466 billion by 2030. While a specific market size solely for the Southeastern U.S. is not provided, the region, encompassing states like Virginia, North Carolina, South Carolina, Georgia, Florida, and Alabama, is recognized as a leading and rapidly expanding market for multifamily investments due to significant population growth and economic development.
Limited Service Hotel Properties: The overall USA hospitality real estate market is estimated at approximately $1.03 trillion USD in 2025. Limited-service hotels often fall within the mid and upper-midscale categories, which held a 47.73% share of the U.S. hospitality market in 2025. Based on this, the addressable market for these types of hotels across the U.S. is approximately $491.5 billion USD in 2025. The Southeast is a highly active hospitality region, with considerable investor focus on limited-service and select-service properties due to their resilient cash flow and operational models.
Flex-industrial Properties: null
Retail Properties: null
AI Analysis | Feedback
Here are 3-5 expected drivers of future revenue growth for Medalist Diversified (MDRR) over the next 2-3 years:
- Expansion of the Delaware Statutory Trust (DST) Sponsorship Platform: As part of its corporate repositioning and transition from an equity REIT to a C-corporation, Medalist Diversified intends to expand its DST sponsorship platform. This platform generates fee income from the acquisition, management, and disposition of real estate assets for Section 1031 exchange investors, creating a new and flexible revenue stream.
- Strategic Acquisitions and Dispositions of Real Estate Properties: The company actively engages in portfolio optimization through strategic acquisitions and divestitures of commercial properties. For example, in 2024, Medalist completed an acquisition and a divestiture to enhance its portfolio, indicating a continued focus on growing its income-producing asset base.
- Growth in the Flex Industrial Property Segment: Medalist Diversified has demonstrated significant growth within its flex industrial properties. In 2024, the same-store net operating income (SS NOI) for these properties increased by 4.6% year-over-year, highlighting this segment as a strong contributor to revenue growth.
- Increased Occupancy Rates and Rental Growth in Existing Portfolio: Improving occupancy rates across its commercial properties, particularly retail and flex properties, will drive revenue growth from the existing asset base. For instance, as of March 31, 2023, the average occupancy rate for the company's retail and flex properties increased to 96.7% compared to 94.0% in the prior year.
AI Analysis | Feedback
Share Repurchases
- Medalist Diversified has not reported any significant share repurchase programs in the last 3-5 years. The company spent $0 on share buybacks in Q4 2025.
Share Issuances
- In January 2021, Medalist Diversified REIT announced the pricing of a $12.0 million public offering of common stock.
- On January 10, 2025, the company fully redeemed its 60,000 outstanding shares of 8.0% Series A Cumulative Redeemable Preferred Stock for approximately $1,526,400 ($25.44 per share, including accrued dividends).
- Medalist Diversified filed for a $100 million common stock offering on April 9, 2025, indicating an authorized potential for future share issuances.
Inbound Investments
- The company increased its line of credit by $4 million in October 2024, enhancing its financial flexibility.
Capital Expenditures
- Capital expenditures for the last 12 months (as of November 6, 2025) were approximately $1.45 million.
- In the most recent reported quarter, capital expenditures totaled approximately $0.57 million.
- The primary focus of capital expenditures is on acquiring, repositioning, renovating, leasing, and managing income-producing commercial properties (including flex-industrial and retail), multi-family residential properties, and limited-service hotel properties in secondary and tertiary markets in the southeastern United States. [Background, 6]
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| How Low Can Medalist Diversified REIT Stock Really Go? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 11.88 |
| Mkt Cap | 0.2 |
| Rev LTM | 28 |
| Op Inc LTM | 19 |
| FCF LTM | 13 |
| FCF 3Y Avg | 8 |
| CFO LTM | 13 |
| CFO 3Y Avg | 9 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.6% |
| Rev Chg 3Y Avg | 2.5% |
| Rev Chg Q | -3.9% |
| QoQ Delta Rev Chg LTM | -0.9% |
| Op Inc Chg LTM | 15.6% |
| Op Inc Chg 3Y Avg | 26.2% |
| Op Mgn LTM | 22.7% |
| Op Mgn 3Y Avg | 17.4% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 34.6% |
| CFO/Rev 3Y Avg | 36.1% |
| FCF/Rev LTM | 34.6% |
| FCF/Rev 3Y Avg | 36.1% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Retail center properties | 6 | 6 | 7 | 7 | 6 |
| Flex center property | 3 | 3 | 2 | 3 | 1 |
| Single tenant net lease (STNL) properties | 1 | 0 | 0 | ||
| Non-cash revenues | 0 | 0 | |||
| Hotel properties | 2 | 5 | |||
| Total | 10 | 10 | 10 | 11 | 11 |
| $ Mil | 2024 | 2023 |
|---|---|---|
| Retail center properties | 3 | 3 |
| Flex center property | 1 | 1 |
| Single tenant net lease (STNL) properties | 0 | 0 |
| Total | 5 | 4 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Retail center properties | 38 | 49 | 61 |
| Flex center property | 19 | 19 | 20 |
| Single tenant net lease (STNL) properties | 18 | 3 | 0 |
| Assets held by operating partnership | 2 | 0 | 0 |
| Other assets | 0 | ||
| Assets held by parent company | 0 | 4 | 2 |
| Total | 78 | 75 | 83 |
Price Behavior
| Market Price | $11.70 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 11/28/2018 | |
| Distance from 52W High | -17.7% | |
| 50 Days | 200 Days | |
| DMA Price | $11.35 | $11.99 |
| DMA Trend | indeterminate | indeterminate |
| Distance from DMA | 3.1% | -2.5% |
| 3M | 1YR | |
| Volatility | 57.9% | 58.4% |
| Downside Capture | 121.02 | -26.04 |
| Upside Capture | 67.94 | -11.46 |
| Correlation (SPY) | 0.1% | -7.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.13 | 0.36 | 0.05 | -0.40 | -0.27 | 0.54 |
| Up Beta | 1.33 | 0.60 | 0.05 | 0.04 | -0.03 | -0.88 |
| Down Beta | 0.44 | -0.46 | 0.15 | -1.01 | -0.38 | 0.15 |
| Up Capture | -60% | 3% | -9% | -41% | -16% | 57% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 6 | 12 | 17 | 40 | 86 | 297 |
| Down Capture | -106% | 80% | 15% | -16% | -47% | -18% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 5 | 11 | 18 | 44 | 88 | 308 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MDRR | |
|---|---|---|---|---|
| MDRR | -10.5% | 57.3% | -0.13 | - |
| Sector ETF (XLRE) | 8.7% | 14.1% | 0.36 | -5.4% |
| Equity (SPY) | 26.5% | 12.4% | 1.61 | 0.2% |
| Gold (GLD) | 24.2% | 27.5% | 0.77 | -9.0% |
| Commodities (DBC) | 19.8% | 18.8% | 0.83 | -2.4% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | -3.9% |
| Bitcoin (BTCUSD) | -40.0% | 42.5% | -1.08 | 0.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MDRR | |
|---|---|---|---|---|
| MDRR | 38.8% | 482.3% | 0.46 | - |
| Sector ETF (XLRE) | 2.6% | 19.1% | 0.04 | -0.0% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 1.7% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | 3.2% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | 1.7% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | 0.1% |
| Bitcoin (BTCUSD) | 11.0% | 54.2% | 0.40 | -2.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MDRR | |
|---|---|---|---|---|
| MDRR | 1.5% | 393.9% | 0.36 | - |
| Sector ETF (XLRE) | 6.7% | 20.4% | 0.28 | 1.0% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 2.2% |
| Gold (GLD) | 12.3% | 16.1% | 0.63 | 3.0% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 2.1% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 1.3% |
| Bitcoin (BTCUSD) | 60.0% | 66.8% | 1.00 | -0.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/17/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/8/2024 | -0.9% | -6.1% | -5.8% |
| 11/13/2023 | -2.9% | -5.5% | -4.5% |
| 8/9/2023 | -4.0% | -2.5% | -4.5% |
| 5/11/2023 | -12.8% | -13.0% | -20.3% |
| 3/10/2023 | -5.2% | -7.5% | -7.5% |
| 11/9/2022 | -3.1% | -1.2% | -8.2% |
| 8/9/2022 | -6.0% | 2.4% | -12.3% |
| 5/9/2022 | -4.4% | -1.9% | -10.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 1 | 2 | 1 |
| # Negative | 9 | 8 | 9 |
| Median Positive | 0.9% | 1.2% | 5.7% |
| Median Negative | -4.0% | -5.8% | -8.2% |
| Max Positive | 0.9% | 2.4% | 5.7% |
| Max Negative | -12.8% | -13.0% | -20.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/8/2024 | -0.9% | -6.1% | -5.8% |
| 11/13/2023 | -2.9% | -5.5% | -4.5% |
| 8/9/2023 | -4.0% | -2.5% | -4.5% |
| 5/11/2023 | -12.8% | -13.0% | -20.3% |
| 3/10/2023 | -5.2% | -7.5% | -7.5% |
| 11/9/2022 | -3.1% | -1.2% | -8.2% |
| 8/9/2022 | -6.0% | 2.4% | -12.3% |
| 5/9/2022 | -4.4% | -1.9% | -10.2% |
| 3/16/2022 | 0.9% | 0.0% | 5.7% |
| 11/15/2021 | -2.5% | -6.7% | -12.6% |
| SUMMARY STATS | |||
| # Positive | 1 | 2 | 1 |
| # Negative | 9 | 8 | 9 |
| Median Positive | 0.9% | 1.2% | 5.7% |
| Median Negative | -4.0% | -5.8% | -8.2% |
| Max Positive | 0.9% | 2.4% | 5.7% |
| Max Negative | -12.8% | -13.0% | -20.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/06/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/10/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/06/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/10/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 03/16/2022 | 10-K |
| 09/30/2021 | 11/12/2021 | 10-Q |
| 06/30/2021 | 08/10/2021 | 10-Q |
| 03/31/2021 | 05/14/2021 | 10-Q |
| 12/31/2020 | 03/11/2021 | 10-K |
| 09/30/2020 | 11/13/2020 | 10-Q |
| 06/30/2020 | 08/13/2020 | 10-Q |
| 03/31/2020 | 05/14/2020 | 10-Q |
| 12/31/2019 | 03/24/2020 | 10-K |
| 09/30/2019 | 11/05/2019 | 10-Q |
| 06/30/2019 | 08/13/2019 | 10-Q |
Insider Activity
Updated 5/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Winn, Charles Brent JR | CHIEF FINANCIAL OFFICER | Direct | Buy | 5262026 | 10.42 | 1,640 | 17,089 | 652,136 | Form |
| 2 | Winn, Charles Brent JR | CHIEF FINANCIAL OFFICER | Direct | Buy | 5222026 | 11.25 | 34 | 382 | 685,631 | Form |
| 3 | Winn, Charles Brent JR | CHIEF FINANCIAL OFFICER | Direct | Buy | 5222026 | 11.25 | 40 | 450 | 685,249 | Form |
| 4 | Winn, Charles Brent JR | CHIEF FINANCIAL OFFICER | Direct | Buy | 5192026 | 11.25 | 461 | 5,186 | 684,799 | Form |
| 5 | Winn, Charles Brent JR | CHIEF FINANCIAL OFFICER | Direct | Buy | 5192026 | 11.25 | 20 | 225 | 679,612 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Winn, Charles Brent JR | CHIEF FINANCIAL OFFICER | Direct | Buy | 5262026 | 10.42 | 1,640 | 17,089 | 652,136 | Form |
| 2 | Winn, Charles Brent JR | CHIEF FINANCIAL OFFICER | Direct | Buy | 5222026 | 11.25 | 34 | 382 | 685,631 | Form |
| 3 | Winn, Charles Brent JR | CHIEF FINANCIAL OFFICER | Direct | Buy | 5222026 | 11.25 | 40 | 450 | 685,249 | Form |
| 4 | Winn, Charles Brent JR | CHIEF FINANCIAL OFFICER | Direct | Buy | 5192026 | 11.25 | 461 | 5,186 | 684,799 | Form |
| 5 | Winn, Charles Brent JR | CHIEF FINANCIAL OFFICER | Direct | Buy | 5192026 | 11.25 | 20 | 225 | 679,612 | Form |
| 6 | Kavanaugh, Frank | CHAIRMAN, CEO & PRESIDENT | Direct | Buy | 3132026 | 15.00 | 40,000 | 600,000 | 9,692,655 | Form |
| 7 | Winn, Charles Brent JR | CHIEF FINANCIAL OFFICER | Direct | Buy | 3062026 | 11.40 | 337 | 3,842 | 688,446 | Form |
| 8 | Winn, Charles Brent JR | CHIEF FINANCIAL OFFICER | Direct | Buy | 3062026 | 11.48 | 851 | 9,771 | 689,544 | Form |
| 9 | Kavanaugh, Frank | CHAIRMAN, CEO & PRESIDENT | Direct | Buy | 12152025 | 12.99 | 2,582 | 33,541 | 3,925,382 | Form |
| 10 | Finley, Alfred Lee | Direct | Sell | 12112025 | 15.00 | 100,000 | 1,500,000 | 999,885 | Form | |
| 11 | Kavanaugh, Frank | CHAIRMAN, CEO & PRESIDENT | Direct | Buy | 12112025 | 14.71 | 70,000 | 1,030,000 | 4,408,326 | Form |
| 12 | Winn, Charles Brent JR | CHIEF FINANCIAL OFFICER | Direct | Buy | 12112025 | 12.66 | 400 | 5,062 | 698,637 | Form |
| 13 | Kavanaugh, Frank | CHAIRMAN, CEO & PRESIDENT | Direct | Buy | 12082025 | 13.50 | 958 | 12,933 | 3,099,532 | Form |
| 14 | Kavanaugh, Frank | CHAIRMAN, CEO & PRESIDENT | Direct | Buy | 12082025 | 14.03 | 7,063 | 99,094 | 3,207,777 | Form |
| 15 | Winn, Charles Brent JR | CHIEF FINANCIAL OFFICER | Direct | Buy | 12052025 | 13.50 | 140 | 1,890 | 739,663 | Form |
| 16 | Winn, Charles Brent JR | CHIEF FINANCIAL OFFICER | Direct | Buy | 12052025 | 13.33 | 112 | 1,493 | 728,644 | Form |
| 17 | Winn, Charles Brent JR | CHIEF FINANCIAL OFFICER | Direct | Buy | 12032025 | 13.35 | 59 | 788 | 728,242 | Form |
| 18 | Kavanaugh, Frank | CHAIRMAN, CEO & PRESIDENT | Direct | Buy | 11172025 | 13.50 | 20,000 | 270,000 | 3,023,716 | Form |
| 19 | Kavanaugh, Frank | CHAIRMAN, CEO & PRESIDENT | Direct | Buy | 11132025 | 13.28 | 5,953 | 79,056 | 2,708,841 | Form |
| 20 | Kavanaugh, Frank | CHAIRMAN, CEO & PRESIDENT | Direct | Buy | 11132025 | 13.50 | 6 | 81 | 2,673,351 | Form |
| 21 | Winn, Charles Brent JR | CHIEF FINANCIAL OFFICER | Direct | Buy | 10072025 | 13.50 | 117 | 1,580 | 735,628 | Form |
| 22 | Carlson, Marc | Direct | Sell | 9032025 | 13.50 | 20,000 | 270,000 | 14,026 | Form | |
| 23 | Kramer, Kory J | Kramerica Trust, Dated July 24, 2015 | Sell | 9032025 | 12.50 | 60,000 | 750,000 | 512,988 | Form | |
| 24 | Carlson, Marc | Direct | Sell | 9032025 | 12.50 | 80,000 | 1,000,000 | 262,988 | Form | |
| 25 | Kavanaugh, Frank | CHAIRMAN, CEO & PRESIDENT | Direct | Buy | 9032025 | 12.50 | 140,000 | 1,750,000 | 2,475,250 | Form |
| 26 | Kavanaugh, Frank | CHAIRMAN, CEO & PRESIDENT | Direct | Buy | 8292025 | 12.50 | 22,899 | 286,215 | 725,192 | Form |
| 27 | Kavanaugh, Frank | CHAIRMAN, CEO & PRESIDENT | Direct | Buy | 8272025 | 12.43 | 5,000 | 62,150 | 436,554 | Form |
| 28 | Kavanaugh, Frank | CHAIRMAN, CEO & PRESIDENT | Direct | Buy | 8272025 | 12.43 | 3,482 | 43,281 | 374,404 | Form |
| 29 | Kavanaugh, Frank | CHAIRMAN, CEO & PRESIDENT | Direct | Buy | 8252025 | 12.00 | 2,500 | 30,000 | 319,668 | Form |
| 30 | Kavanaugh, Frank | CHAIRMAN, CEO & PRESIDENT | Direct | Buy | 8252025 | 11.99 | 1,028 | 12,326 | 289,427 | Form |
| 31 | Kavanaugh, Frank | CHAIRMAN, CEO & PRESIDENT | Direct | Buy | 8202025 | 11.24 | 17,525 | 196,981 | 259,768 | Form |
| 32 | Kavanaugh, Frank | CHAIRMAN, CEO & PRESIDENT | Direct | Buy | 8202025 | 10.85 | 105 | 1,139 | 60,608 | Form |
| 33 | Kavanaugh, Frank | CHAIRMAN, CEO & PRESIDENT | Direct | Buy | 8202025 | 10.85 | 1 | 11 | 59,469 | Form |
| 34 | Kavanaugh, Frank | CHAIRMAN, CEO & PRESIDENT | Direct | Buy | 8152025 | 11.14 | 3,562 | 39,681 | 61,047 | Form |
| 35 | Kavanaugh, Frank | CHAIRMAN, CEO & PRESIDENT | Direct | Buy | 8152025 | 10.85 | 7 | 76 | 20,810 | Form |
| 36 | Kavanaugh, Frank | CHAIRMAN, CEO & PRESIDENT | Direct | Buy | 8152025 | 10.85 | 1,911 | 20,734 | 20,734 | Form |
| 37 | Winn, Charles Brent JR | CHIEF FINANCIAL OFFICER | Direct | Buy | 8132025 | 10.83 | 909 | 9,847 | 589,034 | Form |
| 38 | Winn, Charles Brent JR | CHIEF FINANCIAL OFFICER | Direct | Buy | 8132025 | 10.57 | 206 | 2,178 | 565,339 | Form |
| 39 | Kavanaugh, Frank | CHAIRMAN, CEO & PRESIDENT | Direct | Buy | 6202025 | 11.75 | 4 | 47 | 2,820,047 | Form |
| 40 | Kavanaugh, Frank | CHAIRMAN, CEO & PRESIDENT | Direct | Buy | 6122025 | 11.75 | 4,000 | 47,000 | 2,820,000 | Form |
| 41 | Winn, Charles Brent JR | CHIEF FINANCIAL OFFICER | Direct | Buy | 5282025 | 11.75 | 54 | 634 | 625,793 | Form |
| 42 | Winn, Charles Brent JR | CHIEF FINANCIAL OFFICER | Direct | Buy | 5282025 | 11.75 | 63 | 740 | 625,159 | Form |
| 43 | Winn, Charles Brent JR | CHIEF FINANCIAL OFFICER | Direct | Buy | 5272025 | 11.75 | 97 | 1,140 | 624,418 | Form |
| 44 | Winn, Charles Brent JR | CHIEF FINANCIAL OFFICER | Direct | Buy | 5192025 | 11.75 | 146 | 1,716 | 623,279 | Form |
| 45 | Winn, Charles Brent JR | CHIEF FINANCIAL OFFICER | Direct | Buy | 5192025 | 11.75 | 240 | 2,820 | 621,563 | Form |
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Real Estate Services Resources |
| CBRE Research |
| JLL Trends & Insights |
| Cushman & Wakefield Insights |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.