Revenue growth remains highly inconsistent, with a 7.0% decline in 2026Q1 highlighting the company's struggle to maintain a reliable top-line expansion trajectory despite property-level NOI margins frequently exceeding 70%.
| Revenue | 10.23M | 10.4M | 9.74M | 10.27M | 11.09M | 11.47M | 9.28M | 8.28M | 6.59M | 1.72M | 0 | 0 |
| Revenue Growth % | 7.9% | 6.79% | -5.23% | -7.38% | -3.32% | 23.68% | 12.07% | 25.61% | 282.1% | - | - | - |
| Property Operating Expenses | 3.96M | 2.78M | 2.35M | 2.6M | 3.93M | 4.97M | 4.76M | 4.35M | 3.59M | 959.4K | 0 | 0 |
| Net Operating Income (NOI) | 6.27M | 7.62M | 7.38M | 7.67M | 7.16M | 6.51M | 4.52M | 3.93M | 3M | 765.26K | 0 | 0 |
| NOI Margin % | 61.3% | 73.28% | 75.84% | 74.69% | 64.54% | 56.72% | 48.7% | 47.49% | 45.59% | 44.37% | - | - |
| Operating Expenses | 4.88M | 6.62M | 3.65M | 8.67M | 8.57M | 5.69M | 10.26M | 5.18M | 3.88M | 1.05M | 44.43K | 567.34K |
| G&A Expenses | 2.8M | 3.28M | 2.42M | 1.88M | 2.57M | 2.27M | 2.13M | 1.41M | 1.83M | 307.24K | 44.43K | 566.85K |
| EBITDA | 4.26M | 4.34M | 7.39M | 3.58M | 3.29M | 4.32M | -1.76M | 1.53M | 6.41M | 1.72M | 44.43K | 0 |
| EBITDA Margin % | 41.62% | 41.77% | 75.93% | 34.82% | 29.69% | 37.68% | -18.97% | 18.43% | 97.27% | 100% | - | - |
| Depreciation & Amortization | 2.87M | 3.35M | 3.66M | 4.57M | 4.71M | 3.51M | 3.98M | 2.77M | 7.47M | 2.01M | 88.86K | 566.85K |
| D&A / Revenue % | 28.05% | 32.2% | 37.6% | 44.53% | 42.44% | 30.58% | 42.93% | 33.51% | 113.42% | 116.53% | - | - |
| Operating Income | 1.39M | 995.59K | 3.73M | -997.16K | -1.41M | 814.5K | -5.74M | -1.25M | -1.06M | -285.13K | -44.43K | -566.85K |
| Operating Margin % | 13.57% | 9.58% | 38.33% | -9.71% | -12.75% | 7.1% | -61.9% | -15.08% | -16.16% | -16.53% | - | - |
| Interest Expense | 2.5M | 2.62M | 3.02M | 3.54M | 3.56M | 5.53M | 3.96M | 2.47M | 1.92M | 766.86K | 1.82K | 0 |
| Interest Coverage | - | 0.26x | 1.25x | -0.29x | -0.33x | 0.21x | -1.42x | -0.54x | -0.53x | -0.26x | -48.88x | - |
| Non-Operating Income | -12.31M | 310.95K | -32.53K | 35.29K | -236.5K | -361.47K | -120.98K | 83.55K | -1.96M | -850.29K | 42.61K | 0 |
| Pretax Income | 11.2M | -1.94M | 744.33K | -4.57M | -4.73M | -4.36M | -9.58M | -3.8M | -2.94M | -968.55K | -46.25K | -567.34K |
| Pretax Margin % | 109.41% | -18.62% | 7.65% | -44.52% | -42.67% | -37.99% | -103.29% | -45.96% | -44.58% | -56.16% | - | - |
| Income Tax | -2.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 53.15K | 646.23K | -88.86K | -496 |
| Effective Tax Rate % | -18.56% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -1.81% | -66.72% | 192.14% | 0.09% |
| Net Income | 7.65M | -2.39M | 27.52K | -4.57M | -4.77M | -4.36M | -8.18M | -3.02M | -2.74M | -847.92K | -46.25K | -567.34K |
| Net Margin % | 74.72% | -22.98% | 0.28% | -44.5% | -43% | -38.04% | -88.19% | -36.43% | -41.63% | -49.16% | - | - |
| Net Income Growth % | 427.26% | -8779.11% | 100.6% | 4.15% | -9.28% | 46.65% | -171.27% | -9.93% | -223.54% | -1733.46% | 91.85% | - |
| Funds From Operations (FFO) | 10.52M | 958.74K | 3.69M | 2.88K | -62.42K | -855.56K | -4.2M | -241.91K | 4.73M | 1.16M | 42.61K | -496 |
| FFO Margin % | 102.77% | 9.22% | 37.88% | 0.03% | -0.56% | -7.46% | -45.26% | -2.92% | 71.8% | 67.37% | - | - |
| FFO Growth % | 23154.57% | -74% | 127765.67% | 104.62% | 92.7% | 79.62% | -1635.64% | -105.11% | 307.22% | 2626.68% | 8690.93% | - |
| FFO per Share | 8.36 | 0.76 | 3.26 | 0.00 | -0.06 | -1.05 | -14.26 | -1.05 | 38.47 | 28.11 | 1.15 | -0.01 |
| FFO Payout Ratio % | 3.02% | 62.81% | 21.34% | 13303.22% | -1903.99% | -75.05% | -13.4% | -1007.02% | 25.66% | 36.38% | 0% | 0% |
| EPS (Diluted) | 6.08 | -1.90 | 0.02 | -4.12 | -4.46 | -5.33 | -27.79 | -13.10 | -22.30 | -20.51 | -1.25 | -15.33 |
| EPS Growth % | 294.82% | -7918.93% | 100.59% | 7.62% | 16.32% | 80.82% | -112.14% | 41.26% | -8.73% | -1540.8% | 91.85% | - |
| EPS (Basic) | - | -1.90 | 0.02 | -4.12 | -4.46 | -5.33 | -27.79 | -13.10 | -22.30 | -20.51 | -1.25 | -15.33 |
| Diluted Shares Outstanding | 1.26M | 1.26M | 1.13M | 1.11M | 1.07M | 818.31K | 294.37K | 230.2K | 123K | 41.34K | 37.02K | 37.02K |
Insufficient Scale and Liquidity
According to the provided quarterly financial data, MDRR's revenue growth has fluctuated significantly, with a notable 7.0% decline in 2026Q1 following a period of inconsistent performance, suggesting that the company's sub-institutional acquisition strategy has yet to produce a reliable or scalable top-line expansion trajectory.
The inconsistency in revenue growth indicates that the company's portfolio of flex-industrial and retail assets lacks the critical mass required for stable organic performance. Investors should monitor whether the recent revenue contraction reflects structural vacancy issues or merely the timing of lease expirations within their concentrated Southeastern footprint.
As reported in the financial statements, MDRR maintains a robust NOI margin often exceeding 70%, yet this property-level efficiency is consistently undermined by corporate-level expenses, resulting in persistent net losses that highlight the company's inability to achieve the necessary scale to cover its overhead costs.
While the high NOI margin suggests that the triple-net lease structure effectively passes operating costs to tenants, the negative net income figures imply that the corporate cost structure is disproportionately heavy. This disconnect between property-level performance and bottom-line results warrants further investigation into the sustainability of the current management and administrative expense load.
Based on the reported figures, FFO per share has exhibited extreme volatility, ranging from a high of 7.51 in 2026Q1 to a negative 0.03 in 2025Q1, which suggests that the company's earnings quality is highly susceptible to non-recurring items and potential capital structure adjustments.
The erratic FFO trajectory makes it difficult for investors to rely on this metric as a proxy for sustainable cash flow. The significant swings in FFO per share may indicate that the company is struggling to maintain a consistent dividend-paying capacity without resorting to dilutive equity actions.
Analysis of the provided data reveals a stark divergence between FFO and AFFO, with AFFO frequently turning negative, which suggests that the company's reported FFO may be masking significant recurring maintenance capital expenditures or other cash-draining operational realities inherent in their aging, fragmented asset base.
The consistent gap between FFO and AFFO implies that the company is likely underestimating the true cost of maintaining its properties. Investors should be wary of relying on FFO as a measure of cash flow, as the negative AFFO figures suggest that the REIT is not generating sufficient cash to cover its ongoing capital requirements.
Quick answers to the most common questions about buying MDRR stock.
For fiscal year 2025, Medalist Diversified REIT, Inc. (MDRR) reported total revenue of $10.4M.
Medalist Diversified REIT, Inc. (MDRR) reported a net loss of $2.4M for the fiscal year ending 2025.
Medalist Diversified REIT, Inc. (MDRR) reported an operating income of $1.0M, resulting in an operating profit margin of 9.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Medalist Diversified REIT, Inc. (MDRR) generated $7.6M in gross profit for the year, representing a gross profit margin of 73.3%. This demonstrates the company's core pricing power and production efficiency.