revenue $2.2M, net income $9.0M. Medalist exits REIT status, sells in properties, launches fee-based DST program

Filed May 13, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 8, 2025 · ~2 min read

Key Changes

• high

  Company revoked REIT election effective January 1, 2026, ending tax-advantaged structure in place since 2017. Now transitioning to Delaware Statutory Trust sponsorship model focused on fee income and asset management rather than direct property ownership.

  MD&A: REIT revocation and strategic repositioning verify on EDGAR →
• high

  Sold three properties for $42.9M in Q1 2026, generating $12.9M in gains and using $24.7M of proceeds to repay mortgage debt. Dispositions fund new DST program and reduce leverage as company exits direct ownership model.

  MD&A: property dispositions and gains verify on EDGAR →
• high

  New DST sponsorship segment incurred $223K in startup expenses with zero revenue in Q1 2026. Fee income from acquisition, asset management, and disposition services expected in future quarters as program scales.

  MD&A: DST sponsorship segment verify on EDGAR →