Q2 2026 Revenue down 5% year over year to $9.0M · 37¢ of every $1 of revenue lost · operating margin -17.8%
Highlands REIT made $9.0M in Q2 2026 (-5% Y/Y): Rental income $8.8M, Other property income $243K. Operating margin -17.8%, net loss $3.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 11, 2026.
Revenue$9.0M
Year over year-5%
Operating margin-17.8%
Net earnings−$3.4M
Operating cash flow$264K
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $9.0M in Q2 2026, down 5% year over year and down 4% from the previous quarter. Rental income was the largest line at 97% of revenue. Rental income lost $447K year over year (down 5%), 102% of the total change.
Operating costs exceeded revenue by $1.6M, an operating margin of -17.8%. Total costs fell 2% while revenue fell 5%. The quarter ended with a net loss of $3.4M, wider than the previous quarter's $2.6M loss. Net interest and other expense of $1.8M was the main reason.
Operating cash flow was $264K. Working capital and other items added $3.6M. Capital expenditures of $222K left free cash flow of $42K.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q2 2026
10-Q
Aug 11, 2026
$9.0M
-5%
-17.8%
−$3.4M
$264K
Q1 2026
10-Q
May 7, 2026
$9.4M
+1%
-10.5%
−$2.6M
$1.0M
Q4 2025
10-K
Mar 11, 2026
$9.4M
+4%
-18.6%
−$3.4M
−$2.5M
Q3 2025
10-Q
Nov 12, 2025
$9.3M
+3%
-9.2%
−$2.4M
$3.5M
Q2 2025
10-Q
Aug 11, 2025
$9.5M
+8%
-15.0%
−$3.0M
−$740K
Q1 2025
10-Q
May 8, 2025
$9.3M
+0.6%
-7.0%
−$2.3M
$1.1M
Q4 2024
10-K
Mar 14, 2025
$9.0M
+15%
-0.1%
−$1.6M
−$1.1M
Charts
Latest (Q2 2026): Y/Y -5%, Q/Q -4%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q2 2026): Net income −$3.4M, Operating cash flow $264K.-18.0% since FY2020: buybacks shrank the count.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Trimble, XP Power, LLC Lease — 11% of its revenue · Stated in 10-K (XBRL) · source
VECO — 9% of its revenue · Stated in 10-K (sentence) · source
About Highlands REIT
We are a self-advised and self-administered real estate investment trust (“REIT”) created to own and manage substantially all of the “non-core” investment properties previously owned and managed by our former parent, InvenTrust Properties Corp., a Maryland corporation (“InvenTrust”). On April 28, 2016, we were spun-off from InvenTrust through a pro rata distribution (the “Distribution”) by InvenTrust of 100% of the outstanding shares of our common stock to holders of InvenTrust’s common stock. Prior to or concurrent with the separation, we and InvenTrust engaged in certain reorganization transactions that were designed to consolidate substantially all of InvenTrust’s remaining “non-core” investment properties in Highlands. Highlands was incorporated in December 2015 as a Maryland corporation and operates in a manner that allows us to continue to qualify as a REIT for U.S.
In its own words, from its 10-K, filed Mar 11, 2026.
Highlands REIT against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -5% against the peers' median +11%. Operating margin: -17.8% against the peers' median 15.9%.