Highlands REIT Inc (HHDS) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Highlands REIT Inc $0.12, price $0.10, upside +22.0%, quality 50 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 4, 2026.
How to read this chart
60‑month range $0.0001 – $1.00 · fair‑value band $0.0608 – $0.1784 · the $0.0980 price screens below the $0.1196 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 4, 2026.
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Highlands REIT, Inc. ("Highlands"), which was formed in December 2015, is a Maryland corporation with a portfolio of investment properties including multi-family, retail and office properties, a correctional facility and unimproved land. Prior to April 28, 2016, Highlands was a wholly-owned subsidiary of InvenTrust Properties Corp.
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Highlands REIT, Inc. ("Highlands"), which was formed in December 2015, is a Maryland corporation with a portfolio of investment properties including multi-family, retail and office properties, a correctional facility and unimproved land. Prior to April 28, 2016, Highlands was a wholly-owned subsidiary of InvenTrust Properties Corp. ("InvenTrust" and formerly known as Inland American Real Estate Trust, Inc.), its former parent. Unless stated otherwise or the context otherwise requires, the terms "we," "our" and "us" and references to the "Company" refer to Highlands and its consolidated subsidiaries. On April 28, 2016, Highlands was spun-off from InvenTrust through a pro rata distribution by InvenTrust of 100% of the outstanding shares of common stock, $0.01 par value per share (the "Common Stock"), of Highlands to holders of record of InvenTrust's common stock as of the close of business on April 25, 2016 (the "Record Date"). Each holder of record of InvenTrust's common stock received one share of Common Stock for every one share of InvenTrust's common stock held at the close of business on the Record Date (the "Distribution"). As a result, Highlands became an independent, self-advised, non-listed public company. Highlands has elected to be taxed, and currently qualifies, as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code") for U.S. federal income tax purposes commencing with Highlands' short taxable year ending December 31, 2016. Each investment property is owned by a separate legal entity which maintains its own books and financial records, and each entity's assets are not available to satisfy the liabilities of other affiliated entities. With the exception of one investment property we own through a variable interest entity with a third-party partner (the "Corvue Venture"), we are the sole owner of each of these separate legal entities. As of March 31, 2025, we have an approximate 95% interest in the Corvue Venture and have funded equity contributions to t
Stock analysis
Highlands REIT Inc (HHDS) currently trades at $0.0980, while our model-based Fair Value estimate is $0.1196, implying the stock looks roughly 18.1% undervalued today.
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Valuation
How firm this estimate is: it rests on 3 models at a data quality of 91/100, which puts the evidence level at low.
Scenario range: $0.0608 (bear) to $0.1784 (bull), the price of $0.0980 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 50/100 (below-average quality), in the Real Estate sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Highlands REIT Inc reported revenue of $36.1M in FY2024 versus $28.9M in FY2020, a compound +5.7%/yr. Reported net income was −$1.0M in FY2024.
Key figures
Market cap $71.0M · P/S ratio 1.17 · EPS (TTM) $−0.0100 · Net margin −2.8% · Return on equity −4.4% · Return on assets (EBIT) −2.0% · Operating margin −15.0% · Revenue (TTM) $36.8M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).
What moves the price
The share trades about 35% below its 52-week high and 600% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 11% fair-value upside, at 22%, HHDS screens cheaper than that median.
Fair Value models
Bear $0.0608Fair Value $0.1196Bull $0.1784
Price $0.0980 · Upside +22.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.1/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+16.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.7%
Revenue growth 10 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−11.5%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−4.7% (2019) → −4.0% (2024)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2024 is a loss year, no rate is defined from a loss
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Residential · 54 stocks
Beats the industry median on 5/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score50 · Below median
Fair Value upside+22.0% · Above median
Profitability
Return on assets−0.5% · Bottom 25%
Net margin (TTM)−24.4% · Bottom 25%
Operating margin (TTM)−15.0% · Bottom 25%
Growth and dividend
Revenue growth7.5% · Top 25%
Balance sheet
Debt / equity0.59× · Below median
Valuation Multiplesvs REIT - Residential median · lower = cheaper
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Is Highlands REIT Inc (HHDS) overvalued or undervalued?
As of Oct 4, 2026, our model estimates a fair value of $0.1196 versus a price of $0.0980, about +22% upside (undervalued).
What is the fair value of HHDS?
Our model-based fair value for Highlands REIT Inc is $0.1196 (as of Oct 4, 2026), built from audited fundamentals. The current price: $0.0980.
What is the quality score of HHDS?
Highlands REIT Inc has a Quality Score of 50/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Highlands REIT Inc (HHDS)?
Our model-based price target is the fair value of $0.1196 (as of Oct 4, 2026) from 2 valuation models. Cautious scenario $0.0608, optimistic scenario $0.1784. It is a calculation from audited fundamentals, not an analyst target.
What is the Highlands REIT Inc stock forecast for 2026?
Our models put fair value at $0.1196, about +22% upside versus a price of $0.0980 (undervalued). Cautious scenario $0.0608, optimistic scenario $0.1784. The calculation is refreshed regularly with new filings.
What is the revenue of Highlands REIT Inc (HHDS)?
Highlands REIT Inc reported trailing-twelve-month revenue of about $36.8M (latest available figure, as of Oct 4, 2026).
What is the intrinsic value of Highlands REIT Inc (HHDS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Highlands REIT Inc it is $0.1196 per share (as of Oct 4, 2026), against a price of $0.0980. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Highlands REIT Inc stock overvalued or undervalued in 2026?
As of Oct 4, 2026, HHDS trades below its calculated fair value: price $0.0980, fair value $0.1196, a gap of about +22% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of HHDS?
No. The price is what the market pays today ($0.0980); the fair value is what the company's own numbers justify ($0.1196). For Highlands REIT Inc the two are $0.0216 per share apart. That gap is exactly why we show both numbers side by side.
How much is Highlands REIT Inc worth?
The market values Highlands REIT Inc at about $71.0M (market capitalisation, as of Oct 4, 2026). Per share that is $0.0980; our models calculate a fair value of $0.1196 per share.
What do the bullish and bearish scenarios say about HHDS?
Our models span a range for Highlands REIT Inc: cautious scenario $0.0608, base $0.1196, optimistic $0.1784 per share (as of Oct 4, 2026, price $0.0980). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Highlands REIT Inc (HHDS)?
Balance-sheet figures for Highlands REIT Inc (as of Oct 4, 2026): return on equity −4.4%, debt of 0.59 per unit of equity. They feed the Quality Score of 50/100, which measures business quality independently of the share price.
How far is HHDS from its 52-week high?
Highlands REIT Inc trades at $0.0980, about 35% below its 52-week high of $0.1500 and 600% above the low of $0.0140 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of $0.1196 is for.
Which stocks are comparable to Highlands REIT Inc?
From the same area (Real Estate) we also value Comcast Holdings, Essex Property Trust, Inc, Sun Communities, Inc, Mid-America Apartment Communities, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Highlands REIT Inc stock attractive at the current price?
The data as of Oct 4, 2026: price $0.0980, calculated fair value $0.1196 (+22%), Quality Score 50/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of HHDS calculated?
We run Highlands REIT Inc through 2 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $0.1196, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.0 % above its aggregate fair value. Highlands REIT Inc currently trades 18 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Highlands REIT Inc (HHDS)?
The closing price on Oct 1, 2026 was $0.0980. Our model-based fair value is $0.1196, about +22% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Highlands REIT Inc right now?
The model range is unusually wide ($0.0608 to $0.1784). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (50/100) at a price below fair value, the discount is the argument here, not the business quality. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Highlands REIT Inc
How large is the market capitalisation of Highlands REIT Inc (HHDS)?
The market capitalisation of Highlands REIT Inc is $71.0M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Highlands REIT Inc (HHDS)?
The price-to-sales ratio of Highlands REIT Inc is 1.17 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Highlands REIT Inc (HHDS)?
Earnings per share at Highlands REIT Inc are $−0.0100. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Highlands REIT Inc (HHDS)?
The net margin of Highlands REIT Inc is −2.8% (fiscal year 2024). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Highlands REIT Inc (HHDS)?
The return on equity (ROE) of Highlands REIT Inc is −4.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Highlands REIT Inc (HHDS)?
On an EBIT basis the return on assets of Highlands REIT Inc is −2.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Highlands REIT Inc (HHDS)?
The operating margin of Highlands REIT Inc is −15.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Highlands REIT Inc (HHDS)?
Revenue at Highlands REIT Inc is growing +7.5% versus a year earlier (3y avg +8.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Highlands REIT Inc (HHDS) generate?
The free cash flow of Highlands REIT Inc is −$3.6M (fiscal year 2024). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Highlands REIT Inc (HHDS) carry?
The net debt of Highlands REIT Inc is $90.8M (fiscal year 2024). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Oct 4, 2026