Richmond, VA – December 21, 2021 – Medalist Diversified REIT, Inc. (NASDAQ: MDRR) (the “Company” or
“Medalist”), a Virginia-based real estate investment trust that specializes in acquiring, owning and managing
commercial real estate in the Southeast region of the U.S., today announced that its Board of Directors has
authorized and the Company has declared a dividend for the 4th quarter of 2021 on its 8.0% Series A Cumulative
Redeemable Preferred Stock (the “Series A Preferred Stock”) in the amount of $0.5000 per share (the “Series A
The Series A Dividend will be payable in cash on January 20, 2022 to holders of record of Series A Preferred Stock
as of January 13, 2022.

About Medalist Diversified REIT

Medalist Diversified REIT Inc. is a Virginia-based real estate investment trust that specializes in acquiring, owning
and managing value-add commercial real estate in the Mid-Atlantic and Southeast regions. The Company’s
strategy is to focus on value-add and opportunistic commercial real estate which is expected to provide an
attractive balance of risk and returns. Medalist utilizes a rigorous, consistent and replicable process for sourcing
and conducting due diligence of acquisitions. The Company seeks to maximize operating performance of current
properties by utilizing a hands-on approach to property management while monitoring the middle market real
estate markets in the southeast for acquisition opportunities and disposal of properties as considered
appropriate. For more information on Medalist, please visit the Company website at

Forward Looking Statements 

This press release contains statements that are “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995 and other federal securities laws. Forward looking statements are
statements that are not historical, including statements regarding management’s intentions, beliefs, expectations,
representations, plans or predictions of the future, and are typically identified by such words as “believe,”
“expect,” “anticipate,” “intend,” “estimate,” “may,” “will,” “should” and “could.” Because such statements include
risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such
forward looking statements. These forward-looking statements are based upon the Company’s present
expectations, but these statements are not guaranteed to occur, including, without limitation, with respect to the
completion of the proposed public offering on the terms described or at all.  Furthermore, the Company disclaims
any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying
assumptions or factors, of new information, data or methods, future events or other changes. Investors should not
place undue reliance upon forward-looking statements. For further discussion of the factors that could affect
outcomes, please refer to the “Risk Factors” section of the prospectus dated June 21, 2021 and its accompanying prospectus supplement dated November 17, 2021, and in the Company’s subsequent annual and periodic reports
and other documents filed with the SEC, copies of which are available on the SEC’s website,

Paul Kuntz
Communications Director
RedChip Companies
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