RICHMOND, VA., October 3, 2022--(BUSINESS WIRE)--Medalist Diversified REIT (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 Medalist
Diversified Holdings, LP, the operating partnership of the Company, completed a successful sale of the Company’s
Clemson Best Western University Inn, located in Clemson, South Carolina, to an unaffiliated purchaser on
September 29, 2022. The property sold for $10,015,000. After retiring the mortgage payable of $7,750,000 and
payment of closing costs, the Company realized approximately $1.8 million in net cash from the sale of the property.
Including the release of reserves and escrows held by the lender, the Company generated approximately $3.2 million
in unrestricted cash from the transaction.

Thomas Messier, CEO and Chairman, said, “the sale of the Clemson Best Western University Inn completes our
effort to reposition our portfolio. We plan to re-deploy the cash into a potential new acquisition in the coming
months and remain focused on flex/industrial and retail, which are less cyclical product types.”

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 www.medalistreit.com.

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, www.sec.gov.

Contacts
Brent Winn
Medalist Diversified REIT, Inc.
804-338-7708

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