Richmond, VA – December 3, 2018 – Medalist Diversified REIT (NASDAQ: MDRR) (the “Company” or “Medalist”),
a Virginia-based real estate investment trust that specializes in acquiring, owning and managing value-add
commercial real estate in the Southeast region of the U.S., today announced the closing of its initial public offering
of 240,000 shares of its common stock at a price to the public of $10.00 per share for gross proceeds of $2.4 million.
The new shares, combined with approximately 1,995,000 shares previously sold, began trading on NASDAQ on
November 28, 2018.

Maxim Group LLC (“Maxim”) acted as the sole book runner for the offering.

The shares were offered pursuant to a registration statement on Form S-11 (File No. 333-227098) that was declared
effective by the Securities and Exchange Commission (SEC) on November 27, 2018. Information about this offering
is available in the Company’s prospectus filed with the SEC on August 29, 2018, copies of which may be obtained
by contacting Maxim Group LLC, 405 Lexington Ave, New York, New York 10174, or by calling (212) 895-3500. The
final prospectus, may also be obtained on the Securities and Exchange Commission's Web site at www.sec.gov.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described
herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation
or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

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 Southeast region of the U.S. 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. The company uses a diverse approach and focuses on four property types Flex/Industrial,
Multifamily, Neighborhood Shopping Centers and Limited Service Hotels. Medalist utilizes a rigorous and consistent
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 asset management while monitoring market
for acquisition opportunities and disposal of properties as considered appropriate. For more information on
Medalist, please visit the Company website at https://www.medalistreit.com.

Investor Relations Contact:
The Equity Group
Jeremy Hellman, Senior Associate
(212) 836-9626 /

Terry Downs, Senior Associate
(212) 836-9615 /