Richmond, VA – May 14, 2019 – 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 that its Board of Directors has
authorized and the Company has declared a regular, quarterly cash dividend on its common stock (the “Common
Stock”) in the amount of $0.175 per share (the “Dividend”).
The Q1 2019 Dividend will be payable in cash on May 28, 2019 to Common Stockholders of record as of May 24,
2019.

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
https://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. For example, the fact that this offering
has priced may imply that the offering will close, but the closing is subject to certain conditions customary in
transactions of this type and may be delayed or may not occur at all. In addition, the underwriters’ option to
purchase additional shares may imply that this option will be exercised; however, the underwriters are not under
any obligation to exercise this option, or any portion of it, and may not do so. 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

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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, and in the Company’s annual and periodic
reports and other documents filed with the SEC, copies of which are available on the SEC’s website, www.sec.gov.

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