Richmond, VA – May 21, 2019 – Medalist Diversified REIT (NASDAQ: MDRR) (the “Company”), 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, today announced the underwriters of its previously announced public offering
of 1,666,667 shares of its common stock, have purchased an additional 227,062 shares of the Company's common
stock pursuant to their over-allotment option. The price to the public in the offering was $4.80 per share. The net
proceeds from the exercise of the over-allotment option were approximately $1 million, after deducting fees and
estimated expenses. The exercise of the over-allotment closed on May 21, 2019.
Aegis Capital Corp. served as the sole book runner for the offering and Maxim Group LLC served as the Company’s
financial advisor.

The shares were offered pursuant to a registration statement on Form S-11 (File No. 333-229436) that was declared
effective by the Securities and Exchange Commission (SEC) on May 8, 2019. Information about this offering is
available in the Company’s prospectus filed with the SEC on May 9, 2019, copies of which may be obtained by
contacting Aegis Capital Corp., 810 Seventh Avenue, New York, New York 10019, or by calling (212) 813-1010. This
final prospectus may also be obtained on the Securities and Exchange Commission's Web site at

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.. 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, 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,

Investor Relations Contact:
The Equity Group
Jeremy Hellman, Senior Associate
(212) 836-9626 / This email address is being protected from spambots. You need JavaScript enabled to view it.