RICHMOND, Va.-- April 8, 2021--(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 value-add commercial real estate in the
Southeast region of the U.S., today announced the pricing of a public offering of 8,000,000
shares of its common stock at a price to the public of $1.50 per share, for a total of
approximately $12.0 million in gross proceeds. Shares of the Company’s common stock trade
on the Nasdaq Capital Market under the ticker symbol “MDRR.” The offering is expected to
close on or about April 13, 2021, subject to the satisfaction of customary closing conditions. The
Company intends to use the net proceeds from this offering to acquire additional properties, for
working capital, for general corporate purposes. The Company has granted the underwriters a
45-day option to purchase up to 1,200,000 additional shares of common stock to cover over
allotments, if any.

Kingswood Capital Markets, division of Benchmark Investments, Inc. is acting as sole
bookrunning manager for the offering. Revere Securities LLC, R.F. Lafferty & Co., Inc. and
Spartan Capital Securities LLC are acting as co-managers for the offering.
The offering of these securities will be made only by means of a prospectus. A registration
statement relating to these securities has been declared effective by the Securities and
Exchange Commission.

The offering is being conducted pursuant to the Company's registration statement on Form S-11
(File No. 333-254504), as amended, previously filed with and subsequently declared effective
by the Securities and Exchange Commission (“SEC”). A final prospectus relating to the offering
will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov.
Electronic copies of the final prospectus relating to this offering, when available, may be
obtained from Kingswood Capital Markets, division of Benchmark Investments Inc., 17 Battery
Place, Suite 625, New York, NY 10004, Attention: Syndicate Department, or via email at
This email address is being protected from spambots. You need JavaScript enabled to view it. or telephone at (212) 404-7002.
This press release does not constitute an offer to sell or solicitation of an offer to buy any
securities in the offering. Nor shall there be any sale of these securities in any state or
jurisdiction in which such offering, solicitation or sale would be unlawful prior to the registration
or qualification under the securities laws of any such state or 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 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 public offering on the terms
described or 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 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 April 7, 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.

Investor Relations Contact:
Dave Gentry
RedChip Companies Inc.
Office: 1-800-RED CHIP (733 2447)
Cell: (407) 491-4498
This email address is being protected from spambots. You need JavaScript enabled to view it.