Medalist Diversified REIT Announces First Half 2022 Leasing Activity

Medalist Diversified REIT, Inc. (NASDAQ: MDRR) (the “Company” or “Medalist”), a Virginia-based real estate investment trust that specializes in acquiring and managing commercial real estate in the Southeast region of the U.S., owned nine properties, including five retail center properties consisting of 633,013 square feet, three flex center properties consisting of 218,269 square feet, and one hotel property, as of June 30, 2022.

During the first six months of 2022, Medalist has seen significant leasing activity in its retail and flex center property portfolio. During the first half of 2022, Medalist entered into 10 new leases totaling 42,536 square feet for previously vacant space or to replace tenants with expiring leases, and entered into seven lease renewals with existing tenants for a total of 33,059 square feet. This leasing activity brings the occupancy of Medalist’s properties (excluding the recently acquired Salisbury Marketplace property) to 97.1 percent, compared to a 94.0 percent occupancy rate as of March 31, 2022. Including the Company’s Salisbury Marketplace property, occupancy is 96.4 percent of the Company’s total retail and flex center portfolio.

Five of the Company’s properties are 100 percent leased (Brookfield, Parkway, Ashley Plaza, Hanover Square and Lancer Center). The first half leasing activity brings the occupancy of the Greenbrier Business Center to 85.0 percent (from 76.6 percent as of March 31, 2022) and Franklin Square to 93.2 percent (from 81.2 percent as of March 31, 2022).

William Elliott, Vice Chairman and President of Medalist, said, “We continue to see strong demand for our properties and an overall vibrant commercial real estate market in the Southeast.”

About Medalist Diversified REIT

Medalist Diversified REIT Inc. is 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. The Company’s strategy is to focus on 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. 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. 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.

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