RICHMOND, Va., October 19, 2023–Medalist Diversified REIT, Inc. (NASDAQ: MDRR) (the “Company” or “Medalist”), 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., announced that its Board of Directors (the “Board”) has authorized and the Company has declared a dividend for the second and third quarters of 2023 on its 8.0% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”) in the amount of $0.50 per share per quarter (the “Series A Dividends”). The Series A Dividends will be payable in cash on November 1, 2023 to holders of record of the Series A Preferred Stock as of October 30, 2023. In connection with the Company’s declaration of the Series A Dividends, the Company expects to resume regular payment of dividends on its Series A Preferred Stock.