RICHMOND, Va.--(BUSINESS WIRE)--Medalist Diversified REIT, Inc. (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, announced today the closing of its underwritten public offering of 200,000 shares of the Company’s 8.0% Series A Cumulative Redeemable Preferred Stock, liquidation preference of $25.00 per share, at a public offering price of $23.00 per share with gross proceeds to the Company of $4,600,000 before deducting underwriting discounts, commissions, and expenses. Shares of the Series A Preferred Stock trade on the Nasdaq Capital Market under the symbol “MDRRP."

The Company has granted the underwriters a 45-day option to purchase up to an additional 15% of the number of shares of Series A Preferred Stock offered in the public offering to cover overallotments, if any.

Aegis Capital Corp. served as sole bookrunner for the offering and Maxim Group LLC served as the Company’s financial advisor.

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.