RICHMOND, Va.--(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.

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.