Here are 1-2 brief analogies for Medalist Diversified REIT (MDRR):

• Think of it as a **Simon Property Group for hotels and other commercial properties.**
• It's like a **public REIT that owns the properties for hotel brands such as Marriott or Hilton.**

• Flex-industrial Property Leasing: Providing rental space in industrial properties designed for adaptable business operations.
• Retail Property Leasing: Offering lease opportunities to businesses within various retail properties, such as shopping centers.
• Other Commercial Real Estate Leasing: Leasing space in additional income-producing commercial properties to a diverse tenant base.

Medalist Diversified REIT (MDRR) operates as a real estate investment trust primarily focused on owning and managing a diversified portfolio of income-producing properties, specifically flex industrial and retail properties.

According to their latest annual report (10-K filing for the fiscal year ended December 31, 2023), no single tenant accounts for 10% or more of their total revenue. Therefore, MDRR does not have individual "major customers" that are identified by name, as their tenant base is highly diversified across numerous businesses. As such, specific customer company names cannot be listed.

Given that MDRR's customers are primarily businesses that lease its properties, the major customer categories can be described as follows:

• Industrial and Logistics Businesses: These customers lease MDRR's flex industrial properties, which typically offer a combination of office, showroom, warehouse, and light manufacturing space. This category includes a wide range of small to medium-sized enterprises involved in distribution, logistics, light manufacturing, skilled trades (e.g., HVAC, plumbing, electrical), and various service-oriented operations.
• Retail and Service Businesses: These customers occupy MDRR's retail properties, which often include various local and regional shopping centers. This category comprises businesses that provide goods and services directly to consumers, such as restaurants, specialty retailers, personal service providers (e.g., salons, fitness centers, dry cleaners), and professional offices (e.g., medical, dental, legal).

Francis P. Kavanaugh, President and Chief Executive Officer

Mr. Kavanaugh serves as President, CEO, and also as Chair of the Board for Medalist Diversified REIT, Inc.. He brings over 30 years of restructuring expertise to the company, known for transforming struggling enterprises into successful ventures. Notably, he led the turnaround of Force Protection Inc. after 9/11, pivoting a speedboat company into a defense contractor and scaling it from under $1 million to over $1 billion in six years by supplying mine-resistant vehicles. His professional background includes executive roles at Microsoft and Hewlett Packard, as well as experience with Fort Ashford Funds and founding multiple Inc 500 companies. Mr. Kavanaugh was appointed interim CEO in July 2023 and has made personal investments in the company, acquiring 160,000 units of partnership interest in Medalist Diversified Holdings, L.P., in November 2024.

Charles Brent Winn Jr., Chief Financial Officer

Mr. Winn joined Medalist Diversified REIT as Chief Financial Officer in 2018. He is responsible for architecting the company's accounting systems, controls, and financial operations. His extensive background in real estate finance includes leadership positions at MGT Realty Advisors and Marz Industries, following experience with CSX Realty. Mr. Winn has demonstrated continued confidence in the company through multiple personal stock purchases in May 2024, November 2024, and May 2025, increasing his ownership stake in the REIT.

Kevin Egan, EVP Strategic Finance & Investor Relations

Mr. Egan transforms proven real estate operators into institutional investment targets at Medalist REIT. His experience includes a Wall Street foundation, covering real estate at Goldman Sachs and Morgan Stanley, complemented by private equity and hedge fund consulting experience. He holds comprehensive credentials as a CFA, CAIA, and CPA.

Ron Nielsen, EVP Sales and Marketing

Mr. Nielsen focuses on how elite real estate operators access and structure capital at Medalist REIT. With a diverse background in entrepreneurship, institutional real estate, and philanthropic advisory, he specializes in converting fragmented investment portfolios into permanent wealth platforms.

Deron Colby, Esq., Counsel

Mr. Colby serves as Counsel for Medalist REIT, bringing over 26 years of legal experience. He specializes in securities law, mergers and acquisitions, and real estate transactions. His career includes leadership roles in securities firms, with expertise in SEC disclosures and managing investments, as well as significant knowledge of land use and entitlements.

The key risks to Medalist Diversified REIT (MDRR) are primarily related to its financial capacity, sensitivity to interest rate fluctuations, and inherent exposure to general real estate market risks.

1. Constrained Financial Capacity and Capital Market Access Challenges: Medalist Diversified REIT exhibits limited financial capacity, characterized by total assets of $78.3 million, cash and cash equivalents of $1.2 million, and a working capital deficit of $3.5 million as of Q4 2023. This constrained financial position presents significant hurdles in securing additional capital, with a debt-to-equity ratio of 1.85, minimal credit line availability, and restricted access to institutional funding sources. These limitations can impede the company's ability to fund operations, pursue new acquisitions, and refinance existing debt.
2. Increasing Interest Rates: Rising interest rates pose a substantial risk to MDRR, directly impacting its borrowing costs and the valuation of its properties. As of Q4 2023, the Federal Reserve's benchmark interest rate of 5.33% was estimated to translate into a potential 12-15% increase in borrowing costs and a projected 7-9% reduction in asset values for the REIT. This can lead to higher debt service expenses and a decrease in the value of its real estate portfolio.
3. General Real Estate Market Risks: As a real estate investment trust, MDRR is inherently exposed to the cyclical nature and volatility of the commercial real estate market and broader economic conditions. Fluctuations in industry demand, difficulty in predicting end-user demand, and general economic downturns can adversely affect property valuations, occupancy rates, and rental income. Given MDRR's relatively smaller asset base and financial constraints, adverse market shifts could disproportionately impact its business, financial condition, and results of operations.

Medalist Diversified REIT (MDRR) focuses on acquiring, owning, and managing value-add commercial real estate, including multi-family residential properties, limited-service hotel properties, retail properties, and flex-industrial properties, primarily in the southeastern United States. The addressable markets for these services in the U.S. are as follows:

• Multi-family Residential Properties: The United States multifamily market was valued at approximately $265 billion in 2022 and is projected to reach $466 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.31% from 2023 to 2030. Investment sales volume for multifamily properties in the U.S. totaled $157.7 billion over the 12 months leading up to the first quarter of 2025.

• Limited-Service Hotel Properties: The U.S. hotels market size was estimated at $263.21 billion in 2024 and is projected to grow to $280.63 billion in 2025. Another estimate for the U.S. hospitality industry market size (which includes hotels) was $15.31 billion in 2024, projected to reach $23.68 billion by 2031. Limited-service hotels constitute the largest segment of the U.S. hospitality business market. The U.S. extended stay hotel market, a segment within limited-service hotels, generated $22.8 billion in revenue in 2024 and is expected to reach $37.3 billion by 2030.

• Retail Properties: The overall U.S. commercial real estate market, which includes retail, was valued at $1.2 trillion in revenue in 2022. More broadly, the U.S. commercial real estate market size is estimated at $1.70 trillion in 2025. The retail sector accounted for a 27% share of sales volume across the four major commercial real estate sectors in 2024.

• Flex-Industrial Properties: A specific market size in monetary terms for "flex-industrial" properties in the U.S. is not readily available. However, the industrial real estate sector, which includes flex-industrial, is characterized by strong demand for "micro-flex" or "small-bay industrial space" (typically under 50,000 square feet), with vacancy rates around 3.4% in early 2025. Warehousing and logistics spaces currently outpace flex and specialized manufacturing buildings in new construction. The broader industrial sales in the U.S. reached nearly $60 billion through mid-December (latest available information, likely 2024).

Medalist Diversified REIT (MDRR) is expected to drive future revenue growth over the next 2-3 years through a multi-faceted approach centered on optimizing its existing portfolio and strategic capital deployment.

1. Optimization of Existing Properties through Strategic Leasing: The company plans to focus on optimizing its properties through strategic leasing. This involves enhancing existing leases and strengthening tenant credit profiles to potentially increase rental income and ensure stable occupancy within its current portfolio.
2. Value-Add Enhancements to Properties: MDRR intends to implement value-add enhancements to its existing properties. By improving these assets and the tenant experience, the company aims to create lasting value, which can lead to higher rental rates and increased property valuations.
3. Acquisition of New Single Tenant Net Lease (STNL) Assets: Medalist Diversified REIT has been actively acquiring new properties. For instance, in the second quarter of 2025, the company issued $5.8 million of Operating Partnership (OP) units for STNL acquisitions, indicating this as a strategy for portfolio expansion and revenue growth.
4. Capital Redeployment from Asset Sales: The company is marketing properties, such as Salisbury Marketplace, for sale to unlock capital. This capital is then expected to be redeployed into new revenue-generating investments, allowing for further portfolio growth and diversification.
5. Incremental Rent Growth: Medalist Diversified REIT has demonstrated incremental rent growth in its quarterly figures, indicating a continuous effort to increase rental income from its properties as leases are renewed or new tenants are secured.

Share Repurchases

• The board of directors approved a program in December 2021 to purchase up to 500,000 shares of the Company's common stock at a maximum price of $4.80 per share.
• Shares repurchased were reported at $34,164 for June 2025.

Share Issuance

• Medalist Diversified REIT filed for a $100 million common stock offering in April 2025.
• As part of a property acquisition in January 2025, the company issued 209,600 operating partnership units, valued at approximately $12.50 each.

Outbound Investments

• In July 2025, Medalist successfully acquired the Tesla Pensacola Property, a 45,461-square-foot facility, for approximately $14.54 million, financed by a $14.7 million line of credit.
• The company finalized the acquisition of a real estate asset in Bowling Green, Kentucky, for $2.62 million in January 2025.
• In October 2025, Medalist agreed to sell the Greenbrier Business Center for $11 million and two single-tenant properties (in Bowling Green, KY and Huntsville, AL) for $5.35 million.

Capital Expenditures

• Capital expenditures for Q2 2025 amounted to $425,630, representing a 219.87% increase from the same period in the prior year.
• Annual capital expenditures for FY2024 were $902,397.
• The primary focus of capital expenditures includes strategic asset enhancement and capital improvements designed to increase tenant demand and rental income.