Schedule of deferred costs, net of depreciation and amortization


	September 30,
	2024		December 31,
	(unaudited)		2023
Capitalized tenant improvements – acquisition cost allocation, net	$	2,176,125	$	2,504,953
Capitalized tenant improvements incurred subsequent to acquisition, net		1,042,415		898,873
Capitalized tenant improvements considered to be lease incentives		27,422		—


	September 30, 2024		December 31,
	(unaudited)		2023
Capitalized leasing commissions, net	$	862,767	$	759,677

Schedule of operating results of hotel properties included in continuing operations


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Revenue
Retail center property revenues	$	—	$	327,348	$	307,325	$	987,121
Total Revenue		—		327,348		307,325		987,121

Operating Expenses
Retail center property operating expenses		23		82,132		92,559		248,876
Bad debt expense		2,472		—		16,136		—
Depreciation and amortization		—		76,869		—		231,143
Total Operating Expenses		2,495		159,001		108,695		480,019
Gain on disposal of investment properties		—		—		2,819,502		—
Loss on extinguishment of debt		—		—		(51,837)		—
Operating (Loss) Income		(2,495)		168,347		2,966,295		507,102
Interest expense		—		169,755		129,248		516,367
Net (Loss) Income		(2,495)		(1,408)		2,837,047		(9,265)
Less: Net (loss) income attributable to Hanover Square Property noncontrolling interests		(399)		(225)		453,928		(1,482)
Less: Net (loss) income attributable to Operating Partnership noncontrolling interests		(363)		(14)		137,029		(93)
Net (Loss) Income Attributable to Medalist Common Stockholders	$	(1,733)	$	(1,169)	$	2,246,090	$	(7,690)

Schedule of fair values of assets acquired and liabilities assumed


		NCI Interest in
		Hanover Square			Citibank
		Outparcel			Property			Total
Fair value of assets acquired:
Investment property	$	100,891	(a)	$	2,298,373	(a)	$	2,399,264
Lease intangibles		—			245,837	(b)		245,837
Below market leases		—			(99,756)	(b)		(99,756)
Fair value of net assets acquired	$	100,891	(b)	$	2,444,454	(c)	$	2,545,345

Purchase consideration:
Consideration paid with cash	$	100,891	(c)	$	44,454	(d)	$	145,345
Consideration paid with operating partnership units		—			2,400,000	(e)		2,400,000
Total consideration	$	100,891	(d)	$	2,444,454	(f)	$	2,545,345

NCI Interest in Hanover Square Outparcel

a.

Represents the acquisition cost of the land acquired. Closing costs were allocated and added to the fair value of the tangible assets acquired.

b.

Represents the total acquisition cost of the land acquired at closing.

c.

Represents cash paid for closing costs.

d.

Represents the consideration paid for the acquisition cost of the assets acquired.

Citibank Property

a.

Represents the fair value of the investment property acquired which includes land, buildings, site improvements and tenant improvements. The fair value was determined using the market approach, the cost approach, the income approach or a combination thereof. Closing costs were allocated and added to the fair value of the tangible assets acquired.

b.

Represents the fair value of lease intangibles. Lease intangibles include leasing commissions, leases in place, below market leases and legal and marketing costs associated with replacing existing leases.

c.

Represents the total fair value of assets and liabilities acquired at closing.

d.

Represents cash paid for closing costs paid at closing or directly by the Company outside of closing.

e.

Represents issuance of 208,695 Operating Partnership Units at $11.50 per Operating Partnership Unit. See Note 7, below.

f.

Represents the consideration paid for the fair value of the assets and liabilities acquired.