Schedule of deferred costs, net of depreciation and amortization


		March 31, 2026			December 31,
		(unaudited)			2025
Capitalized tenant improvements – acquisition cost allocation, net		$	533,493		$	566,382
Capitalized tenant improvements incurred subsequent to acquisition, net			490,274			841,079


	March 31, 2026		December 31,
	(unaudited)		2025
Capitalized leasing commissions, net	$	385,288	$	842,056

Schedule of operating results of shopping center properties included in continuing operations


	For the three months ended
	March 31,
	2026		2025
	(unaudited)		(unaudited)
Revenue
Investment property revenues	$	916,376	$	1,376,888
Total Revenue		916,376		1,376,888

Operating Expenses
Investment property operating expenses		303,650		354,249
Bad debt expense		—		1,321
Loss on impairment		—		53,532
Depreciation and amortization		59,271		537,967
Total Operating Expenses		362,921		947,069
Gain on disposal of investment properties		12,850,227		—
Loss on extinguishment of debt		(260,137)		—
Operating Income		13,143,545		429,819
Interest expense		(121,264)		(203,515)
Other income		(7,224)		103,529
Other expense		—		(28,226)
Net Income		13,015,057		301,607
Less: Net income (loss) attributable to Parkway Property noncontrolling interests		183,338		(4,517)
Less: Net income attributable to Operating Partnership noncontrolling interests		4,956,097		74,387
Net Income Attributable to Medalist Common Stockholders	$	7,875,622	$	231,737

Schedule of fair values of assets acquired and liabilities assumed


		Buffalo				United			Tesla
		Wild Wings				Rentals			Pensacola
		Property				Property			Property			Total
Fair value of assets acquired:
Investment property (a)	$	2,501,345			$	2,914,369		$	13,444,461		$	18,860,175
Lease intangibles (b)		222,139				273,077			1,635,990			2,131,206
Below market lease (b)		(56,055)				—			(455,813)			(511,868)
Fair value of net assets acquired (c)	$	2,667,429			$	3,187,446		$	14,624,638		$	20,479,513

Purchase consideration:
Consideration paid with cash (d)	$	47,429			$	42,446		$	303,260		$	393,135
Consideration paid with proceeds from line of credit, short term, net		—				—			14,321,378	(e)		14,321,378
Consideration paid with OP Units		2,620,000	(f)			3,145,000	(g)		—			5,765,000
Total consideration (h)	$	2,667,429			$	3,187,446		$	14,624,638		$	20,479,513

(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 the Farmers Line of Credit used to fund the purchase of the Tesla Pensacola Property, net of capitalized loan issuance costs. See Note 5, below.

(f)

Represents issuance of 209,600 OP Units at $12.50 per Operating Partnership Unit. See Note 7, below.

(g)

Represents issuance of 251,600 OP Units at $12.50 per Operating Partnership Unit. See Note 7, below.

(h)

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