Not for distribution to U.S. newswire services or dissemination in the United States.

TORONTO, Oct. 01, 2024 (GLOBE NEWSWIRE) -- Flagship Communities Real Estate Investment Trust (“Flagship” or the “REIT”) (TSX:MHC.U) (TSX:MHC.UN) announced today that its Board of Trustees has approved an approximately 5.0% increase to its monthly cash distribution to unitholders to US$0.0517 per REIT unit or US$0.62 per REIT unit on an annualized basis. The new monthly cash distribution will commence on or about November 15, 2024 to unitholders of record as of the close of business on October 31, 2024.

“Our strong operating and financial position has enabled us to increase our monthly cash distribution to unitholders for the fourth consecutive year," said Kurt Keeney, President and Chief Executive Officer. “We have achieved many significant milestones this past year, including the completion of our largest acquisition in our history and refinancing our near-term debt and extending our maturities. We look forward to building on the momentum we have generated to date and continuing to recognize long-term value for unitholders.”

Distributions paid to Canadian unitholders (and other non-U.S. unitholders) generally will be subject to U.S. withholding tax. Unitholders should consult their own tax advisors for advice with respect to the tax consequences of receiving a distribution from the REIT in their own circumstances.

Flagship Communities Real Estate Investment Trust
Flagship Communities Real Estate Investment Trust is a leading operator of affordable residential MHCs primarily serving working families seeking affordable home ownership. The REIT owns and operates exceptional residential living experiences and investment opportunities in family-oriented communities in Kentucky, Indiana, Ohio, Tennessee, Arkansas, Missouri, West Virginia, and Illinois. To learn more about Flagship, visit www.flagshipcommunities.com.

Forward-Looking Statements

This press release contains statements that include forward-looking information within the meaning of Canadian securities laws. These forward-looking statements reflect the current expectations of the REIT regarding future events, including statements concerning the intended monthly distributions of the REIT. In some cases, forward-looking statements can be identified by terms such as “may”, “will”, “could”, “occur”, “expect”, “anticipate”, “believe”, “intend”, “estimate”, “target”, “project”, “predict”, “forecast”, “continue”, or the negative thereof or other similar expressions concerning matters that are not historical facts. Material factors and assumptions used by management of the REIT to develop the forward-looking information include, but are not limited to, the REIT having sufficient cash to pay its distributions. While management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.