FLAGSHIP COMMUNITIES REAL ESTATE INVESTMENT TRUST ANNOUNCES DISTRIBUTION INCREASE
November 2022 Cash Distribution to be Payable in December 2022
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./
TORONTO, Nov. 14, 2022 /CNW/ – 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% increase to its monthly cash distribution to unitholders to US$0.0468 per REIT unit or US$0.562 per REIT unit on an annualized basis. The new monthly cash distribution will commence on or about December 15, 2022 to unitholders of record as of the close of business on November 30, 2022.
"On the heels of our strong operating and financial performance year-to-date, we are excited to be in a position to increase our monthly cash distribution for a second consecutive year," said Kurt Keeney, President and Chief Executive Officer. "We remain optimistic about Flagship’s fundamentals as well as the outlook for the Manufactured Housing Community industry amidst the current inflationary economic environment and rising mortgage rates in the United States. We look forward to providing investors with the opportunity to participate in a niche and historically stable market with significant upside potential."
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 is an internally managed, unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT owns and operates a portfolio of income-producing manufactured housing communities located in Kentucky, Indiana, Ohio, Tennessee, Arkansas, Missouri, and Illinois, including a fleet of manufactured homes for lease to residents of such housing communities.
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.
Although management believes the expectations reflected in such forward-looking statements are reasonable and represent the REIT’s internal expectations and beliefs at this time, such statements involve known and unknown risks and uncertainties and may not prove to be accurate and certain objectives and strategic goals may not be achieved. A variety of factors, many of which are beyond the REIT’s control, could cause actual results in future periods to differ materially from current expectations of events or results expressed or implied by such forward-looking statements, such as the risks identified in the REIT’s annual information form and management’s discussion and analysis ("MD&A") for the year ended December 31, 2021 or any subsequently filed interim MD&A, in each case available under the REIT’s profile at www.sedar.com, including under the heading "Risk Factors" or "Risk and Uncertainties" therein. Readers are cautioned against placing undue reliance on forward-looking statements. Except as required by applicable Canadian securities laws, the REIT undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made.
For further information, please contact:
Eddie Carlisle, Chief Financial Officer
Flagship Communities Real Estate Investment Trust
Tel: +1 (859) 568-3390
SOURCE Flagship Communities Real Estate Investment Trust