Flagship Communities REIT Completes Public Offering of Trust Units for Gross Proceeds of US$60 Million

Flagship Communities REIT Completes Public Offering, Raises $60 Million for Acquisitions

Flagship Communities Real Estate Investment Trust (REIT) announced today that it has successfully completed a public offering of 3,910,000 trust units on a bought deal basis, raising approximately $60 million in gross proceeds. The offering was priced at US$15.35 per unit and was led by a syndicate of underwriters co-led by BMO Capital Markets and Canaccord Genuity Corp.

The REIT plans to use the net proceeds from the offering to fund a portion of the $93 million aggregate purchase price for the acquisition of seven manufactured housing communities comprising 1,253 lots. In the event that the acquisitions do not proceed as planned, the REIT intends to use the funds for future acquisitions and general business purposes.

Additionally, Flagship Communities REIT has granted the underwriters an over-allotment option to purchase up to an additional 586,500 units on the same terms and conditions.

Flagship Communities REIT is a leading operator of affordable residential Manufactured Housing Communities, with properties in Kentucky, Indiana, Ohio, Tennessee, Arkansas, Missouri, and Illinois. The REIT focuses on providing exceptional residential living experiences for working families seeking affordable homeownership.

This news release contains forward-looking statements, with the REIT cautioning readers not to place undue reliance on these statements due to potential risks and uncertainties. The REIT commits to providing updates as necessary and complying with applicable Canadian securities laws.

For more information about Flagship Communities Real Estate Investment Trust, visit www.flagshipcommunities.com.

SOURCE: Flagship Communities Real Estate Investment Trust

View original content: http://www.newswire.ca/en/releases/archive/April2024/24/c3018.html