CLEAR SKY LAND LEASE COMMUNITIES FUND I COMPLETES INITIAL PUBLIC OFFERING AND RAISES APPROXIMATELY C$43.8 MILLION

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TORONTO, July 9, 2024 /CNW/ - Clear Sky Land Lease Communities Fund I (the "Trust") announced today that it has completed its initial public offering of trust units (the "Offering"). Pursuant to the Offering, the Trust issued an aggregate of approximately C$43.8 million of trust units, comprised of 2,295,150 Class A Units, 1,192,380 Class F Units and 655,500 Class U Units of the Trust at a price of C$10.00 per Class A Unit and Class F Unit and US$10.00 per Class U Unit.

The trust units were offered to the public through a syndicate of agents led by CIBC World Markets Inc. and which included Richardson Wealth Limited, Canaccord Genuity Corp., iA Private Wealth Inc. and Wellington-Altus Private Wealth Inc. (collectively, the "Agents").

The Trust is an unincorporated investment trust and was established for the primary purpose of investing in a portfolio of income-producing manufactured housing communities ("MHCs") in the United States. With the net proceeds of the Offering, the Trust is currently in the process of indirectly acquiring six MHCs. All preconditions to closing of the acquisition of the MHCs have been satisfied or waived by the Trust and the vendor, and the acquisitions are set to close upon completion of the assumption of applicable related mortgage indebtedness. The balance of the net proceeds of the Offering will be used to satisfy payment of other acquisition related costs, capital expenditures on the to-be-acquired MHCs and working capital, consistent with the Trust's investment objectives to, among other things, provide unitholders with an opportunity to invest in a portfolio of income-producing MHCs in the United States, as further described in the Trust's final prospectus for the Offering.

Clear Sky Capital, Inc. ("Clear Sky") is the promoter of the Trust and will also act as manager of the portfolio of properties. Since its inception in 2009 and through the third quarter of 2023, Clear Sky and its affiliates have acquired or developed approximately US$1.48 billion of real estate and operating asset investments, investing approximately US$625 million of equity through various investment vehicles. Clear Sky's real estate investments are diversified across various sectors including MHCs, self-storage and multifamily.

The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws.

Gross proceeds noted in this press release have been calculated based on a rate of exchange of US$1.00 to C$1.3659.

About Clear Sky Land Lease Communities Fund I

The Trust is an unincorporated investment trust and was established for the primary purpose of investing in a portfolio of income-producing MHCs in the United States.

Forward-looking Statements

This news 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 Trust and Clear Sky regarding future events, including statements concerning the expected closing of the Trust's acquisitions of the properties and the anticipated use of proceeds of the Offering. In some cases, forward-looking statements can be identified by terms such as "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "believe", "intend", "seek", "aim", "estimate", "target", "project", "predict", "forecast", "potential", "continue", "likely", "schedule", or the negative thereof or other similar expressions concerning matters that are not historical facts.

Material factors and assumptions used by management of the Trust to develop the forward-looking information include, but are not limited to, the Trust's current expectations about: opportunities, market standards, vacancy and rental growth rates in the U.S. MHC market; demographic trends in the U.S.; the realization of property value appreciation and timing thereof; the inventory of MHCs and manufactured homes; the price at which the MHCs may be disposed and the timing thereof; closing and other transaction costs in connection with the acquisition and disposition of the MHCs; the availability of mortgage financing and current interest rates; the capital structure of the Trust; the extent of competition for MHCs and manufactured homes; assumptions about the markets in which the Trust intends to operate; expenditures and fees in connection with the maintenance, operation and administration of the MHCs; the ability of Clear Sky to manage and operate the MHCs; the global and U.S. economic environment, including changes in interest rates and the rate of inflation; fluctuating global economic conditions, demand levels for MHCs in the U.S., the U.S. housing market, work-from-home policies, and MHC development activity; the impact of negative geopolitical events, including the conflicts in Ukraine and the Middle East; foreign currency exchange rates; and governmental regulations or tax laws. While management of the Trust considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.

Although Clear Sky believes the expectations reflected in such forward-looking statements are reasonable and represent the Trust's internal projections, expectations and beliefs at this time, such statements involve known and unknown risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities may not be achieved. A variety of factors, many of which are beyond the Trust's control, could cause actual results in future periods to differ materially from current expectations of estimated or anticipated events or results expressed or implied by such forward-looking statements. Such factors include the risks identified in the final prospectus of the Trust dated June 26, 2024, including under the heading "Risk Factors" therein, as well as, among other things, risks related to the availability of suitable properties for purchase by the Trust, the availability of mortgage financing for such properties, and general economic and market factors, including interest rates, prospective purchasers of real estate, business competition, negative geo-political events, changes in government regulations or income tax laws. Readers are cautioned against placing undue reliance on forward-looking statements. Except as required by applicable Canadian securities laws, the Trust 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 or to reflect the occurrence of unanticipated events.

SOURCE Clear Sky Land Lease Communities Fund I

For further information, please contact: Chris Herthel, Chief Executive Officer, Clear Sky Capital Land Lease Communities Fund I, [email protected]; Matthew Collins, Chief Financial Officer, Clear Sky Capital Land Lease Communities Fund I, [email protected]; Contact Telephone Number for Clear Sky Capital Land Lease Communities Fund I: 480-428-0152