FLAGSHIP COMMUNITIES REAL ESTATE INVESTMENT TRUST ANNOUNCES APPOINTMENT OF ANN ROONEY TO ITS BOARD OF TRUSTEES

TORONTO, Sept. 29, 2022 /CNW/ - Flagship Communities Real Estate Investment Trust (TSX: MHC.U) (TSX: MHC.UN) (the "REIT") announced today the appointment of Ann Rooney to its board of trustees (the "Board") effective September 29, 2022. Concurrently, Ms. Rooney has been appointed to the REIT's Audit Committee.

"We are pleased to welcome Ann Rooney to our Board, and to enhance our overall corporate governance with the addition of her extensive experience and knowledge," said Peter Bynoe, the REIT's Chair of the Board. "Throughout her career, Ms. Rooney has held board member positions with Parkbridge Lifestyle Communities, The Nature Conservancy of Canada, and the Alberta Securities Commission, providing her with diverse skills, perspectives and expertise that are expected to benefit the REIT, and contribute to its continued success."

Ms. Rooney's appointment increases female representation on the Board to approximately 29%, underscoring the REIT's commitment to diversity.

The REIT also announced the resignation of Iain Stewart, who served on the Board since the REIT's initial public offering in 2020. "On behalf of management and the Board, I would like to thank Iain for his contributions to the REIT.  Iain has been and continues to be an ardent supporter of the REIT.  We wish him the very best in his future endeavors," said Kurt Keeney, the REIT's President and Chief Executive Officer.

About Flagship Communities Real Estate Investment Trust

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 has been formed to own and operate 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.

SOURCE Flagship Communities Real Estate Investment Trust

Eddie Carlisle, Chief Financial Officer, Flagship Communities Real Estate Investment Trust, Tel: [phone]