FLAGSHIP COMMUNITIES REAL ESTATE INVESTMENT TRUST ANNOUNCES NEW CANADIAN DOLLAR LISTING ON TORONTO STOCK EXCHANGE

TORONTO, June 9, 2022 /CNW/ - Flagship Communities Real Estate Investment Trust (TSX: MHC.U) (OTCQX: FLGMF) (the "REIT") announced today the introduction of a Canadian dollar listing of its trust units on the Toronto Stock Exchange ("TSX").

Effective June 13, 2022, the trust units will commence trading on the TSX in Canadian dollars under the symbol "MHC.UN". The trust units will continue to trade in U.S. dollars under the existing symbol "MHC.U".

The trust units to be traded under the symbol MHC.UN will have the same CUSIP number as the trust units trading under the symbol MHC.U. Accordingly, the number of issued and outstanding trust units will not change. The REIT currently has 14,141,185 trust units outstanding.

The REIT's distributions will continue to be paid to unitholders in U.S. dollars for both the MHC.U and MHC.UN listings.

"We are pleased to introduce a Canadian dollar listing, which will offer Canadian investors the ability to transact in their domestic currency," said Kurt Keeney, the REIT's President and Chief Executive Officer. "We expect this new listing to provide more flexibility for investors and facilitate increased trading activity in our trust units over time."

Unitholders should consult their financial advisors for more information regarding the dual currency listing, including their ability to exchange U.S. dollar denominated trust units for Canadian dollar denominated trust units.

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, Missouri, Arkansas and Illinois; including a fleet of manufactured homes for lease to residents of such housing communities.

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. 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 final prospectus available under the REIT's profile at www.sedar.com, including under the heading "Risk Factors" 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.

SOURCE Flagship Communities Real Estate Investment Trust

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