FLAGSHIP COMMUNITIES REAL ESTATE INVESTMENT TRUST RELEASES ESG REPORT

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TORONTO, April 27, 2023 /CNW/ - Flagship Communities Real Estate Investment Trust (TSX: MHC.U) (TSX: MHC.UN) ("Flagship" or the "REIT") today published its third Environmental, Social and Governance ("ESG") Report (the "Report"). The Report highlights Flagship's commitments to its unitholders, employees, and communities through initiatives on renewable energy, education, household amenities, and resident well-being.

"We are pleased to share our third annual ESG Report, as we understand that delivering on our commitments to sustainability, affordability, employee empowerment, and strong and transparent governance will benefit our stakeholders," said Kurt Keeney, Chief Executive Officer. "At Flagship, we believe that a dedicated focus on ESG will translate into strong performance for our unitholders and a great quality of life for our residents."

The Report contains standard disclosures from the Global Reporting Initiative ("GRI") Sustainability Reporting Standards, prepared largely in accordance with the Core option and considers the reporting framework outlined by the Sustainability Accounting Standards Board ("SASB"). The Report includes details on Flagship's water conservation and renewable energy solar programs, its diversified staff and Board of Trustees, as well as its corporate governance structure.

The report can be found on the REIT's website at https://flagshipcommunities.com/investor-relations/sustainability-report/.

Flagship was the recent recipient of three of the Manufactured Housing Institute's ("MHI") highest awards for excellence in manufactured housing at the 2023 MHI Congress & Expo. In 2022, Flagship was the recipient of the Kentucky MHI's highest award for Community of the Year for the Suburban Pointe community, which offers a full range of amenities for its residents to improve their quality of life. The REIT was also named the Land-Lease Community of the Year – East: Waterford Pointe by the national Manufactured Housing Institute for their efforts in restoring the community following a devastating tornado.

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]