FLAGSHIP COMMUNITIES REAL ESTATE INVESTMENT TRUST WINS THE KENTUCKY MANUFACTURED HOUSING INSTITUTE'S HIGHEST AWARD FOR THE SECOND CONSECUTIVE YEAR

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ERLANGER, Ky, June 26, 2023 /CNW/ - Flagship Communities Real Estate Investment Trust (REIT) (TSX: MHC.U) received the Kentucky Manufactured Housing Institute's (KMHI) highest award for Community of the Year for the second consecutive year. Flagship and its Mosby's Pointe community was honored at the annual conference in Louisville, Kentucky on Wednesday June 21, 2023. Mosby's Pointe, located in Northern Kentucky is a 251-lot community that underwent a transformation during the past year with the addition of an outdoor recreation center which includes a state-of-the-art municipal grade playground and equipment, two basketball courts, soccer field and a paved walking trail.

"We are honored to receive the community of the year award for Mosby's Pointe," said Flagship CEO Kurt Keeney. "The effort by our staff to serve the needs of the diverse community, demonstrates their dedication and support for the families living at Mosby's. We thank KMHI and its leaders for this significant recognition."

The Kentucky Manufactured Housing Institute (KMHI) is the trade association representing the factory-built housing industry in Kentucky. "KMHI is proud to have communities like Mosby's Pointe and the rest of the Flagship Communities REIT portfolio as members," said KMHI Executive Director, Logan Hanes. "They continue to be the industry trendsetters in the quality and services that they provide their residents. This is a much-deserved award."

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.

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, including statements concerning the intended monthly distributions of the REIT. 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]