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TORONTO, Oct. 22, 2021 /CNW/ - Flagship Communities Real Estate Investment Trust ("Flagship REIT" or the "REIT") (TSX: MHC.U) announced today that its Board of Trustees has approved a 5% increase to its monthly cash distribution to unitholders to US$0.0446 per REIT unit or US$0.5355 per REIT unit on an annual basis. The new monthly cash distribution will commence with the expected November 2021 distribution when declared, to be payable in December 2021.
"Our ability to increase cash distributions speaks to Flagship REIT's strong financial and operating performance since completing our initial public offering in October 2020," said Kurt Keeney, President and Chief Executive Officer. "We are the only pure play manufactured housing investment in the Canadian capital markets and we look forward to continuing to offer investors with the opportunity to participate in a niche and stable market with significant upside potential."
Distributions paid to Canadian unitholders (and other non-U.S. unitholders) generally will be subject to U.S. withholding tax. For a general summary of the taxation of distributions paid to Canadian unitholders, including information regarding U.S. withholding tax, please see the "Certain Canadian Federal Income Tax Considerations", "Certain U.S. Federal Income Tax Considerations" sections, and "Risk Factors – Tax-Related Risks", of the REIT's prospectus dated September 28, 2020, a copy of which is available under the REIT's profile on the SEDAR website at www.sedar.com. Unitholders should consult their own tax advisors for advice with respect to the tax consequences of receiving a distribution from the REIT in their own circumstances.
About Flagship Communities Real Estate Investment Trust
Flagship Communities Real Estate Investment Trust is a newly created, 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.
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 and the amounts thereof. 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 declare and 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 annual information form 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
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