Flagship Communities Real Estate Investment Trust Announces Full Exercise and Closing of Over-Allotment Option and Initial Cash Distribution

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[{"type":"text","content":"\n \n \n \n Flagship Communities Real Estate Investment Trust Announces Full Exercise and Closing of Over-Allotment Option and Initial Cash Distribution\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n TORONTO, Oct. 22, 2020\n \n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN\n \n THE UNITED STATES\n \n ./\n \n \n \n \n TORONTO\n \n ,\n \n Oct. 22, 2020\n \n /CNW/ - Flagship Communities Real Estate Investment Trust (the \"\n \n REIT\n \n \") (TSX: MHC.U) announced today that, in connection with the initial public offering (the \"\n \n IPO\n \n \") of trust units (the \"\n \n Units\n \n \") of the REIT, the over-allotment option granted to the syndicate of underwriters co-led by Canaccord Genuity Corp. and BMO Capital Markets to purchase up to 937,500 additional Units at\n \n US$15.00\n \n per Unit was exercised in full, generating additional gross proceeds to the REIT of\n \n US$14,062,500\n \n (the \"\n \n Over-Allotment Option\n \n \"). The sale of the additional Units today brings the REIT's aggregate gross IPO proceeds to\n \n US$107,812,500\n \n . The net proceeds from the exercise of the Over-Allotment Option will be used by the REIT to fund future acquisitions and for general business purposes. Following the closing of the Over-Allotment Option, there are 11,921,953 Units and class B units of the REIT's subsidiary, Flagship Operating, LLC, issued and outstanding.\n \n \n The REIT also announced today that its initial cash distribution following the IPO will be in the amount of\n \n US$0.0329\n \n per Unit. The initial distribution will be for the period from\n \n October 7, 2020\n \n (the closing date of the initial public offering) to\n \n October 31, 2020\n \n , to be paid on or about\n \n November 16, 2020\n \n , to holders of Units of record as of the close of business on\n \n October 30, 2020\n \n . The REIT currently intends to make subsequent monthly distributions in the estimated amount of\n \n US$0.0425\n \n per Unit commencing on or about\n \n December 15...

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