On April 19, 2024, Flagship Communities Real Estate Investment Trust (REIT) successfully completed a US$60,018,500 (approximately C$81,225,000) offering of 3,910,000 trust units at a price of $15.35 per unit (approximately C$20.79 per unit). The offering was facilitated through an underwriting agreement with a syndicate of underwriters, co-led by BMO Nesbitt Burns Inc. and Canaccord Genuity Corp. The underwriters' fee amounted to $2,400,740 (approximately C$3,250,000), resulting in net proceeds of $57,617,760 (approximately C$77,975,000) to the REIT before deducting offering expenses estimated at $550,000 (approximately C$744,000).

Additionally, the REIT granted the underwriters an over-allotment option to purchase up to an additional 586,500 units at the same offering price, which could have increased the total proceeds to $69,021,275 (approximately C$93,358,000) if fully exercised. The offering received conditional approval for listing on the Toronto Stock Exchange under the symbols “MHC.U” and “MHC.UN.”

Legal matters related to the offering were advised by Blake, Cassels & Graydon LLP for Canadian matters and Taft Stettinius & Hollister LLP for U.S. tax matters on behalf of the REIT. Torys LLP represented the underwriters. The closing of the offering was expected on or about April 24, 2024.

This offering aimed to provide the REIT with funds to support its acquisition strategy and ongoing operations while offering investors the opportunity to participate in the REIT's growth within the real estate market.