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Bulletin de la Bourse
Flagship Communities Real Estate Investment Trust (MHC.U) inscrit à la Bourse de Toronto
5 octobre 2020
| Issuer: | Flagship Communities Real Estate Investment Trust (the ‘‘REIT'') |
| Security: | Trust Units ("Units") |
| Symbol(s): | MHC.U |
| Issue price per security: | US$15.00 |
| Number of securities issued and outstanding: | 6,288,685 |
| Number of securities reserved for issuance: | 6,370,440 |
| Listing category: | Industrial, Exempt |
| Trading currency: | US$ |
| Transaction: | Initial public offering (the "Offering"). |
| Listing date: | October 6, 2020 (as at 5:01 pm) in anticipation of closing of the Offering. |
| Anticipated closing date: | October 7, 2020 (prior to the opening) |
| Posted for trading date: | October 7, 2020 (at the opening) subject to confirmation of closing of the Offering. |
| Other market(s): | None |
| Temporary market maker: | W.D. Latimer Co. Ltd. |
| Security ownership registration: | Non-certificated inventory |
| Investor relations: | Eddie Carlisle Chief Financial Officer 859-568-3390 Email: investor_relations@flagshipcommunities.com |
| Incorporation: | The REIT is an unincorporated, open-ended real estate investment trust established pursuant to the Declaration of Trust dated September 28, 2020 under the laws of the Province of Ontario. |
| Fiscal year end: | December 31 |
| Nature of business: | The REIT has been formed to own and operate a portfolio of manufactured housing communities (‘‘MHCs'') and related assets in the United States. The REIT will indirectly own an initial portfolio of 45 MHCs (the ‘‘Initial Communities''), comprising 8,255 lots located in the following four contiguous states: Kentucky, Indiana, Ohio and Tennessee, and a fleet of approximately 600 manufactured homes for lease to residents of the Initial Communities. |
| Transfer agent and registrar: | TSX Trust Company at its principal office in Toronto. |
| Distributions: | The REIT intends to adopt a distribution policy pursuant to which the REIT will make monthly cash distributions to Unitholders and, through Flagship Operating, LLC, holders of Class B Units, on each Distribution Date initially equal to, on an annual basis, approximately 65% of estimated AFFO for the Forecast Period. The first distribution is expected to be for the period from Closing to October 31, 2020 and is expected to be paid on November 16, 2020, in the amount of US$0.0329 per Unit (assuming that Closing occurs on October 7, 2020). The REIT intends to make subsequent monthly distributions in the estimated amount of US$0.0425 per Unit thereafter. The REIT intends to pay such distributions in cash. |
| Sponsorship: | Not applicable. |
| Additional information: | The Units will be quoted and traded on the Toronto Stock Exchange in US funds and trading information regarding the Units will appear under the heading "Trading in US Funds" in the TSX Monthly Review. |
| Disclosure document: | Prospectus dated September 28, 2020 which is available at www.SEDAR.com. |
| Initial public offering: | 6,250,000 Units are being offered to the public from treasury at a price of US$15.00 per Unit (the "Offering Price"). In addition, the underwriters have been granted an over-allotment option to purchase up to an additional 937,500 Units from treasury at the Offering Price. |
| TSX contact: | Chris Birkett, Managing Director, Toronto Stock Exchange. |
