Subject: ANNUAL MEETINGS
Flagship Communities REIT Reports Voting Results From 2024 Annual Meeting of Unitholders
Not for distribution to U.S. newswire services or dissemination in the United States.
TORONTO, May 08, 2024 (GLOBE NEWSWIRE) -- Flagship Communities Real Estate Investment Trust ("Flagship" or the "REIT") (TSX: MHC.U) (TSX: MHC.UN) today announced that each of the seven individuals nominated for election as a trustee of Flagship at the REIT's Annual Meeting of Unitholders held on May 8, 2024 (the "Meeting"), was elected. Voting results for the individual trustees of the REIT are as follows:
| Director | Number of Votes FOR | Number of Votes Withheld | Percentage of Votes Cast FOR Matter |
| Peter C.B. Bynoe | 11,312,950 | 917,167 | 92.5% |
| Louis M. Forbes | 12,137,119 | 92,998 | 99.2% |
| Kurtis Keeney | 12,229,917 | 200 | 100% |
| J. Susan Monteith | 10,669,815 | 1,560,302 | 87.2% |
| Andrew Oppenheim | 12,219,325 | 10,792 | 99.9% |
| Ann Rooney | 12,134,219 | 95,898 | 99.2% |
| Nathan Smith | 12,220,525 | 9,592 | 99.9% |
At the Meeting, a resolution re-appointing MNP LLP as auditor of the REIT for the ensuing year and authorizing the Board of Trustees of the REIT to fix their remuneration, as more particularly described in the REIT's management information circular dated March 14, 2024 (the "Circular"), was passed as an ordinary resolution of unitholders by a majority on a vote conducted by way of ballot. The results of the ballot were 12,138,150 votes (99.2%) voting in favour of the resolution. In addition, a resolution in respect of the approval and confirmation of all unallocated awards issuable under the REIT's omnibus equity incentive plan, as more particularly described in the Circular, was also passed as an ordinary resolution of unitholders by a majority on a vote conducted by way of ballot. The results of the ballot were 11,308,122 votes (92.5%) voting in favour of the resolution.
The REIT is also pleased to announce that a non-binding advisory resolution on the REIT's approach to executive compensation, as more particularly described in the Circular, was passed as an ordinary resolution of unitholders by a majority on a vote conducted by way of ballot. The results of the ballot were 12,201,308 votes (99.8%) voting in favour of the ?Say-on-Pay' resolution.
Final results on all matters voted on at the Meeting will be filed shortly with the Canadian securities regulators.
About Flagship Communities Real Estate Investment Trust
Flagship Communities Real Estate Investment Trust is a leading operator of affordable residential Manufactured Housing Communities primarily serving working families seeking affordable home ownership. The REIT owns and operates exceptional residential living experiences and investment opportunities in family-oriented communities in Kentucky, Indiana, Ohio, Tennessee, Arkansas, Missouri, and Illinois. To learn more about Flagship, visit www.flagshipcommunities.com.
For further information, please contact:
Eddie Carlisle, Chief Financial Officer
Flagship Communities Real Estate Investment Trust
Tel: +1 (859) 568-3390
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