Achi news desk-
TORONTO, April 24, 2024 /CNW/ – Leading Communities Real Estate Investment Trust (the “A REIT” or “Leading“) (TSX: MHC.U) (TSX: MHC.UN) today announced that it has completed its previously announced public offering (the “Offer“) of 3,910,000 trust units (the “Units“) on the basis of an agreement purchased at a price of US$15.35 per Unit for a total gross profit to the REIT of approx US$60 million.
The Offering was completed through a syndicate of underwriters jointly led by BMO Capital Markets and Canaccord Genuity Corp.
The REIT intends to use the net proceeds from the Offering to finance a portion of the approx US$93 million aggregate purchase price for the REIT’s previously announced acquisition of seven manufactured housing communities consisting of 1,253 lots (the “Acquisitions“) and for general business purposes. If the REIT is unable to complete one or both of the Acquisitions, the REIT intends to use the net proceeds of the Offering to fund future acquisitions and for general business purposes.
The REIT has also granted the underwriters an over-allotment option to purchase up to 586,500 additional Units on the same terms and conditions, exercisable at any time, in whole or in part, up to 30 days after this date.
About Leading Communities Real Estate Investment Trust
Leading Communities Real Estate Investment Trust is a leading operator of affordable residential Manufactured Housing Communities primarily serving working families seeking affordable homeownership. The REIT owns and operates exceptional residential living experiences and investment opportunities in family-oriented communities in Kentucky, Indiana, Ohio, Tennessee, Arkansas, Missouria Illinois. To learn more about Flagship, visit www.flagshipcommunities.com.
Forward-Looking Statements
This press release contains statements that contain forward-looking information (within the meaning of applicable Canadian securities laws). Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, ” may”, “could”, “would”, “must”, “estimate”, “target”, “objective”, and other similar expressions, or negative versions thereof, and include statements herein regarding the use of the net proceeds of the Offer.
These forward-looking statements are based on REIT’s expectations, estimates, forecasts and projections, as well as assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies that could cause actual results to differ materially from those disclosed in forward-looking statements. Although it is considered reasonable by the management of the REIT as of the date of this news release, any of the expectations, estimates, forecasts, projections, or assumptions could be incorrect, and as a result, the forward-looking statements the future based on those expectations. , estimates, forecasts, projections, or assumptions could be incorrect. Relevant factors and assumptions used by REIT management in developing the forward-looking information in this news release include, but are not limited to, that the closing conditions of the Acquisitions will be satisfied or waived in a timely manner and the both the Acquisitions will be completed on the terms currently agreed upon.
When relying on forward-looking statements to make decisions, REIT cautions readers not to place undue reliance on these statements, as they are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors, many of which are beyond the REIT’s control, could cause actual results to differ materially from those discussed in the forward-looking statements, such as the risks identified in REIT management’s discussion and analysis for the year ended. December 31, 2023 available on the REIT profile on SEDAR+ at www.sedarplus.com, including, but not limited to, the factors discussed under the heading “Risks and Uncertainties” therein and the risk of REIT plans in relation to debt bridge financing for the Acquisitions that are not carried out as anticipated. There can be no assurance that forward-looking statements will be accurate as actual results and outcomes may differ materially from those expressed in these forward-looking statements. Readers should not, therefore, place undue reliance on any such forward-looking statements. Forward-looking statements are made as of the date of this press release and, except as specifically required by applicable Canadian securities laws, REIT undertakes no obligation to update or revise any statement that looking to the future in public, whether as a result of new information, future events or otherwise.
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