Flagship Communities Real Estate Investment Trust Completes Acquisition of Kentucky and Arkansas MHCs


TORONTO, Dec. 16, 2021 /CNW/ –¬†Flagship Communities Real Estate Investment Trust (the "REIT") (TSX: MHC.U) announced today it has completed the previously-announced acquisition (collectively, the "Acquisitions") of three high-quality manufactured housing communities ("MHCs") from two separate vendor groups comprising 957 lots for an aggregate purchase price of approximately US$56.8 million.

The Acquisitions are expected to be immediately accretive to the REIT’s adjusted funds from operations per Unit on a leverage neutral basis.

"These acquisitions further demonstrate our ability to execute on our growth strategy of finding stable, high performing communities where we can add value by achieving management efficiencies and leveraging economies of scale," said Kurt Keeney, President and Chief Executive Officer. "Both of these acquisitions strengthen our existing footprints in regions where we already operate. We intend to continue sourcing acquisitions in regions where we have a meaningful presence as well as other adjacent markets."

About Flagship Communities Real Estate Investment Trust
Flagship Communities Real Estate Investment Trust is a newly created, internally managed, unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT has been formed to own and operate a portfolio of income-producing manufactured housing communities located in Kentucky, Indiana, Ohio, Tennessee, Arkansas, Missouri, and Illinois, including a fleet of manufactured homes for lease to residents of such housing communities.

Forward-Looking Statements
This press release contains statements that include forward-looking information within the meaning of Canadian securities laws. These forward-looking statements reflect the current expectations of the REIT regarding future events, including statements concerning the intended monthly distributions of the REIT. In some cases, forward-looking statements can be identified by terms such as "may", "will", "could", "occur", "expect", "anticipate", "believe", "intend", "estimate", "target", "project", "predict", "forecast", "continue", or the negative thereof or other similar expressions concerning matters that are not historical facts. Material factors and assumptions used by management of the REIT to develop the forward-looking information include, but are not limited to, the REIT having sufficient cash to pay its distributions. While management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.

Although management believes the expectations reflected in such forward-looking statements are reasonable and represent the REIT’s internal expectations and beliefs at this time, such statements involve known and unknown risks and uncertainties and may not prove to be accurate and certain objectives and strategic goals may not be achieved. A variety of factors, many of which are beyond the REIT’s control, could cause actual results in future periods to differ materially from current expectations of events or results expressed or implied by such forward-looking statements, such as the risks identified in the REIT’s final prospectus available under the REIT’s profile at www.sedar.com, including under the heading "Risk Factors" therein. Readers are cautioned against placing undue reliance on forward-looking statements. Except as required by applicable Canadian securities laws, the REIT undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made.

SOURCE Flagship Communities Real Estate Investment Trust