FLAGSHIP COMMUNITIES REAL ESTATE INVESTMENT TRUST TO ACQUIRE RESORT-STYLE MANUFACTURED HOUSING COMMUNITY IN KEY MARKET OF OHIO
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./
TORONTO, Nov. 22, 2022 /CNW/ – Flagship Communities Real Estate Investment Trust ("Flagship" or the "REIT") (TSX: MHC.U) (TSX: MHC.UN) today announced it has agreed to acquire a resort-style Manufactured Housing Community ("MHC") in the key market of Marblehead Ohio, where Flagship has an existing market presence for approximately US$7.8 million. The Marblehead community is fully occupied, comprising 100 lots with each home including a boat slip as well as access to a community swimming pool.
"This is our second major acquisition of a resort-style MHC in northern Ohio," said Kurt Keeney, President and Chief Executive Officer. "As well as expanding our presence in a key market, the addition of the Marblehead community enables us to continue to offer homeowners with a quality community in a highly-desirable resort area."
Marblehead is a residential MHC located on a channel leading to Lake Erie in northern Ohio. The 20-acre community is steps away from the Great Egret Marsh Nature Preserve and East Harbor State Park, a short drive to Marblehead Lighthouse State Park and Lake Point State Park, a drive-through African Safari Wildlife Park, as well as numerous historical sites as well as restaurants, shopping, and wineries. It is also a short drive to the Cedar Point Amusement Park.
"The purchase of the Marblehead property speaks to the strong fundamentals and acquisition opportunities that exist within the MHC industry," said Nathan Smith, Chief Investment Officer. "Flagship seeks accretive opportunities, within our target markets that will enable us to leverage management synergies and economies of scale and this acquisition adheres to these criteria."
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 Acquisitions, including the timing for closing thereof, the expected funding of the Acquisitions, and the anticipated performance of the MHCs to be acquired pursuant to the Acquisitions. 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 conditions to closing of the Acquisition being met or waived in a timely manner and the Acquisitions closing on the basis as originally negotiated. 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 annual information form and management’s discussion and analysis ("MD&A") for the year ended December 31, 2021 or the REIT’s most recent subsequently filed interim MD&A, in each case available under the REIT’s profile at www.sedar.com, including under the heading "Risk Factors" or "Risk and Uncertainties" 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.
Flagship Communities Real Estate Investment Trust is an 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 owns and operates 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.
For further information, please contact:
Eddie Carlisle, Chief Financial Officer
Flagship Communities Real Estate Investment Trust
Tel: +1 (859) 568-3390
SOURCE Flagship Communities Real Estate Investment Trust