Flagship Communities Real Estate Investment Trust (TSX:MHC.U) (TSX:MHC.UN) (“Flagship” or the “REIT”) today announced it has expanded its presence in its home state of Kentucky, with the acquisition of a 125-lot manufactured housing community (“MHC”) for total consideration of approximately US$2.0 million (the “Acquisition”).
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“This Acquisition is another reflection of our ability to execute on our growth strategy that has been a cornerstone of our success for over 30 years,” said Kurt Keeney, President and Chief Executive Officer.
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Keeney → execute → years
“We expect the Acquisition to generate economies of scale and operational synergies, and it is consistent with our strategy of acquiring established communities with occupancy upside and the opportunity to add value through new amenities.
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it → expect → amenities
The MHC community, which is 54% occupied, is located in Frankfort, Kentucky, where affordable housing is in high demand.
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housing → occupy → demand
Planned improvements include a new clubhouse and office, a basketball court and a playground.
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improvements → include → clubhouse
Frankfort serves as the capital and the base for the Commonwealth of Kentucky and is home to major employers including the largest number of public administration jobs in the Commonwealth.
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Frankfort → serve → Commonwealth
“This Acquisition is an exciting opportunity for us to expand in Central Kentucky, a key market for us, where we have four nearby properties,” said Nathan Smith, Chief Investment Officer.
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Smith → expand → properties
“Purchasing properties near communities where we operate allows us to continue to improve efficiencies by managing nearby properties together.
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us → purchase → properties
The Acquisition is also strategically located near two major Interstates, I-64 and I-75, which provide access to major employers for our residents.
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which → locate → residents
About Flagship Communities Real Estate Investment Trust
Flagship Communities Real Estate Investment Trust is a leading operator of affordable residential MHCs primarily serving working families seeking affordable home ownership.
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Trust → lead → ownership
The REIT owns and operates exceptional residential living experiences and investment opportunities in family-oriented communities in Kentucky, Indiana, Ohio, Tennessee, Arkansas, Missouri, West Virginia, and Illinois.
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REIT → own → Virginia
This news release contains statements that include forward-looking information (within the meaning of applicable Canadian securities laws).
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that → contain → laws
Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, “can”, “could”, “would”, “must”, “estimate”, “target”, “objective”, and other similar expressions, or negative versions thereof, and include statements herein concerning: Plans for the acquired MHC and the expected economies of scale and operational synergies from the Acquisition.
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statements → look → Acquisition
These statements are based on the 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 that are disclosed in such forward-looking statements.
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that → base → statements
While considered reasonable by management of the REIT as at the date of this news release, any of these expectations, estimates, forecasts, projections, or assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those expectations, estimates, forecasts, projections, or assumptions could be incorrect.
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statements → consider → expectations
Material factors and assumptions used by management of the REIT to develop the forward-looking information in this news release include, but are not limited to, the REIT’s current expectations about: vacancy and rental growth rates in MHCs and the continued receipt of rental payments in line with historical collections; demographic trends in areas where the MHCs are located; the applicability of any government regulation concerning MHCs and other residential accommodations; the availability of debt financing and future interest rates; increasing expenditures and fees, in connection with the ownership of MHCs, driven by inflation or tariffs; tax laws; and general economic conditions.
When relying on forward-looking statements to make decisions, the 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.
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A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed or referenced under the heading “Risks and Uncertainties” in the REIT’s most recent annual and subsequent interim Management’s Discussion & Analysis or otherwise disclosed in the Annual Information Form.
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results → cause → Form
There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements.
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outcomes → look → statements
Further, certain forward-looking statements included in this news release may be considered as “financial outlook” for purposes of applicable Canadian securities laws, and as such, the financial outlook may not be appropriate for purposes other than to understand management’s current expectations and plans relating to the future, as disclosed in this news release.
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outlook → look → release
Forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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REIT → look → information
An explanation (which is incorporated by reference herein) of the composition of AFFO can be found under the heading “Non-IFRS Financial Measures” in the REIT’s most recent Management’s Discussion & Analysis (which can be accessed under the REIT’s SEDAR+ profile at www.sedarplus.com).
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which → incorporate → www.sedarplus.com
The Aporia
