Not for distribution to U.S. newswire services or dissemination in the United States.
TORONTO, May 12, 2026 (GLOBE NEWSWIRE) — Flagship Communities Real Estate Investment Trust (TSX:MHC.U) (TSX:MHC.UN) (“Flagship” or the “REIT”) today announced it expanded its presence in northern Ohio with a strategic acquisition of a manufactured housing community (“MHC”) for total consideration of approximately US$1.5 million (the “Acquisition”). The Acquisition is expected to be immediately accretive to the REIT’s adjusted funds from operations (“AFFO”) on a per Unit basis.
The Acquisition is located in Marblehead, Ohio, a resort area along Lake Erie and is comprised of 28 lots that are 100% occupied. The property includes a private beach area and a fishing pier along with a number of boat dock slips and is in close proximity to another Flagship-owned MHC.
“This Acquisition helps expand Flagship’s presence in our Northern Ohio market, thereby enabling us to generate economies of scale and operational synergies,” said Kurt Keeney, President and Chief Executive Officer. “The Marblehead property will be a great addition to our resort MHC communities.”
“This Acquisition fits our “bolt-on strategy,” by purchasing properties near communities where we already operate in Northern Ohio,” said Nathan Smith, Chief Investment Officer. “It allows us to continue to improve operational efficiencies by managing nearby properties together. The Marblehead property is located near Lake Erie in a desirable, high-demand area popular for second homes and resort-style living.”
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. 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. To learn more about Flagship, visit www.flagshipcommunities.com.
Forward-Looking Statements
This news release contains statements that include 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”, “can”, “could”, “would”, “must”, “estimate”, “target”, “objective”, and other similar expressions, or negative versions thereof, and include statements herein concerning: the pending acquisition of an MHC portfolio in the Greater Cincinnati, Ohio, including the expected timing thereof and sources of funding therefor; the expected performance of the Acquisitions; the potential for future expansion;
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. 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. 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, as there is no guarantee that the future Federal Reserve will continue to hold or decrease 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. 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. 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. 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. 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.
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).
For further information, please contact:
Eddie Carlisle, Chief Financial Officer
Flagship Communities Real Estate Investment Trust
Tel: +1 (859) 568-3390
