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TORONTO, Aug. 14, 2025 (GLOBE NEWSWIRE) — Flagship Communities Real Estate Investment Trust (TSX: MHC.U) (TSX:MHC.UN) (“Flagship” or the “REIT”) today announced it has acquired, from Empower Park, LLC (“Empower”), a 504-lot manufactured housing community (“MHC”) located in Georgetown, Kentucky (the “Acquisition”). The Acquisition is expected to be accretive to the REIT’s adjusted funds from operations (“AFFO”) per Unit and will be funded using cash on hand along with approximately $17 million in assumed debt that carries an average interest rate of 3.5%.
Since 2022, Empower has made significant improvements to the MHC including the removal of approximately 50 older homes, the installation of new amenities, the re-installation of all new sewer lines, re-surfacing of all streets and the decommissioning of a wastewater treatment plant.
“The acquisition of this MHC demonstrates our growth strategy by sourcing high-quality opportunities within our existing footprint, which enables us to generate economies of scale and operational synergies,” said Kurt Keeney, President and Chief Executive Officer. “Through the removal of old homes and the installation of new amenities, this Acquisition is already well-positioned to be a desirable home-ownership option.”
Located in Georgetown, Kentucky, the Acquisition features many new amenities including two municipal grade playgrounds, four new basketball courts, a new dog park and a new community center. New homeowners have begun moving into the community, which is comprised of 504-lots and is 71.8% occupied, representing attractive occupancy upside potential, which is consistent with the REIT’s strategy of acquiring under-occupied MHCs with vacancy.
“This MHC aligns perfectly with our strict acquisition criteria of being in a prime location within a market where we operate, which will allow us the opportunity to streamline our operations given our strong presence in Kentucky,” said Nathan Smith, Chief Investment Officer. “We look forward to welcoming more new residents in the months ahead to this great community, which is located near major employers and highly rated schools.”
Located near I-75 and I-64 in Central Kentucky near Lexington, the community is one exit from the famous Kentucky Horse Park along with many major employers. The Acquisition’s community property lies within the borders of both Fayette and Scott Counties.
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.
For further information, please contact:
Eddie Carlisle, Chief Financial Officer
Flagship Communities Real Estate Investment Trust
Tel: +1 (859) 568-3390
