Flagship Communities Real Estate Investment Trust Expands Presence in Key Markets

Executive Summary

• Flagship Communities REIT announced the acquisition of two manufactured‑housing portfolios for a total consideration of US $79 million, funded primarily by a new US $70 million unsecured term loan.
• The Seymour, Indiana community (744 lots, 91.2% occupied) was purchased for approximately US $45 million; the Greater Cincinnati, Ohio portfolio (496 lots across three sites, 65.5% occupied) was acquired for US $34 million and will close in November 2025.
• Both acquisitions are expected to be immediately accretive to adjusted funds from operations (“AFFO”) on a per‑unit basis and provide occupancy upside and lot‑expansion opportunities.

Key Details

• Total consideration: US $79 million (US $45 m for Seymour MHC; US $34 m for Greater Cincinnati portfolio).
• Financing structure: New US $70 million unsecured term loan; additional debt assumption of US $14.3 million at a weighted‑average interest rate of 2.84% for the Ohio acquisition.
• Seymour, Indiana MHC: 744 lots total, 91.2% occupied, includes 85 lots available for future expansion.
• Greater Cincinnati, Ohio portfolio: Three separate communities (Cleves, New Richmond, Morrow) totaling 496 lots, 65.5% occupied.
• Expected impact: Immediate AFFO accretion on a per‑unit basis; potential to add amenities, increase occupancy, and expand lot counts.
• Strategic rationale: Expands Flagship’s presence in key Indiana and Ohio markets, creates economies of scale, and aligns with the REIT’s strategy of acquiring under‑performing MHCs for value‑add through occupancy growth and lot expansion.
• Closing timeline: Ohio portfolio expected to close November 2025; Seymour acquisition already completed.

Notable Quotes

“These strategic Acquisitions expand Flagship’s presence in our key markets of Indiana and Ohio, thereby enabling us to generate economies of scale and operational synergies,” – Kurt Keeney, President & CEO.

“These Acquisitions are another example of our ability to secure off‑market opportunities through our long‑standing industry relationships and operating expertise,” – Nathan Smith, Chief Investment Officer.