FLAGSHIP COMMUNITIES REAL ESTATE INVESTMENT TRUST ACQUIRES RESORT COMMUNITY, STRENGTHENING OHIO PRESENCE

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[{"type":"text","content":"\n \n \n \n FLAGSHIP COMMUNITIES REAL ESTATE INVESTMENT TRUST ACQUIRES RESORT COMMUNITY, STRENGTHENING OHIO PRESENCE\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN\n \n THE UNITED STATES\n \n ./\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Feb. 15, 2022\n \n \n /CNW/ - Flagship Communities Real Estate Investment Trust (the \"REIT\") (TSX: MHC.U) announced today it has acquired, from Empower Park, LLC (\"Empower\"), a 13-acre, high-quality manufactured housing resort community (\"MHC\") located in\n \n Northern Ohio\n \n (the \"Acquisition\"). The Acquisition includes 100 MHC homesites with a 99% occupancy rate and a 141-boat slip marina for the purchase price of approximately\n \n US$8.2 million\n \n , further strengthening the REIT's presence in\n \n Ohio\n \n .\n \n \n \n \n \n \n \n \n \n \"The acquisition of an MHC resort community within our existing footprint from our ROFO pipeline demonstrates our growth strategy as well as our ability to benefit from our relationship with Empower,\" said\n \n Kurt Keeney\n \n , President and Chief Executive Officer. \"In addition to being located in a desirable area near the shores of\n \n Lake Erie\n \n , the community is age restricted to residents 55 and older, making it an ideal residence for empty nesters, veterans and retirees.\"\n \n \n The Acquisition was approved by the independent members of the REIT's board of trustees and is the result of the REIT's exercise of its right of first refusal pursuant to an agreement dated\n \n October 7, 2020\n \n (the \"ROFO\") with Empower, which is majority-owned by\n \n Kurtis Keeney\n \n (the REIT's President and Chief Executive Officer) and\n \n Nathaniel Smith\n \n (the REIT's Chief Investment Officer). The purchase price for the Acquisition was satisfied by approximately\n \n $7.5 million\n \n in cash and the issuance of Class B units (\"Class B Units\") by Flagship Operating, LLC, a subsidiary of the REIT, with an aggregate value of appr...

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