FLAGSHIP COMMUNITIES REAL ESTATE INVESTMENT TRUST ADDS ANOTHER INDIANA COMMUNITY TO ITS PORTFOLIO

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[{"type":"text","content":"\n \n \n \n FLAGSHIP COMMUNITIES REAL ESTATE INVESTMENT TRUST ADDS ANOTHER INDIANA COMMUNITY TO ITS PORTFOLIO\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 /Not for distribution to U.S. newswire services or dissemination in\n \n the United States\n \n /\n \n \n \n \n TORONTO\n \n \n ,\n \n \n Feb. 17, 2023\n \n \n /CNW/ - Flagship Communities Real Estate Investment Trust (\"Flagship\" or the \"REIT\") (TSX: MHC.U) announced today it has agreed to acquire a 20-acre, high-quality manufactured housing resort community (\"MHC\") in\n \n Austin, Indiana\n \n , further expanding the REIT's presence in the key market of\n \n Indiana\n \n . The acquisition (\"Acquisition\") includes 120 MHC homesites, which includes 94 developed lots and 26 lots for additional expansion. The purchase price for the Acquisition was satisfied by approximately\n \n $2.0 million\n \n in the issuance of Class B units by Flagship Operating, LLC, a subsidiary of the REIT. Flagship expects the acquisition to be accretive to the REIT's long-term AFFO on a per unit basis.\n \n \n \"The acquisition of a community within our existing\n \n Indiana\n \n footprint demonstrates our growth strategy as well as our ability to identify stable, high performing communities in desirable areas,\" said\n \n Kurt Keeney\n \n , President and Chief Executive Officer. \"Affordable housing continues to be a challenge for many Americans. Located just 35 miles from the\n \n Louisville Kentucky\n \n metro area, the\n \n Austin\n \n location offers affordable housing in\n \n Scott County, Indiana\n \n , and includes an array of amenities including a new clubhouse, playground, basketball courts and soccer fields.\n \n Scott County\n \n is in the automotive supply chain network with the Honda manufacturing plant located in\n \n Greensburg, Indiana\n \n and is within 35 minutes of downtown\n \n Louisville, Kentucky\n \n as well as also being on the I-65 corridor that connects\n \n Louisville\n \n to\n \n Indianapolis, Indiana\n \n .\"\n \n \n \"This acquisi...

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