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Flagship Communities acquire two Florence housing communities

FLORENCE, Ky. — Flagship Communities Real Estate Investment Trust (“Flagship” or the “REIT”) (TSX: MHC.U) announced that it will acquire two communities to its portfolio with the acquisition of two properties in Florence Kentucky, (the “Acquisition”) for a purchase price of approximately US$22.5 million. The Acquisition is 70% occupied. The Acquisition is subject to customary closing conditions and is expected to close on or about May 18, 2022.

“This acquisition is located near our corporate headquarters in Northern Kentucky and aligns with our strategy to increase our concentration in our core states to enhance efficiencies and achieve economies of scale,” said Kurt Keeney, President and Chief Executive Officer. “These properties are located in highly desirable, high growth areas and are expected to generate above-market growth over time.”

The purchase price of US$22.5 million will be funded with cash on the REIT’s balance sheet.

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