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FINWIRES

Flagship Communities REIT Expands Presence in Ohio

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Flagship Communities Real Estate Investment Trust (MHC-U.TO) expanded its presence in northern Ohio with a strategic acquisition of a manufactured housing community (MHC) for total consideration of approximately US$1.5 million, it said on Tuesday.

The acquisition is expected to be immediately accretive to the REIT's adjusted funds from operations (AFFO) on a per unit basis, it said.

"The acquisition is located in Marblehead, Ohio, a resort area along Lake Erie and is comprised of 28 lots that are 100% occupied," said Flagship.

The property includes a private beach area and a fishing pier along with a number of boat dock slips and is in close proximity to another Flagship-owned MHC, it added.

"This acquisition helps expand Flagship's presence in our Northern Ohio market, thereby enabling us to generate economies of scale and operational synergies," said Kurt Keeney, President and Chief Executive Officer. "The Marblehead property will be a great addition to our resort MHC communities."

The company's shares were last seen unchanged at C$26.50 on the Toronto Stock Exchange.

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