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FLAGSHIP COMMUNITIES REAL ESTATE INVESTMENT TRUST

(MHC.U)
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Flagship Communities Real Estate Investment Trust Announces Waived Conditions on the Acquisition of Three High-Quality Manufactured Housing Communities

11/11/2021 | 05:25pm EST

Flagship Communities Real Estate Investment Trust announced that it has waived conditions on the acquisition of three high-quality manufactured housing communities ("MHCs") from two separate vendor groups comprising 957 lots for an aggregate purchase price of approximately $56.8 million (collectively, the "Acquisitions"). The Acquisitions are subject to customary closing conditions and are expected to close in December 2021. The purchase price of approximately $56.8 million is expected to be funded primarily with the net proceeds from the REIT's $40.4 million offering of trust units ("Units") with the balance to be funded with cash on hand. The REIT's pro forma Debt to Gross Book Value Ratio following the Acquisitions and the Offering is expected to be approximately 40.0% (prior to any exercise of the over-allotment option). The Acquisitions, together with the Offering, are expected to be immediately accretive to the REIT's adjusted funds from operations ("AFFO") per Unit on a leverage neutral basis. Overview of the Acquisitions: Lexington, KY: The Lexington acquisition comprises 546 lots across approximately 71 acres and is within close proximity to two post-secondary institutions (University of Kentucky and Transylvania University), state parks, popular eateries and major entertainment attractions including the Kentucky Horse Park. The community is currently 92.6% occupied, with no rental homes in the community. The community is approximately 10 minutes away from North Park Marketplace which features a Walmart Supercenter, popular restaurants and numerous retailers. Local attractions, such as the Explorium of Lexington, State Botanical Garden of Kentucky and Waveland State Historic Site, are located within 8 miles of the community. The community sits near both Interstate 64 and Highway 421 and is minutes away from downtown Lexington. Bryant, AR: The Bryant acquisition comprises 327 lots across approximately 97 acres and is located 20 miles southwest of downtown Little Rock, AR. The community is within close proximity to the Bryant public school district, necessity-based retailers including Walmart and Dollar Tree and two hospitals (Saline Memorial Hospital and Arkansas Heart Hospital). The community is currently 98.0% occupied, including 31 rental homes. The community is located adjacent to Interstate 30, providing excellent access to major transportation routes which connect with major regional metropolitan areas and is also within close proximity to recreational areas including state parks. The Bryant acquisition is within a 20-minute drive to the REIT's existing community, Lakeside Estates, in Little Rock, AR. Bald Knob, AR: The Bald Knob acquisition comprises 84 lots across approximately 29 acres and is within close proximity to Harding University, Bald Knob High School and H L Lubker Elementary School. The community is currently 56.0% occupied, including 8 rental homes with the potential for abundant occupancy growth supported by significant employment opportunities and strong demographic drivers. The community sits near Highways 167 and 67, which conveniently connect the community to Bald Knob sports complex and two nearby shopping centers among other local retail destinations.


ę S&P Capital IQ 2021
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Financials (USD)
Sales 2021 43,1 M - -
Net income 2021 10,4 M - -
Net Debt 2021 - - -
P/E ratio 2021 -
Yield 2021 2,76%
Capitalization 265 M 265 M -
Capi. / Sales 2021 6,15x
Capi. / Sales 2022 4,67x
Nbr of Employees -
Free-Float -
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Mean consensus BUY
Number of Analysts 7
Last Close Price 18,73 $
Average target price 23,07 $
Spread / Average Target 23,2%
Managers and Directors
Kurtis Keeney President, CEO & Non-Independent Trustee
Eddie Carlisle Chief Financial Officer & Secretary
Peter C. B. Bynoe Chairman-Trustees Board
Nathaniel Smith Non-Independent Trustee & Chief Investment Officer
Louis M. Forbes Independent Trustee