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Flagship Communities Real Estate Investment Trust (TSX:MHC.U, TSX:MHC.UN) announces two acquisitions totaling US$79 million, expanding its footprint in Indiana and Ohio. The deals are expected to boost the REIT’s adjusted funds from operations (AFFO) per unit immediately.
Seymour, Indiana – Flagship has purchased a manufactured housing community (MHC) for approximately US$45 million, primarily financed through new debt. The property contains 744 lots, 91.2 % of which are occupied, and includes 85 lots available for future expansion, offering significant upside.
Greater Cincinnati, Ohio – The REIT has acquired a portfolio of three MHCs for US$34 million, with closing anticipated in November 2025. Funding comes from assuming US$14.3 million of debt at a 2.84 % weighted‑average rate, plus additional debt. The three communities total 496 lots, 65.5 % of which are occupied, presenting further occupancy growth potential.
Both acquisitions are financed by a new US$70 million unsecured term loan. They align with Flagship’s strategy of buying under‑performing MHCs with high vacancy, then adding value through occupancy improvements and lot expansion.
“Kurt Keeney, President and CEO, notes that these acquisitions strengthen Flagship’s presence in key Indiana and Ohio markets, enabling economies of scale and operational synergies. By adding amenities and expanding lot capacity—especially the 85 new lots at Seymour and the occupancy upside in Cincinnati—these assets will become attractive home‑ownership options and enhance value for unitholders,” Keeney said.
The Seymour MHC sits midway between Louisville, Kentucky, and Indianapolis, Indiana, and 88 miles west of Cincinnati. It is near schools, retail centers, and major employers such as Walmart Distribution Center, Schneck Medical Center, Valeo Sylvania LLC, Cummins Industrial, Ruler Foods, and Silgan Plastics.
