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TORONTO, July 2, 2021 / CNW / – Leading Communities Real Estate Investment Fund (“REIT“) (TSX: MHC.U) today announced the completion of its previously announced acquisition (“Receiving“) two residential areas of high quality production (“MHCs“) in the composition of 677 lots, located in St. Indiana as well as Missouri at a purchase price of approximately USD 66.4 million…
The purchase price represents a capitalization rate of 5.1% of net operating income for the first year and is expected to be increased immediately by adjusted REIT funds from operating activities (“AFFO“) per unit with neutral leverage.
“These acquisitions continue to demonstrate our ability to apply our proven business model across all United States, “said Curt Keeney, President and CEO. “Following the completion of our initial public offering, we have significantly expanded the size and scope of our MHC portfolio and will continue to procure in our current operating area as well as in related markets.”
About Flagship Communities Real Estate Investment Trust
Flagship Communities Real Estate Investment Trust is a newly formed internally managed unincorporated public real estate investment trust established by declaration of trust under provincial law Ontario… The REIT was formed to own and manage a portfolio of income-generating industrial residential neighborhoods located in Kentucky, Indiana, Ohio, Tennessee, Arkansas as well as Missouri; including a park of ready-made houses for renting out to residents of such villages.
This press release contains statements that include forward-looking information within the meaning of Canadian securities laws, including with respect to the expected unit impact of the AFFO REIT Acquisition. In some cases, forward-looking statements may be identified by terms such as “may,” “will,” “might,” “occur,” “expect,” “foresee,” “believe,” “intend,” “estimate”. , “purpose”, “project”, “forecast”, “forecast”, “continuation” or their negation or other similar expressions concerning issues that are not historical facts.
These forward-looking statements reflect REIT’s current expectations of future events. The REIT bases these forward-looking statements on certain assumptions about future events and trends, including that: occupancy rates at REIT facilities remain in line with recent past experience with very modest first year growth for most of the Acquisition; rent collection for the Acquisition is in line with the general trend observed in the REIT portfolio; inflation remains relatively low; interest rates remain relatively stable; tax legislation remains unchanged. Although management believes these assumptions are reasonable based on the information currently available, they may turn out to be incorrect. The REIT cautions that this list of assumptions is not exhaustive.
While management believes that the expectations reflected in such forward-looking statements are reasonable and reflect the REIT’s current internal expectations and beliefs, such statements involve known and unknown risks and uncertainties and may be inaccurate, and certain goals and strategic objectives may not be accurate. … to be achieved. A variety of factors, many of which are beyond the control of the REIT, could cause actual results in future periods to differ materially from current expectations of events or results expressed or implied in such forward-looking statements, such as the risks identified in current REIT reports. the annual information form is available at www.sedar.com, including under the heading “Risks and Uncertainties” therein. Readers should not place undue reliance on forward-looking statements. Except as otherwise provided by applicable Canadian securities laws, the REIT assumes no obligation to update or publicly revise any forward-looking statements, whether as a result of new information, future events, or otherwise after the date on which those statements were made. …
SOURCE Flagship Communities Real Estate Investment Fund
View original content: http://www.newswire.ca/en/releases/archive/July2021/02/c1111.html