Flagship Communities Real Estate Investment Trust
FLGMF
Other OTC17.62
USD
- -
- -
CIK
0001829407
Return %
Stock
S&P500
1Y
-4.83
15.98
3Y
25.57
62.25
5Y
25.57
67.55
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- CEO
- Kurtis Keeney
- Sector
- Real Estate
- Industry
- REIT - Residential
- Address
- 467 Erlanger Road Erlanger KY United States of America 41018-1495
- IPO Date
- Dec 1, 2020
- CIK
- 0001829407
- Website
- flagshipcommunitiesreit.com
- Similar Companies
- Business
- Flagship Communities Real Estate Investment Trust (Flagship Communities REIT) is an internally managed, unincorporated open-ended real estate investment trust that owns and operates a portfolio of income-producing manufactured housing communities in the Midwestern United States. The REIT provides residential lot leases to owners of manufactured homes, manufactured homes for lease to residents, and community management services including maintenance, utilities, amenities such as clubhouses, playgrounds and basketball courts, property improvements, redevelopment, and expansion of excess land; it targets affordable housing markets with stable population growth, employment trends, and favorable regulations, serving a diverse resident base of long-term owner-occupiers and renters in family-oriented communities. Operations span eight contiguous states including Kentucky, Indiana, Ohio, Tennessee, Arkansas, Missouri, Illinois and West Virginia, with communities strategically located near interstate highways, retail centers, educational institutions, healthcare facilities and employment hubs; the REIT was established pursuant to a declaration of trust dated August 12, 2020 under Ontario laws, with registered office at 199 Bay Street, Suite 4000, Toronto, Ontario M5L 1A9, Canada, and head office at 2220 Grandview Drive, Suite 280, Fort Mitchell, Kentucky 41017, United States. The REIT pursues organic growth through occupancy improvements, market-aligned lot rent increases, conversion of renter-occupied to homeowner-occupied lots, expense optimization and value-enhancing capital investments, alongside external expansion via off-market acquisitions in fragmented markets leveraging management relationships, tax-deferred Class B Units and diverse debt sources including government agencies and commercial mortgage-backed securities. Flagship Communities REIT recently completed its largest acquisition in April 2024, purchasing seven manufactured home communities with 1,253 homesites for US$93 million plus US$10 million in capital expenditures, funded by a US$60 million public equity offering of 3,910,000 units at US$15.35 each and new debt, expanding into the Nashville, Tennessee market and entering West Virginia as its eighth state while increasing holdings to 82 communities exceeding 15,000 sites. Subsequent to Q3 2025, the REIT acquired a manufactured housing community in Seymour, Indiana for US$45 million primarily via new debt financing and waived due diligence on a three-community portfolio in Greater Cincinnati, Ohio for US$34 million, expected to close in November 2025, alongside a US$70 million unsecured term facility to support ongoing growth.
Flagship Communities: Slightly Cheaper Than UMH Properties