Flagship Communities Real Estate Investment Trust Completes IPO, Initial Results + Nathan Smith Drama, plus Manufactured Home Investing, Stock Updates

DowJones10.12.2020ManufacturedHomeStockUpdatesBroaderMarketSnapshotOn October 7, 2020, Flagship Communities Real Estate Investment Trust (REIT) announced that they had completed on that date its initial public offering. Flagship’s symbol on the Toronto Stock Exchange (TSX) is MHC.U.

MHProNews is adding Flagship Communities today to the list of publicly traded firms that are tracked here each business day, with their trading data posted each evening.

If the past is prologue, as some historians and business wonks have observed, then Flagship could be a source of periodic fireworks. But those fireworks, depending on the investors perspective, may not be the type that is sought.

For instance. Simply Wall Street 4 days ago asked – “Should you invest in Flagship Communities Real Estate Investment Trust (TSX:MHC.U)? They noted that the firm had an “Adequate balance sheet with weak fundamentals.” At this time, the firm has a 1.5 star rating out of 5 with Simply Wall Street.

Tonight’s featured focus will the firm’s formal release, along with some added information and linked reports. As normal, the featured focus follows tonight’s quotable quotes, left-right headlines, and two of our three market snapshot graphics at the closing bell today. The final market graphic that summarizes over a dozen manufactured housing industry connected stocks at the closing bell follow the featured focus, recent and related report links.



Quotes That Shed Light – American Social, Industry, National Issues..











Headlines from left-of-center CNN Business

  • Gravy train
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  • Amazon workers worry about Prime Day, peak season and the pandemic
  • Good news for Amazon: Prime Day just turned into a holiday shopping event
  • Americans are racing to create new businesses during the pandemic
  • Microsoft disrupted a massive hacking operation that could have affected the election
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  • Goodbye ‘Finger Lickin’ Good.’ KFC’s new signature sauce is here
  • Tracksuits and laundry service: Companies are getting creative with remote employee perks
  • Nobel Prize in economics awarded to Paul Milgrom and Robert Wilson
  • A street performer dressed in costume stands in front of the Nasdaq MarketSite in the Times Square neighborhood of New York, U.S., on Monday, Sept. 14, 2020. U.S. stocks touched a more than one-week high amid a flurry of deal activity and signs of progress toward a coronavirus vaccine. The dollar weakened and Treasuries were little changed.
  • Nasdaq soars as tech stocks lead a market rally
  • eBay announces the expansion of its Authenticity Guarantee service for sneaker sales on the platform.
  • EBay will now guarantee that those expensive sneakers are real
  • People seen outside the Apple store at Marina Bay Sands. In a shape of a giant orb, Apple's third retail store, Apple Marina Bay Sands officially opened on September 10 this year.
  • The iPhone 12 will probably have 5G. Many people won’t notice

Headlines from right-of-center Fox Business

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  • CEO of Haliburton Foods resigns after charged with child prostitution
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  • ‘Tenet’ loses No. 1 box office spot to Robert De Niro’s ‘War with Grandpa’
  • Dillard’s get boost after Warren Buffett’s right-hand man loads up on stock
  • The most important Social Security table you’ll ever see
  • Dog food recall over high levels of mold byproduct expands: FDA
  • Varney: WHO warning on COVID lockdowns matters for presidential race
  • Here’s how to add $335k to your 401(k) with absolutely no effort
  • Biden’s stance on fracking resurfaces in ‘Saturday Night Live’ cold-open
  • Abbott’s coronavirus antibody test gets FDA’s emergency use approval
  • Coronavirus vaccine more important for stocks than presidential election winner: Goldman Sachs
  • British Airways replaces CEO amid industry’s ‘worst crisis’ as coronavirus pandemic continues
  • Michigan county partners with Shipt to launch free grocery delivery service for seniors
  • Ava DuVernay says Hollywood losing millions for lack of diversity ‘might move people to change’
  • California utility may cut power to reduce wildfire risks as equipment probed in deadly blaze
  • Graham challenger, Harrison, shatters Senate fundraising record with $57M haul
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  • White House pushes for limited coronavirus relief bill as broader effort meets resistance
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  • Ewan McGregor’s Obi-Wan Kenobi series for Disney+ set to film in March
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  • Regeneron CEO says President Trump’s antibody cocktail treatment is ‘case report’
  • Danbury, Connecticut officially naming sewage plant after John Oliver following feud
  • US officials looking to open New York-London travel with shorter quarantine times as early as the holidays: report
  • 50% crop loss estimates from a rare wind storm that slammed Iowa
  • Diners want more meals to go during coronavirus. Chefs are feeling boxed in.
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  • Florida man gets 2 years in prison for ‘Shark Tank’ investment-turned-fraud
  • McDonald’s, Chipotle and Domino’s feast during COVID-19 while your neighborhood restaurant fasts

Market Indicator Closing Summaries – Yahoo Finance Closing Tickers on MHProNews…


Featured Focus –
Where Business, Politics and Investing Can Meet


Nathan Smith is a prior chairman of the Arlington, VA based Manufactured Housing Institute (MHI). He still is active and holds an important role and has influence with the trade group.


All such quotes should not be construed as a blanket endorsement of all that a person or organization has said or done. Rather, with quotes or other references, we apply the principle of separating the wheat from the chaff. There are good reasons to source insights and relevant comments across an array of topics and viewpoints.

The initial stock result for Smith and partner Kurt Keeney since the completion of their IPO is shown below.



Their media release is below, which will be followed by additional linked information.

QuoteSymbolLeft78x121TORONTOOct. 7, 2020 /CNW/ – Flagship Communities Real Estate Investment Trust (the “REIT“) (TSX:MHC.U) announced today that it has completed its initial public offering of 6,250,000 trust units (the “Units“) at a price of US$15.00 per Unit (the “Offering“). The Offering raised gross proceeds of US$93,750,000. The Units will begin trading on the Toronto Stock Exchange today under the symbol “MHC.U”.

The REIT has been formed to own and operate a portfolio of 45 income-producing manufactured housing communities (the “Initial Communities“), comprising 8,255 lots located in the following four contiguous states: KentuckyIndianaOhio and Tennessee, and a fleet of approximately 600 manufactured homes for lease to residents of the Initial Communities (together with the Initial Communities and certain ancillary and head office assets, the “Initial Portfolio“) held indirectly by Flagship Operating, LLC. In connection with the closing of the Offering, the REIT is acquiring (the “Acquisition“) the Initial Portfolio other than two Initial Communities comprising 622 lots located in Louisville, being Barrington Pointe and Copperstone Pointe, which the REIT expects to acquire upon receipt of applicable necessary customary lender and servicer consents (the “Deferred Acquisition“). A portion of the net proceeds of the Offering will be used to fund the cash component of the Acquisition, to repay certain secured indebtedness, for capital expenditure reserves, to fund transaction costs associated with the closing of the Offering and for general business purposes. The consideration to be paid on closing of the Deferred Acquisition will be redeemable class B units in Flagship Operating, LLC, which class B units will be issued at the same per unit price as Units issued in the Offering.

The Offering was underwritten by a syndicate of underwriters co-led by Canaccord Genuity Corp. and BMO Capital Markets and including CIBC World Markets Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., Echelon Wealth Partners Inc. and Industrial Alliance Securities Inc. (collectively, the “Underwriters“). The REIT has granted to the Underwriters an over-allotment option, exercisable in whole or in part at any time for a period of 30 days following the closing of the Offering, to purchase up to an additional 937,500 Units at US$15.00 per Unit which, if exercised in full, would increase the total gross proceeds of the Offering to US$107,812,500. The net proceeds of the over-allotment option, to the extent exercised, will be used by the REIT to fund future acquisitions and for general business purposes.

Following completion of the Offering and the Acquisition that will close today, the executive officers of the REIT, Legacy Portfolio Holdings, LLC and certain other persons formerly owning an interest in the Initial Portfolio will retain an aggregate approximate 43.1% ownership interest in the REIT and will retain an aggregate approximate 39.7% ownership interest in the REIT if the over-allotment option is exercised (in each case, determined as if all redeemable securities are redeemed for units of the REIT). Upon completion of the Deferred Acquisition, the executive officers of the REIT, Legacy Portfolio Holdings, LLC and certain other persons formerly owning an interest in the Initial Portfolio will own an aggregate approximate 46.7% ownership interest in the REIT and an aggregate approximate 43.2% ownership interest in the REIT if the over-allotment option is exercised (in each case, determined as if all redeemable securities are redeemed for units of the REIT). 

Blake, Cassels & Graydon LLP, is acting as Canadian counsel to the REIT and Taft Stettinius & Hollister LLP and Adams, Stepner, Woltermann & Dusing, PLLC, are acting as U.S. counsel to the REIT. Torys LLP is acting as Canadian and U.S. counsel to the Underwriters.

No securities regulatory authority has either approved or disapproved the contents of this news release. The Units have not been and will not be registered under the United States Securities Act of 1933 (the “U.S. Securities Act“), as amended, or any state securities laws, and may not be offered, sold or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, “U.S. persons” (as defined in Regulation S under the U.S. Securities Act, as amended) except pursuant to certain exemptions from the registrations requirements of the U.S. Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the Units in the United States or to, or for the account or benefit of, U.S. persons.

Forward-Looking Statements

This press release contains statements that include forward-looking information within the meaning of Canadian securities laws. These forward-looking statements reflect the current expectations of the REIT regarding future events, including statements concerning the Acquisition and the Deferred Acquisition and the use of proceeds of the Offering. In some cases, forward-looking statements can be identified by terms such as “may”, “will”, “could”, “occur”, “expect”, “anticipate”, “believe”, “intend”, “estimate”, “target”, “project”, “predict”, “forecast”, “continue”, or the negative thereof or other similar expressions concerning matters that are not historical facts. Material factors and assumptions used by management of the REIT to develop the forward-looking information include, but are not limited to, the REIT’s current expectations that: inflation will remain relatively low; interest rates will remain relatively stable; tax laws remain unchanged; conditions within the U.S. manufactured housing communities industry, including competition for acquisitions, will be consistent with the current climate; the Canadian and U.S. capital and financial markets will provide the REIT with access to equity and/or debt at reasonable rates when required, notwithstanding the ongoing economic downturn; and the current members of management will continue their involvement with the REIT. While management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.

Although management believes the expectations reflected in such forward-looking statements are reasonable and represent the REIT’s internal expectations and beliefs at this time, such statements involve known and unknown risks and uncertainties and may not prove to be accurate and certain objectives and strategic goals may not be achieved. A variety of factors, many of which are beyond the REIT’s control, could cause actual results in future periods to differ materially from current expectations of events or results expressed or implied by such forward-looking statements, such as the risks identified in the REIT’s final prospectus available at, including under the heading “Risk Factors” therein. Readers are cautioned against placing undue reliance on forward-looking statements. Except as required by applicable Canadian securities laws, the REIT undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made.

SOURCE Flagship Communities Real Estate Investment Trust

For further information: Eddie Carlisle, Chief Financial Officer, Flagship Communities Real Estate Investment Trust…”




Additional Information, MHProNews Analysis and Commentary

First, let’s note that reporting on this stock – or others – should not be considered as an endorsement of the firm or its leadership. It’s not. Reports and analysis are just that here on MHProNews.

Next, there are an array of controversies that have followed Smith and company, notably under their original brand name, SSK Communities. Shortly after one of our reports linked below, Alice Smith, one of the “S” in SSK died.

The related reports that are linked below outline a significant history on the firm and Smith, much of which will not found on other platforms. MHProNews has routinely ranked highly – page 1, often top of fold – on searches related Flagship Communities and Nathan Smith.


The drama around this firm and its leadership arguably sheds light on why manufactured housing as an industry has been underperforming for years.


CoFoundersNathanSmithKurt KeeneyPhotosFlagshipCommunitiesLogoPlansGoPublicExclusiveFormalControversialBehindScenesIPODetailsMHProNewsLogo

See the linked and related reports to learn more.


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Manufactured Housing Industry Investments Connected Closing Equities Tickers

Some of these firms invest in manufactured housing, or are otherwise connected, but may do other forms of investing or business activities too.

                      • NOTE: The chart below includes the Canadian stock, ECN, which purchased Triad Financial Services, a manufactured home industry lender
                      • NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).



Fall 2020
Berkshire Hathaway is the parent company to Clayton Homes, 21st Mortgage, Vanderbilt Mortgage and other factory built housing industry suppliers.
· LCI Industries, Patrick, UFPI, and LP each are suppliers to the manufactured housing industry, among others.
· AMG, CG, and TAVFX have investments in manufactured housing related businesses. For insights from third-parties and clients about our publisher, click here.
Enjoy these ‘blast from the past’ comments.
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We are rapidly approaching the completion of 11 years of publishing. Year 12 starts soon. Our thanks to those who have sent kudos via LinkedIn.



Learn more about our evolutionary journey as the industry’s leading trade media, at the report linked below.



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2019 Year-End Totals Reveals Decline in New HUD Code Manufactured Home Production, Shipments vs. 2018

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By L.A. “Tony” Kovach – for
Tony earned a journalism scholarship and earned numerous awards in history and in manufactured housing. For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. He’s a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and This article reflects the LLC’s and/or the writer’s position, and may or may not reflect the views of sponsors or supporters.




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