A message was sent to MHProNews that included these words, “…this sheds serious light supporting the thesis that MHI [Manufactured Housing Institute]thwarts enhanced preemption as well as diverts DTS [Duty to Serve] in order to benefit the consolidators. That in turn hurts consumers, [manufactured home industry] independents, and taxpayers too.” There was more, but that source contends there is much to be learned from co-Founders Kurt Keeney and Nathan Smith led Flagship Communities pending Initial Public Offering (IPO) on the Toronto Stock Exchange (TSX) in Canada.
A different but related statement – which included a useful attachment – simply said: “Don’t bother me with facts, my mind is made up.”
On 9.4.2020 Flagship Communities published a news release ‘limited’ to Canada. The news release announced their intention to do an Initial Public Offering (IPO) via the Toronto Stock Exchange (TSX).
MHProNews provided Flagship’s co-founder Nathan Smith with an opportunity to reply or react to specific topics, including but not limited to, those relative to this report. Neither Smith nor his associates have as of this time accepted that offer to comment.
After contacting the TSX management, MHProNews obtained a statement saying that they would not comment on this specific IP filing. But a TSX spokesperson did provide certain insights as well as Flagship Communities’, formerly known as SSK Communities, Investor Relations (IR) presentation. Other items were also provided that may become part of an upcoming follow-up.
Among the potentially noteworthy takeaways from the Flagship IR presentation is that there is no apparent mention of SSK Communities in the Flagship IPO presentation. However corny the phrase “enquiring minds want to know” may be, the journalist’s mantra includes the single word wonderment found in the question – why? Why isn’t SSK mentioned by Flagship?
The regional news video below is one of several such legal and media controversies involving SSK Communities. That may shed light on ‘why’ SSK was not mentioned to perspective investors.
On page 11 of the Flagship presentation are these words, “Mutually Beneficial Rental Relationship Between Community Residents and Owners.” While that mutually beneficial relationship claim between residents and owners/management may be true for white hat business operators – who are more routinely the ‘mom-and-pop’ independents of manufactured housing – it is less so for aggressive or so-called predatory community operators.
In every document or report there is more left out than is included. Much that is left out of any given published document or report would arguably be irrelevant to a topic. For instance, the word “antidisestablishmentarianism” would rarely be used because it doesn’t fit the vast majority of subjects. So, there are items left out because they should not be included. But there are also relevant details that may not be included because they don’t ‘fit the narrative’ of the party advancing a given storyline. Ask a journalist after a few drinks and they may be more likely to confirm that point.
Against that backdrop of negative media and litigation talk is the comment of now fellow Manufactured Housing Institute (MHI) National Communities Council (NCC) member Frank Rolfe, who made the following comment about Smith and SSK.
There are those who would argue Rolfe’s comments were akin to the proverbial “pot calling the kettle black.” But that observation sets a context for how Rolfe, who’s own operation with partner Dave Reynolds has been under a negative media cloud for years, has wagged his finger at Smith and SSK Communities for similar behavior. As noted, SSK has since been rebranded as Flagship Communities.
The proposed IPO, per official statements, has not yet been approved by the Toronto Stock Exchange (TSK) for acceptance. There are reportedly regulatory steps that must occur. The exchange declined comment on the odds of acceptance of the proposed Flagship Communities REIT, or real estate investment trust.
What follows in this report and analysis will include these elements.
- Flagship’s September 4, 2020 press release
- Flagship’s entire IPO investor relations presentation
- Proposed timeline for IPO
- Additional Facts, MHProNews Analysis and Commentary
- Concluding remarks
Against that outline, here is their press release.
Flagship Communities Real Estate Investment Trust Files Preliminary Prospectus for Initial Public Offering of Trust Units
Flagship Communities Real Estate Investment Trust
Sep 04, 2020, 16:30 ET
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./
TORONTO, Sept. 4, 2020 /CNW/ – Flagship Communities Real Estate Investment Trust (the “REIT”) announced today that it has filed, and obtained a receipt for, a preliminary long-form prospectus for the proposed initial public offering (the “Offering”) of trust units of the REIT (“Units”) with the securities regulatory authorities in each of the provinces and territories in Canada. Canaccord Genuity Corp. and BMO Capital Markets are co-lead underwriters and joint bookrunners on the Offering.
The REIT is a newly created, unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. The REIT has been formed to own and operate a portfolio of 45 income-producing manufactured housing communities, comprising 8,255 lots located in the following four contiguous states: Kentucky, Indiana, Ohio and Tennessee. Upon closing of the Offering, the REIT will be internally managed by an executive management team with more than 50 years of combined manufactured housing industry experience.
The REIT has applied to have its Units listed on the Toronto Stock Exchange (the “TSX”) under the symbol “MHC.U”. Listing is subject to the approval of the TSX in accordance with its original listing requirements. The TSX has not conditionally approved the REIT’s listing application and there is no assurance that the TSX will approve the listing application.
The preliminary long-form prospectus has not yet become final for purposes of a distribution of securities to the public. No securities regulatory authority has either approved or disapproved the contents of this news release. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale or any acceptance of an offer to buy these securities in any province or territory of Canada prior to the time of receipt for the final long-form prospectus or other authorization is obtained from the securities regulatory authority in such province or territory. Copies of the preliminary long-form prospectus will be available on SEDAR at www.sedar.com.
Completion of the Offering is subject to the receipt of customary approvals, including regulatory approvals.
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 Offering and the listing of the Units on the TSX. 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 preliminary long-form prospectus, 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”
##
Flagship Community’s Officially Filed Investor Relations Presentation
The entire investor relations presentation filed by Flagship Communities with the Toronto Stock Exchange is found at the download linked here. Note that their slides not analyzed in this report are part of the plan to scrutinize in upcoming fact-checks and analysis on this subject.
That noted, their presentation includes the following slides.
Commentary and arrows have been added by MHProNews, but they are otherwise as in the original.
Additional Facts, MHProNews Analysis and Commentary
Among the interesting pull-quotes from the Flagship presentation are the following.
“Fragmented Industry with High Barriers to Entry and Imbalanced Supply and Demand Dynamics” (See Page 11).
As noted in the MHProNews comments on that slide, that comment may be technically accurate, but could still be deemed misleading. How so? Because certainly since the passage into law of the Manufactured Housing Improvement Act (MHIA) of 2000 (sometimes called the “2000 reform law” or “2000 Act”), manufactured housing has enjoyed – at least on paper – the notion of federal “enhanced preemption.”
There may be more on that topic in an upcoming follow up report. Those facts noted, Rolfe has made a similar but more blunt observation than what Flagship has.
Note that similar to fellow MHI member Skyline Champion, Flagship has made it a point to spotlight the ‘fragmented’ nature of the ownership of thousands of independently owned manufactured home communities.
As was noted above, on page 11 of the Flagship presentation are these words, “Mutually Beneficial Rental Relationship Between Community Residents and Owners.” To reiterate, that often truly mutually beneficial relationship claim between residents and owners/management may be true for white hat business operators – who are more routinely the ‘mom-and-pop’ independents of manufactured housing – it is less so for aggressive or so-called predatory community operators.
It is worth noting that Nathan Smith – a reasonably high-profile “superdelegate” and Democratic operative and donor – somehow escaped the direct scrutiny of Senator Elizabeth Warren’s inquiry into the allegedly problematic business practices of other MHI member companies, including those owned by fellow MHI members, “Frank and Dave.” See the report linked below.
On page 13 from Flagship’s presentation is this.
Benefits for Community Residents
- Housing affordability
- Pride of home ownership
- Ability to build home equity
- Detached home with deck, yard, driveway and in-house laundry
- Attractive lifestyle & amenities
However, that list might only apply to those who are buying their homes. See some of the slide illustrations above and below. Rephrased, when rentals are used, clearly there is no equity or pride of ownership.
Fragmented Industry with High Barriers to Entry and Imbalanced Supply and Demand Dynamics
More to Know and Summing Up
There are numerous other items that bear closer examination in this Flagship Communities/SSK Communities IPO plan. In fairness, there are those who love MHI, and Nathan Smith is widely seen as an affable person although he himself plays the role of a clown or carnival barker jumping up and down, waving his hands and attracting a certain type of clientele to their communities.
MHI has its supporters. But increasingly, it is apparent that MHI exists for the primary benefit of larger companies, which could include Flagship. That benefit includes precisely the points raised herein. Namely, that consolidation – not industry growth – are the goals.
MHI has its backers and supporters. Those who are not MHI ‘insiders’ may also enjoy MHI mixers, which are arguably designed to provide an atmosphere that lends itself to off-the-books deal making.
MHProNews has reasons to believe – including published reports, but also other insider tips – that several federal and state level investigations are underway. Among those include companies tied to Berkshire Hathaway brands, which includes Flagship.
This report opened with these points from various emails. One was this, “Don’t bother me with facts, my mind is made up.” That arguably applies to MHI and some of their ‘big boy’ brands.
Another was this message to MHProNews. “…this sheds serious light supporting the thesis that MHI [Manufactured Housing Institute] thwarts enhanced preemption as well as diverts DTS [Duty to Serve] in order to benefit the consolidators. That in turn hurts consumers, [manufactured home industry] independents, and taxpayers too.”
The report, analysis, commentary, and linked information shed light on why investors should proceed with caution. Regulators should also be careful to keep in mind what an attorney told MHProNews about this topic: “an IPO must meet a general standard of full and fair disclosure based on what is material to the offering.”
The late Howard Walker, vice chairman for ELS and a long time MHI executive committee board member, said this.
Walker also praised this publication publicly and in writing. While Walker didn’t always like or agree with our reports, like others at MHI, he recognized that we were the runaway most-read and in several ways a “preeminent” source for information.
There were certain things that Nathan Smith, among others, have said in the past that should be viewed in examining this pending IPO.
Those include the comments above from the interview clips in the video shown.
It is Warren Buffett who said that hindsight is 20/20 and who carefully scrutinizes possible investment deals. Let’s see if Berkshire Hathaway gets into this deal as an investor, or not.
Last and not least for today’s report on this possible IPO by Flagship, where is the clearly detailed statement of how much competition there is for doing what Kenney and Smith plan to do?
Big Surge in Manufactured Home Community Deals, Insider Details Others Missed
There is always more to know. Stay tuned with the runaway largest and documented number one most-read source for authentic manufactured home “Industry News, Tips, and Views Pros Can Use” © where “We Provide, You Decide.” © ## (Affordable housing, manufactured homes, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports, further below. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)
By L.A. “Tony” Kovach – for MHProNews.com.
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 MHLivingNews.com.
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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Related References:
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<a href=”https://www.manufacturedhomepronews.com/brutal-truths-former-democrat-la-mayor-villaraigosa-hud-secretary-carson-affordable-housing-crisis-d-c-insider-reveals-vexing-manufactured-home-reality/congrepalgreendesktamaskovachlatonykovachphoto12-3-2019manufacturedhomepronews/” rel=”attachment wp-att-150114″><img class=” wp-image-150114″ src=”https://www.manufacturedhomepronews.com/wp-content/uploads/2019/12/CongRepAlGreenDeskTamasKovachLATonyKovachPhoto12.3.2019ManufacturedHomeProNews-575×430.jpg” alt=”CongRepAlGreenDeskTamasKovachLATonyKovachPhoto12.3.2019ManufacturedHomeProNews” width=”368″ height=”275″ /></a> <i> All on Capitol Hill were welcoming and interested with the discussion of manufactured housing related issues on our 12.3.2019 meetings. But Texas Congressman Al Green’s office was tremendous in their hospitality. Our son’s hand is on a package that included the Constitution of the United States and other goodies. MHProNews has worked with people and politicos across the left-right divide.</i>
By <a href=”http://latonykovach.com/” target=”_blank” rel=”noopener noreferrer”>L.A. “Tony” Kovach</a> – for <em>MHProNews</em>.com.
<em>Tony earned a journalism scholarship and earned numerous awards in history and in manufactured housing. </em>
<em>For example, he </em><em>earned the prestigious </em><em>Lottinville Award in history from the University of Oklahoma, where he studied history and business management. </em>He’s a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to <em>MHProNews,</em> and <a href=”http://MHLivingNews.com” target=”_blank” rel=”noopener noreferrer”><em>MHLivingNews.com</em></a>.
<em>This article reflects the LLC’s and/or the writer’s position, and may or may not reflect the views of sponsors or supporters.</em>
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<h3><span style=”color: #0000ff;”><strong>Related References</strong></span>:</h3>
The text/image boxes below are linked to other reports, which can be accessed by clicking on them.
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