Flagship Communities Real Estate Investment Trust ( (MHCUF) ) has released its Q4 earnings. Here is a breakdown of the information Flagship Communities Real Estate Investment Trust presented to its investors.
Flagship Communities Real Estate Investment Trust is a prominent operator in the affordable residential Manufactured Housing Communities sector, primarily serving working families in the United States. The company recently announced its fourth quarter and full year 2024 financial results, showcasing significant growth and strategic advancements.
In the fourth quarter of 2024, Flagship reported a 26.6% increase in rental revenue, reaching $23.8 million, and a notable rise in net income to $25.2 million from a loss in the previous year. The full year results also reflected strong performance with rental revenue climbing 24% to $88.1 million and net income increasing by 59% to $103.5 million. The company achieved a 28.1% increase in Net Operating Income (NOI) and improved its NOI margin to 67.1% in the fourth quarter.
Key financial metrics such as Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO) per unit also saw substantial growth, with FFO per unit rising by 30.6% and AFFO per unit by 45.3% in the fourth quarter. The REIT’s debt to gross book value improved to 38.1%, and its portfolio occupancy remained stable at 83.5%.
Looking ahead, Flagship Communities REIT remains optimistic about its growth prospects, driven by its strategic lot expansion and integration of newly acquired assets. The company continues to focus on expanding its footprint and enhancing its offerings in the manufactured housing sector, which remains a viable option for many Americans amid rising home ownership costs and limited new housing supply.
Trending Articles:
Questions or Comments about the article? Write to editor@tipranks.com