Flagship Communities Real Estate Investment Trust ( (MHCUF) ) has released its Q3 earnings. Here is a breakdown of the information Flagship Communities Real Estate Investment Trust presented to its investors.
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Flagship Communities Real Estate Investment Trust is a prominent operator of affordable residential Manufactured Housing Communities (MHCs) across several U.S. states, providing quality living experiences and investment opportunities for working families.
In its third quarter of 2024 financial results, Flagship Communities REIT reported a substantial increase in rental revenue, marking a 27.9% rise from the previous year, driven by acquisitions and lot rent increases. The REIT also announced a notable 5% increase in monthly cash distributions to unitholders.
Key financial highlights include a rise in Same Community Revenue by 12.7% and an increase in Net Operating Income (NOI) by 27.7%, despite a decrease in net income due to fair value adjustments. The REIT’s Funds from Operations (FFO) per unit increased by 18.5%, and its Adjusted Funds from Operations (AFFO) per unit rose by 20.7%. The total portfolio occupancy improved to 84.4%.
Flagship continues to expand its portfolio, adding 112 new lots, with plans for future expansion. The company maintains a positive outlook for the MHC industry, underlined by increasing demand and limited new supply due to regulatory restrictions.
Looking ahead, Flagship’s management remains optimistic about the MHC sector’s growth potential and its ability to enhance value for investors through strategic expansions and operational efficiencies.
