TORONTO, March 09, 2026 (GLOBE NEWSWIRE) -- Flagship Communities Real Estate Investment Trust ("Flagship" or the "REIT") (TSX:MHC, MHC.UN)) today released its fourth quarter and full year 2025 results. The financial results of the REIT have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). Results are shown in U.S. dollars, unless otherwise noted.
Fourth Quarter 2025 ResultsCompared to Fourth Quarter 2024 Results
Rental revenue and related income was $27.5 million, an increase of 15.6% compared to $23.8 million
Same Community Revenue1 was $23.2 million, up 8.2% compared to $21.4 million
Net income and comprehensive income was $45.5 million compared to $25.2 million
Net Operating Income ("NOI") was $18.4 million, up 15.3% compared to $15.9 million
Same Community NOI1 was $15.5 million, an increase of 5.9%, compared to $14.6 million
NOI Margin1 was 67.0% compared to 67.1%
Same Community NOI Margin1 was 66.6% compared to 68.0%
Funds from operations ("FFO") per unit (diluted)2 was $0.365 compared to $0.384, which was a (decrease) of $(0.019) per unit or (4.9)%
FFO adjusted per unit (diluted)2 was $0.372 compared to $0.310 which was an increase of $0.062 per unit or 20.0%
Adjusted funds from operations ("AFFO") per unit (diluted)2 was $0.330 compared to $0.375, which was a (decrease) of $(0.045) per unit or (12.0)%
AFFO adjusted per unit (diluted)2 was $0.338 compared to $0.301 which was an increase of $0.037 per unit or 12.3%
Rent Collections1 were 99.0%, an increase of 0.1% compared to 98.9%
Flagship announced two strategic acquisitions for total consideration of US$79 million, expanding its presence in both Indiana and Ohio
Full Year 2025 ResultsCompared to Full Year 2024 Results
Rental revenue and related income was $103.4 million, an increase of 17.3% compared to $88.1 million
Same Community Revenue1 was $91.7 million, up 10.9% compared to $82.7 million
Net income and comprehensive income was $115.7 million, an 11.7% increase from $103.5 million
NOI was $68.4 million, an increase of 17.1% compared to $58.4 million
Same Community NOI1 was $60.8 million, an increase of 11.0% compared to $54.7 million
NOI Margin1 was 66.2% compared to 66.3%
Same Community NOI Margin1 was 66.2% for both periods
FFO per unit (diluted)2 was $1.446 compared to $1.290, which was an increase of $0.156 per unit or 12.1%
FFO adjusted per unit (diluted)2 was $1.435 compared to $1.265 which was an increase of $0.170 per unit or 13.4%
AFFO per unit (diluted)2 was $1.317 compared to $1.167 which was an increase of $0.150 per unit or 12.9%
AFFO adjusted per unit (diluted)2 was $1.306 compared to $1.142 which was an increase of $0.164 per unit or 14.4%
Rent Collections1 were 99.2%, an increase of 0.2% compared to 99.0%
As at December 31, 2025
NAV1 and NAV per Unit1 were $804.8 million and $31.93, respectively, compared to $670.8 million and $26.71 as at December 31, 2024, respectively
Debt to Gross Book Value1 was 39.2% compared to 38.1% as at December 31, 2024
Total portfolio Occupancy1 was 82.9%, compared to 83.5% as at December 31, 2024
Same Community1 Occupancy1 was 83.9%, a (decrease) of (0.2)% when compared to Same Community Occupancy as at December 31, 2024, which was 84.1%
1See "Other Real Estate Industry Metrics"2See "Non-IFRS Financial Measures"
"2025 was a milestone year as we celebrated our fifth year as a publicly traded REIT and our 30th year in the manufactured housing industry," said Kurt Keeney, President and CEO. "Throughout the year, we delivered the strong, consistent performance that has defined our business since going public, including continued growth in FFO adjusted per unit and AFFO adjusted per unit. We remain confident in the outlook for manufactured housing, supported by a persistent shortage of new supply and the continued affordability advantage our communities offer relative to traditional single-family housing and multi-family apartments."
Financial Summary
($000s except per unit amounts)
For the threemonths endedDec. 31, 2025
For the threemonths endedDec. 31, 2024
Variance
For theYear EndedDec. 31, 2025
For theYear EndedDec. 31, 2024
Variance
Rental revenue and related income
27,450
23,750
15.6%
103,385
88,130
17.3%
Same Community Revenue1
23,200
21,448
8.2%
91,735
82,723
10.9%
Acquisitions Revenue1
4,250
2,302
84.6%
11,650
5,407
115.5%
Net income and comprehensive income
45,544
25,151
81.1%
115,667
103,518
11.7%
NOI, total portfolio
18,380
15,939
15.3%
68,424
58,438
17.1%
Same Community NOI1
15,451
14,590
5.9%
60,752
54,728
11.0%
Acquisitions NOI1
2,929
1,349
117.1%
7,672
3,710
106.8%
NOI Margin1, total portfolio
67.0%
67.1%
(0.1)%
66.2%
66.3%
(0.1)%
Same Community NOI Margin1
66.6%
68.0%
(1.4)%
66.2%
66.2%
0%
Acquisitions NOI Margin1
68.9%
58.7%
10.2%
65.9%
68.6%
(2.7)%
FFO2
9,189
9,649
(4.8)%
36,385
30,771
18.2%
FFO per unit2
0.365
0.384
(4.9)%
1.446
1.290
12.1%
FFO adjusted2
9,380
7,794
20.3%
36,110
30,175
19.7%
FFO adjusted per unit2
0.372
0.310
20.0%
1.435
1.265
13.4%
AFFO2
8,318
9,424
(11.7)%
33,141
27,831
19.1%
AFFO per unit2
0.330
0.375
(12.0)%
1.317
1.167
12.9%
AFFO Payout Ratio2
48.3%
40.4%
19.5%
47.2%
50.7%
(6.9)%
AFFO adjusted2
8,509
7,569
12.4%
32,866
27,235
20.7%
AFFO adjusted per unit2
0.338
0.301
12.3%
1.306
1.142
14.4%
AFFO adjusted Payout Ratio2
47.2%
50.3%
(6.2)%
47.6%
51.8%
(8.1)%
Weighted average units (diluted)
25,206,168
25,111,335
94,833
