Flagship Communities Real Estate Investment Trust Announces Third Quarter 2025 Results

Core Insights - Flagship Communities Real Estate Investment Trust reported strong financial performance in Q3 2025, with significant increases in rental revenue, net operating income (NOI), and same community metrics, alongside strategic acquisitions in key markets [3][4][6][24]. Financial Performance - Rental revenue and related income reached $26.1 million, a 12.3% increase from $23.2 million in Q3 2024 [4][6]. - Same Community Revenue was $23.3 million, up 10.0% from $21.2 million [4][7]. - Net income and comprehensive income for Q3 2025 was $24.6 million, a 3.3% increase from $23.8 million [4][8]. - NOI was $17.0 million, reflecting a 12.3% increase compared to $15.1 million [4][9]. - Funds from operations (FFO) per unit (diluted) increased to $0.365, a 3.7% rise from $0.352 [4][12]. Operational Highlights - The REIT completed a strategic acquisition of a 504-lot manufactured housing community in Georgetown, Kentucky, which is expected to be accretive to AFFO per unit [3][18]. - Subsequent to the quarter-end, the REIT announced two additional acquisitions in Indiana and Ohio for a total consideration of $79 million, expected to enhance AFFO [3][20][22]. - Rent collections improved to 98.8%, up from 98.7% in the previous year [4][14]. Portfolio and Market Position - As of September 30, 2025, the REIT owned 83 communities with a total of 15,680 lots, compared to 82 communities and 15,137 lots at the end of 2024 [23]. - The weighted average lot rent increased to $483 from $448 [23]. - Total portfolio occupancy was 84.3%, up from 83.5% at the end of 2024 [23]. Strategic Outlook - The REIT maintains a positive outlook for the manufactured housing community (MHC) industry, citing rising home ownership costs and limited new supply as key factors driving demand [24][25]. - The company aims to continue expanding its presence in core markets while targeting under-performing MHCs for acquisition and value enhancement [24][22].