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Edge28 Nov 2025
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Flagship Communities Real Estate Investment Trust (MHC-U) investor relations material
Flagship Communities Real Estate Investment Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Q3 2025 revenue rose 12.3% year-over-year to $26.1 million, with NOI up 12.3% to $17.0 million and strong growth in FFO and AFFO per unit.
Strategic acquisitions in Kentucky, Indiana, and Ohio are expected to be immediately accretive to AFFO and support further growth.
Portfolio expanded to 83 communities and 15,680 lots as of September 30, 2025.
Monthly cash distribution to unitholders was raised by 5.4%, marking the fifth consecutive annual increase.
Maintained disciplined AFFO payout ratio and reduced leverage since IPO, with strong unit price appreciation and total return profile.
Financial highlights
Rental revenue for Q3 2025 was $26.1 million, up from $23.2 million in Q3 2024; nine-month revenue reached $75.9 million, a 17.9% increase year-over-year.
Same-community revenue grew 10% year-over-year to $23.3 million.
NOI was $17 million with a 65% margin; same-community NOI margin was 64.7%, up 0.2% year-over-year.
Adjusted FFO per unit (diluted) up 14.8% to $0.365; adjusted AFFO per unit (diluted) up 18.9% to $0.333 year-over-year.
Rent collections remained strong at 98.8%.
Outlook and guidance
Acquisitions are expected to be accretive to AFFO and provide opportunities for occupancy growth and lot expansion.
Average rent increase for 2026 set at 5.7% ($28), balancing affordability and inflation pressures.
Expecting high single-digit same-community NOI growth in 2026, supported by rent and occupancy increases.
Targeting 50-100 lot expansions next year, with $15,000 per lot as the typical investment.
Positive outlook for the MHC industry, citing high barriers to entry, rising homeownership costs, and limited new supply.
Quantify portfolio's mark-to-market rent upside
Acquisition pipeline quality and deal flow drivers
Impact of reducing rental homes on NOI margins
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Next Flagship Communities Real Estate Investment Trust earnings date
Q4 202513 Mar, 2026
Next Flagship Communities Real Estate Investment Trust earnings date
Q4 202513 Mar, 2026
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Frequently asked questions
Flagship Communities Real Estate Investment Trust is a Canadian-based real estate investment trust (REIT) that specializes in owning and operating manufactured housing communities in the United States. The company focuses on acquiring, developing, and managing affordable housing communities, primarily in the Midwest and Southeastern U.S. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX.
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