From GlobeNewswire: 2025-03-12 17:00:00

Flagship Communities Real Estate Investment Trust released its fourth quarter and full year 2024 results. In the fourth quarter of 2024, rental revenue was $23.8 million, an increase of 26.6% compared to the same quarter in 2023. Net income was $25.2 million. For the full year 2024, rental revenue increased by 24.0% to $88.1 million, with net income at $103.5 million.

The REIT’s financial performance for the fourth quarter and full year of 2024 showed positive growth in rental revenue and net income. Notable increases were seen in Net Operating Income (NOI) and Funds from Operations (FFO) per unit. Rent collections were slightly lower in the fourth quarter. The REIT continues to focus on lot expansion and integrating new assets acquired in Tennessee and West Virginia.

Flagship borrowed $27.1 million and $22.7 million post-year end to refinance debt. NAV was $670.8 million, and Debt to Gross Book Value was 38.1% as of December 31, 2024. The REIT’s total portfolio occupancy remained stable at 83.5%. Same Community Occupancy was 84.8%. The REIT’s liquidity as of December 31, 2024, was approximately $14.3 million.

The REIT remains optimistic about the future, citing a record year in 2024 with significant acquisitions and refinancing. Flagship plans to continue its lot expansion strategy and integrate new assets. The demand for manufactured homes remains strong due to limited new housing supply and rising home ownership costs. The REIT sees significant growth potential in the Manufactured Housing Community (MHC) industry.



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