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Flagship Communities Real Estate Investment Trust (TSX: MHC.U; MHC.UN) released its first quarter 2025 results. Rental revenue and related income was $24.8 million, a 24.4% increase from the same period last year. Net operating income was $16.4 million, up 23.0%. Funds from operations (FFO) adjusted per unit was $0.342, an increase of 5.2%, while adjusted funds from operations (AFFO) adjusted per unit was $0.310, a rise of 8.8%.
As at March 31, 2025, net asset value and net asset value per unit were $689.5 million and $27.44, respectively. Debt to gross book value was 37.5%, down from 38.1% as at December 31, 2024. Total portfolio occupancy was 84.4%, up from 83.5%. Same community occupancy was 84.9%, a 1.0% increase.
Flagship also published its fifth annual Environmental, Social and Governance (ESG) report, which highlighted two new initiatives aimed at enhancing resident safety and security. The company was awarded the National Community Operator of the Year by the Manufactured Housing Institute and Community Impact Project of the Year for Suburban Pointe community.
