F
lagship Communities Real Estate Investment Trust (the "REIT") today released its fourth quarter and full year 2024 results. The financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). Key highlights from the REIT's performance include:

    Fourth Quarter 2024 Results:

    - Rental revenue increased by 26.6% to $23.8 million, compared to $18.8 million in the same period last year.

    - Net income and comprehensive income was $25.2 million, a significant improvement from $(1.5) million in the previous quarter.

    - Funds from operations ("FFO") per unit (diluted) increased by 30.6% to $0.384, while adjusted FFO per unit (diluted) rose by 5.4%.

    Full Year 2024 Results:

    - Rental revenue grew by 24.0% to $88.1 million, compared to $71.1 million in the previous year.

    - Net income and comprehensive income increased by 59.0% to $103.5 million, driven by improved operating performance.

    - FFO per unit (diluted) rose by 8.9% to $1.290, while AFFO per unit (diluted) increased by 12.4%.