Flagship Communities Real Estate Investment Trust Announces First Quarter 2025 Results

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[{"type":"text","content":"Flagship Communities Real Estate Investment Trust Announces First Quarter 2025 Results\n\n\n\n\n Not for distribution to U.S. newswire services or dissemination in the United States.\n \n\n\n TORONTO, May 13, 2025 (GLOBE NEWSWIRE) -- Flagship Communities Real Estate Investment Trust (“Flagship” or the “REIT”) (TSX: MHC.U; MHC.UN) today released its first quarter 2025 results. The financial results of the REIT are prepared in accordance with IFRS® Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board (the “IASB”). Results are shown in U.S. dollars, unless otherwise noted.\n \n\n\n First Quarter 2025 Results\n \n\n\n\n Compared to First Quarter 2024 Results\n \n\n\n\n\n Rental revenue and related income was $24.8 million, an increase of 24.4% compared to $19.9 million.\n \n\n Same Community Revenue\n \n 1\n \n was $22.5 million, up 12.9% compared to $19.9 million.\n \n\n Net income and comprehensive income was $10.5 million compared to $11.1 million, a decrease of 6.0%.\n \n\n Net Operating Income (“NOI”) was $16.4 million, up 23.0% compared to $13.3 million.\n \n\n Same Community NOI\n \n 1\n \n was $15.1 million, an increase of 12.9% compared to $13.3 million.\n \n\n NOI Margin\n \n 1\n \n was 66.2% compared to 67.0%.\n \n\n Same Community NOI Margin\n \n 1\n \n was 67.0%, unchanged from the prior period.\n \n\n FFO adjusted per unit (diluted)\n \n 2\n \n was $0.342 compared to $0.325, an increase of $0.017 per unit, or 5.2%.\n \n\n Adjusted funds from operations (“AFFO”) adjusted per unit (diluted)\n \n 2\n \n was $0.310 compared to $0.285 which was an increase of $0.025 per unit, or 8.8%.\n \n\n Rent Collections\n \n 1\n \n were 99.7%, the same as in the prior period.\n \n\n\n\n As at March 31, 2025\n \n\n\n\n NAV\n \n 1\n \n and NAV per Unit\n \n 1\n \n were $689.5 million and $27.44, respectively, compared to $670.8 million and $26.71 as at December 31, 2024, respectively.\n \n\n Debt to Gross Book Value\n \n 1\n \n was 37.5% compared to 38.1% as at December 31, 2024.\n \n\n Total portfolio Occupancy was 84.4%, up from 83.5% as at December 31, 2024.\n \n\n Same Community\n \n 1\n \n Occupancy was 84.9%, a 1.0% increase from 83.9% as at December 31, 2024.\n \n\n\n\n Subsequent to Year-End\n \n\n\n\n Publi...

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