Flagship Communities Real Estate Investment Trust Announces First Quarter 2025 Results

Not for distribution to U.S. newswire services or dissemination in the United States.

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.

First Quarter 2025 Results
Compared to First Quarter 2024 Results

• Rental revenue and related income was $24.8 million, an increase of 24.4% compared to $19.9 million.
• Same Community Revenue¹ was $22.5 million, up 12.9% compared to $19.9 million.
• Net income and comprehensive income was $10.5 million compared to $11.1 million, a decrease of 6.0%.
• Net Operating Income (“NOI”) was $16.4 million, up 23.0% compared to $13.3 million.
• Same Community NOI¹ was $15.1 million, an increase of 12.9% compared to $13.3 million.
• NOI Margin¹ was 66.2% compared to 67.0%.
• Same Community NOI Margin¹ was 67.0%, unchanged from the prior period.
• FFO adjusted per unit (diluted)² was $0.342 compared to $0.325, an increase of $0.017 per unit, or 5.2%.
• Adjusted funds from operations (“AFFO”) adjusted per unit (diluted)² was $0.310 compared to $0.285 which was an increase of $0.025 per unit, or 8.8%.
• Rent Collections¹ were 99.7%, the same as in the prior period.

As at March 31, 2025

• NAV¹ and NAV per Unit¹ were $689.5 million and $27.44, respectively, compared to $670.8 million and $26.71 as at December 31, 2024, respectively.
• Debt to Gross Book Value¹ was 37.5% compared to 38.1% as at December 31, 2024.
• Total portfolio Occupancy was 84.4%, up from 83.5% as at December 31, 2024.
• Same Community¹ Occupancy was 84.9%, a 1.0% increase from 83.9% as at December 31, 2024.

Subsequent to Year-End

• Published its fifth annual Environmental, Social and Governance (“ESG”) report, which described Flagship’s corporate governance and sustainability commitments, including two new initiatives, the installation of flock camera security systems and storm shelters, aimed at enhancing the safety and security of residents.
• Awarded the 2025 National Community Operator of the Year by the Manufactured Housing Institute and Community Impact Project of the Year for Flagship’s Suburban Pointe community.

¹See “Other Real Estate Industry Metrics”
²See “Non-IFRS Financial Measures”

“Following a record year for Flagship in 2024, we have carried that momentum into the first quarter of 2025,” said Kurt Keeney, President and CEO. “We delivered another quarter of strong Same Community metric growth and successfully completed a refinancing at attractive terms. We also continue to advance our lot expansion strategy and have begun clearing land for a lot expansion in Elsmere, Kentucky, which will include a new amenities package that is expected to be accretive to the existing community.”

Financial Summary

($000s except per share amounts)
	For the three months ended Mar. 31, 2025		For the three months ended Mar. 31, 2024		Variance
Rental revenue and related income	24,781		19,920		24.4%
Same Community Revenue1	22,487		19,920		12.9%
Acquisitions Revenue1	2,294		–		n/a
Net income and comprehensive income	10,459		11,124		(6.0)%
NOI, total portfolio	16,403		13,337		23.0%
Same Community NOI1	15,060		13,337		12.9%
Acquisitions NOI1	1,343		–		n/a
NOI Margin1, total portfolio	66.2%		67.0%		(1.2)%
Same Community NOI Margin1	67.0%		67.0%		–
Acquisitions NOI Margin1	58.5%		0.0%		n/a
FFO2	8,352		4,354		91.8%
FFO per unit2	0.332		0.206		61.2%
FFO adjusted2	8,580		6,877		24.8%
FFO adjusted per unit2	0.342		0.325		5.2%
AFFO2	7,572		3,497		116.5%
AFFO per unit2	0.301		0.165		82.4%
AFFO Payout Ratio2	51.2%		89.0%		(42.5%)
AFFO adjusted2	7,800		6,020		29.6%
AFFO adjusted per unit2	0.310		0.285		8.8%
AFFO adjusted Payout Ratio2	49.7%		51.7%		(3.9%)
Weighted average units (basic)	19,402,056		15,492,056		3,910,000
Weighted average units (Diluted)	25,121,258		21,147,279		3,973,979
See “Other Real Estate Industry Metrics” See “Non-IFRS Financial Measures”

Financial Overview

Rental revenue and related income in the first quarter of 2025 was $24.8 million, up 24.4% compared to the same period last year. This increase was primarily driven by Acquisitions as well as lot rent increases and Occupancy increases across the REIT’s portfolio.

Same Community Revenue for the first quarter of 2025 was $22.5 million, approximately $2.6 million higher than the same period last year. The increase in Same Community Revenue was a result of increasing monthly lot rent year over year, growth in Same Community Occupancy, and increased utility reimbursements. Ancillary revenues, which are comprised of amenity fees including cable and internet fees, also contributed.

Net income and comprehensive income for the three months ended March 31, 2025 was $0.7 million less than the same period last year, as a result of the fair value adjustments on investment properties and Class B Units of Flagship Operating, LLC (“Class B Units”) being $4.4 million less than in the same period in 2024.

NOI and NOI Margin for the first quarter of 2025 were $16.4 million and 66.2%, respectively, compared to $13.3 million and 67.0% during the first quarter of 2024.

Same Community NOI Margin for the first quarter ended March 31, 2025 was 67.0%, the same as in the period last year. Same Community Occupancy was 84.9% as at March 31, 2025, representing an increase of 1.0% compared to the same period in 2024.

FFO for the first quarter of 2025 was $8.4 million, an increase of 91.8% from the first quarter of 2024. FFO per unit for the three months ended March 31, 2025 and 2024 was $0.332 and $0.206 respectively, an increase of 61.2%.

FFO adjusted was $8.6 million for the first quarter of 2025, a 24.8% increase compared to the same period last year. FFO adjusted per unit for the first quarter of 2025 was $0.342, a 5.2% increase compared to the same period in 2024.

AFFO for the first quarter of 2025 was $7.6 million, an increase of 116.5% from the first quarter of 2024. AFFO per unit for the three months ended March 31, 2025 and 2024 was $0.301 and $0.165, respectively, an increase of 82.4%.

AFFO adjusted was $7.8 million for the first quarter of 2025, a 29.6% increase compared to the same period last year. AFFO adjusted per unit for the first quarter of 2025 was $0.310, an 8.8% increase compared to the same period in 2024.

The increases in FFO adjusted and AFFO adjusted were driven by increases to NOI through lot rent increases, Occupancy growth, ancillary revenue growth and other factors.

Rent Collections for the first quarter of 2025 remained stable at 99.7%, compared to the same period last year.

During the first quarter of 2025, Flagship borrowed $27.1 million as a supplemental borrowing on its Fannie Mae credit facility. The interest rate on this note is 6.03% for 10 years with all payments being interest only for the full term. Also during the first quarter, Flagship borrowed $22.7 million with an interest rate of 5.76% for 10 years with all payments being interest only for the full term. The proceeds for these borrowings enabled Flagship to repay the $45 million outstanding on the May 2024 Bridge Note, which had an interest rate of 6.82% at the time of payoff. The REIT now has no substantial debt maturities until 2030.

As at March 31, 2025 the REIT’s Weighted Average Mortgage and Note Interest Rate (see “Other Real Estate Industry Metrics” for more information) was 4.26% and the REIT’s Weighted Average Mortgage and Note Term (see “Other Real Estate Industry Metrics” for more information) to maturity was 9.8 years.

Flagship’s Liquidity (see “Other Real Estate Industry Metrics” for more information) as at March 31, 2025 was approximately $15.6 million consisting of cash, cash equivalents, and available capacity on lines of credit.

Operations Overview

The REIT continues to advance the integration process and home expansion strategy for the seven new Manufactured Housing Communities (“MHC”) Flagship acquired in Tennessee and West Virginia, as well as its lot expansion strategy across the portfolio. The REIT begun clearing land for a lot expansion in Elsmere, Kentucky, which will include a new amenities package that is expected to benefit all residents and be accretive to the existing lots in the community.

Flagship also recently published its fifth ESG Report (the “Report”). The Report articulates Flagship’s sustainability strategy and initiatives to help provide affordable housing and quality residential living experiences for its residents. The Report also describes two new initiatives, the installation of Flock security camera systems and the establishment of storm shelters in partnership with a local municipality, specifically aimed to enhance resident safety. To learn more visit Flagship’s website at https://flagshipcommunities.com/investor-relations/sustainability-report/.

As at March 31, 2025, the REIT owned a 100% interest in a portfolio of 80 MHCs with 14,668 lots as well as two recreational vehicle (“RV”) resort communities with 470 sites. The table below provides a summary of the REIT’s portfolio as of March 31, 2025, compared to December 31, 2024:

($000s except per unit and Weighted Average Lot Rent amounts)		As at March 31, 2025	As at December 31, 2024
Total communities	(#)	82	82
Total lots	(#)	15,138	15,137
Weighted Average Lot Rent1	(US$)	484	448
Total portfolio occupancy	(%)	84.4	83.5
NAV1	(US$)	689,484	670,784
NAV per Unit1	(US$)	27.44	26.71
Debt to Gross Book Value1	(%)	37.5	38.1
Weighted Average Mortgage and Note Interest Rate1	(%)	4.26	4.41
Weighted Average Mortgage and Note Term1	(Years)	9.8	9
See “Other Real Estate Industry Metrics”

Outlook

Flagship maintains a positive outlook for the MHC industry and believes it offers significant upside potential to investors. This is primarily due to the MHC industry’s consistent track record of historical outperformance relative to other real estate classes. Rising home ownership costs and limited new supply, have led to greater housing unaffordability for many Americans. Additionally, the lack of supply of new manufactured housing communities given the various layers of regulatory restrictions, competing land uses and scarcity of land zoned has created high barriers to entry for new market entrants.  

Other macro and MHC industry-specific characteristics and trends that support Flagship’s positive outlook include:

• Increasing household formations;
• Lower housing and rental affordability;
• Declining single-family residential homeownership rates

Non-IFRS Financial Measures

In this news release, the REIT uses certain financial measures that are not defined under IFRS including certain non-IFRS ratios, to measure, compare and explain the operating results, financial performance and cash flows of the REIT. These measures are commonly used by entities in the real estate industry as useful metrics for measuring performance. However, they do not have any standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures presented by other publicly traded entities. These measures should be considered as supplemental in nature and not as a substitute for related financial information prepared in accordance with IFRS.

Funds from Operations and Adjusted Funds from Operations

Funds from operations (“FFO”) and adjusted funds from operations (“AFFO”) are calculated in accordance with the definition provided by the Real Property Association of Canada (“REALPAC”).

FFO is defined as IFRS consolidated net income (loss) adjusted for items such as distributions on redeemable or exchangeable units (including distributions on the Class B Units), unrealized fair value adjustments to Class B Units, unrealized fair value adjustments to investment properties, unrealized fair value adjustments to unit based compensation, loss on extinguishment of acquired mortgages payable, gain on disposition of investment properties, and depreciation. FFO should not be construed as an alternative to consolidated net income (loss) or consolidated cash flows provided by (used in) operating activities determined in accordance with IFRS. The REIT’s method of calculating FFO is substantially in accordance with REALPAC’s recommendations but may differ from other issuers’ methods and, accordingly, may not be comparable to FFO reported by other issuers. Refer to section “Reconciliation of FFO, FFO per unit, FFO adjusted, FFO adjusted per unit, AFFO, AFFO per unit, AFFO adjusted and AFFO adjusted per unit” for a reconciliation of FFO and FFO adjusted to net income (loss) and comprehensive income (loss).

“FFO per unit (diluted)” is defined as FFO for the applicable period divided by the diluted weighted average unit count (including Units, Class B Units, vested Restricted Units (“RUs”) and vested Deferred Trust Units (“DTUs”)) during the period.

“FFO adjusted” is defined as FFO adjusted for non-real estate industry specific operating transactions. FFO adjusted presents FFO in a normalized manner that is substantially in accordance with REALPAC’s recommendations. FFO adjusted may, as transactions occur, include adjustments that were not included in the definition of FFO adjusted in a previous period but are included in the current period to present FFO in a normalized manner that is substantially in accordance with REALPAC’s recommendations. Adjustments for the three months ended March 31, 2025, included mortgages payable settlement, which is comprised of prepayment penalties, defeasance, amortization of financing costs, and other costs associated with the refinance and payoff of certain mortgages payable prior to maturity.
  
“FFO adjusted per unit (diluted)” is defined as FFO adjusted for the applicable period divided by the diluted weighted average unit count (including Units, Class B Units, vested RUs and vested DTUs) during the period.

AFFO is defined as FFO adjusted for items such as maintenance capital expenditures, and certain non-cash items such as amortization of intangible assets, and premiums and discounts on debt and investments. AFFO should not be construed as an alternative to consolidated net income (loss), or consolidated cash flows provided by (used in) operating activities determined in accordance with IFRS. The REIT’s method of calculating AFFO is substantially in accordance with REALPAC’s recommendations. The REIT uses a capital expenditure reserve of $75 per lot per year and $1,100 per rental home per year, for the years ending, or ended, December 31, 2025 and 2024, respectively, in the AFFO calculation. This reserve is based on management’s best estimate of the cost that the REIT may incur related to maintaining the investment properties. This may differ from other issuers’ methods and, accordingly, may not be comparable to AFFO reported by other issuers. Refer to section “Reconciliation of FFO, FFO per unit, FFO adjusted, FFO adjusted per unit, AFFO, AFFO per unit, AFFO adjusted and AFFO adjusted per unit” for a reconciliation of AFFO and AFFO adjusted to net income (loss) and comprehensive income (loss).

“AFFO Payout Ratio” is defined as total cash distributions of the REIT (including distributions on Class B Units) divided by AFFO.

“AFFO per unit (diluted)” is defined as AFFO for the applicable period divided by the diluted weighted average unit count (including Units, Class B Units, vested RUs and vested DTUs) during the period.

“AFFO adjusted” is defined as AFFO adjusted for transactions that are not considered recurring measures of economic earnings with the goal of presenting AFFO in a normalized manner that is substantially in accordance with REALPAC’s recommendations. AFFO adjusted may, as transactions occur, include adjustments that were not included in the definition of AFFO adjusted in a previous period but are included in the current period to present AFFO in a normalized manner that is substantially in accordance with REALPAC’s recommendations. Adjustments for the three months ended March 31, 2025 included mortgages payable settlement, which includes any mark-to-market adjustment remaining at the time of refinance and payoff of associated mortgages payable prior to maturity (new to FFO adjusted for the period). Adjustments also included mortgages payable settlement expense, which is comprised of prepayment penalties, defeasance, amortization of financing costs, and other costs associated with the refinance and payoff of certain mortgages payable prior to maturity.

“AFFO adjusted Payout Ratio” is defined as total cash distributions of the REIT (including distributions on Class B Units) divided by AFFO adjusted.

“AFFO adjusted per unit (diluted)” is defined as AFFO adjusted for the applicable period divided by the diluted weighted average unit count (including Units, Class B Units, vested RUs and vested DTUs) during the period.

The REIT believes these non-IFRS financial measures and ratios provide useful supplemental information to both management and investors in measuring the operating performance, financial performance and financial condition of the REIT. The REIT also uses AFFO and AFFO adjusted in assessing its distribution paying capacity.

Other Real Estate Industry Metrics

Additionally, this news release contains several other real estate industry financial metrics:

• “Acquisitions” means the REIT’s properties, excluding Same Community (as defined below) (i.e., Acquisitions Revenue, as well as Acquisitions net operating income (“NOI”), and Acquisitions NOI Margin (as defined below)), and such measure is used by management to evaluate period-over-period performance of such investment properties throughout both respective periods. These results reflect the impact of acquisitions of investment properties.
• “Debt to Gross Book Value” is calculated by dividing indebtedness, which consists of the total principal amounts outstanding under mortgages and note payable, net and credit facilities, by Gross Book Value (as defined below). Refer to section “Calculation of Other Real Estate Industry Metrics – Debt to Gross Book Value.”
• “Gross Book Value” means, at any time, the greater of: (a) the value of the assets of the REIT and its consolidated subsidiaries, as shown on its then most recent consolidated statements of financial position prepared in accordance with IFRS, less the amount of any receivable reflecting interest rate subsidies on any debt assumed by the REIT; and (b) the historical cost of the investment properties, plus (i) the carrying value of cash and cash equivalents, (ii) the carrying value of mortgages receivable; and (iii) the historical cost of other assets and investments used in operations.
• “Liquidity” is defined as (a) cash and cash equivalents, plus (b) borrowing capacity available under any existing credit facilities.
• “Net Asset Value” or “NAV” is calculated by taking unitholders’ equity plus Class B Units, vested RUs and vested DTUs. NAV provides an indication of the total value of the REIT’s investment properties, after accounting for outstanding mortgages and note payable. NAV also provides an indication of the changes in the REIT’s overall value resulting from the performance of its assets. The reason for adding back Class B Units, vested RUs and vested DTUs is that they are economically equivalent to Units, receive the same distributions (or distribution equivalents) as Units, and can be exchanged for Units.
• “Net Asset Value per Unit” or “NAV per Unit” is defined as NAV divided by the total number of units (including Units, Class B Units, vested RUs and vested DTUs) outstanding.
• “NOI Margin” is defined as NOI divided by total revenue. Refer to section “Calculation of Other Real Estate Industry Metrics – NOI and NOI Margin”.
• “Occupancy” is defined as the number of economically occupied lots in a community, defined as a lot that is generating revenue for the REIT as opposed to a lot that is physically occupied by a vacant structure, divided by the total lots in that community.
• “Rent Collections” is defined as the total cash collected in a period divided by total revenue charged in that same period.
• “Same Community” means all properties which have been owned and operated continuously since the first day of the preceding calendar year by the REIT and such measures (i.e., Same Community Revenue, as well as Same Community NOI, Same Community NOI Margin, and Same Community Occupancy) are used by management to evaluate period-over-period performance.
• “Weighted Average Lot Rent” means the lot rent for each individual community multiplied by the total lots in that community summed for all communities divided by the total number of lots for all communities.
• “Weighted Average Mortgage and Note Interest Rate” is calculated by the interest rate of each outstanding mortgage and note by the mortgage and note balance (as applicable) and dividing the sum by the total mortgage and note balance.
• “Weighted Average Mortgage and Note Term” is calculated by multiplying the remaining term of each mortgage and note by the mortgage and note balance (as applicable) and dividing the sum by the total mortgage and note balance.

Reconciliation of FFO, FFO per unit, FFO adjusted, FFO adjusted per unit, AFFO and AFFO per unit, AFFO adjusted and AFFO adjusted per unit

($000s, except per unit amounts)	For the three months ended Mar. 31, 2025		For the three months ended Mar. 31, 2024
Net income (loss) and comprehensive income (loss)	10,459		11,124
Adjustments to arrive at FFO
Depreciation	127		111
(Gain) on sale of investment properties	(50	)	–
Fair value adjustments – Class B units	10,820		7,090
Distributions on Class B units	865		824
Fair value adjustment – investment properties	(14,207	)	(14,829	)
Fair value adjustment – unit based compensation	338		34
Funds from Operations (“FFO”)	8,352		4,354
FFO per unit (diluted)	0.332		0.206
Adjustments to arrive at FFO adjusted
Mortgages payable settlement expenses	228		2,523
FFO adjusted	8,580		6,877
FFO adjusted per unit (diluted)	0.342		0.325
Adjustments to arrive at AFFO
Accretion of mark-to-market adjustment on mortgage payable	(56	)	(257	)
Capital Expenditure Reserves	(724	)	(600	)
Adjusted Funds from Operations (“AFFO”)	7,572		3,497
AFFO per unit (diluted)	0.301		0.165
Adjustments to arrive at AFFO adjusted
Mortgages payable settlement expenses	228		2,523
AFFO adjusted	7,800		6,020
AFFO adjusted per unit (diluted)	0.310		0.285

Calculation of Other Real Estate Industry Metrics

NOI and NOI Margin

($000s)	For the three months ended Mar. 31, 2025		For the three months ended Mar. 31, 2024
Rental revenue and related income	24,781		19,920
Property operating expenses	8,378		6,583
NOI	16,403		13,337
NOI Margin	66.2%		67.0%

NAV and NAV per Unit

($000s, except per unit amounts)	As at Mar. 31, 2025	As at Dec. 31, 2024
Unitholders Equity	593,101	585,651
Class B Units	93,979	83,159
Vested RU	703	626
Vested DTU	1,701	1,348
NAV	689,484	670,784
Total Units1	25,122,488	25,111,891
NAV per Unit	27.44	26.71

1. Total Units includes Units, Class B Units, vested RUs and vested DTUs

Debt to Gross Book Value

($000s)	As at Mar. 31, 2025		As at Dec. 31, 2024
Total Debt
Line of Credit	–		3,000
Mortgages and note payable, net (current portion)	300		45,271
Mortgages and note payable, net (non-current portion)	422,980		374,552
	423,280		422,823
Gross Book Value
Cash and cash equivalents	5,622		7,264
Tenant and other receivables, net	1,396		1,984
Prepaids and other assets	3,725		3,344
Lender escrow deposits	4,197		3,206
Other non-current assets	445		615
Investment properties	1,107,284		1,087,348
Property and equipment, net	3,189		3,274
Note receivable – related party	2,460		2,460
	1,128,318		1,109,495
Debt to Gross Book Value	37.5%		38.1%

Forward-Looking Statements
This news release contains statements that include forward-looking information (within the meaning of applicable Canadian securities laws). Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, “can”, “could”, “would”, “must”, “estimate”, “target”, “objective”, and other similar expressions, or negative versions thereof, and include statements herein concerning: the REIT’s investment strategy, objectives and creation of long-term value; the REIT’s intention to continue to expand in its existing operational footprint, increasing its presence in core markets to enhance efficiencies and achieve economies of scale, and target growth markets, the REIT’s intention to convert rental homes to tenant owned homes as opportunities allow; expected sources of funding for future acquisitions and the expected performance of acquisitions; macro characteristics and trends in the United States real estate and housing industry, as well as the manufactured housing community (“MHC”) industry specifically; the REIT’s distribution policy and intended sources of cash therefor; and the REIT’s target indebtedness as a percentage of Gross Book Value. These statements are based on the REIT’s expectations, estimates, forecasts, and projections, as well as assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies that could cause actual results to differ materially from those that are disclosed in such forward-looking statements. While considered reasonable by management of the REIT as at the date of this news release, any of these expectations, estimates, forecasts, projections, or assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those expectations, estimates, forecasts, projections, or assumptions could be incorrect. Material factors and assumptions used by management of the REIT to develop the forward-looking information in this news release include, but are not limited to, the REIT’s current expectations about: vacancy and rental growth rates in MHCs and the continued receipt of rental payments in line with historical collections; demographic trends in areas where the MHCs are located; further MHC acquisitions by the REIT; the applicability of any government regulation concerning MHCs and other residential accommodations; the availability of debt financing and future interest rates, as there is no guarantee that the future Federal Reserve will continue to hold or decrease interest rates; increasing expenditures and fees, in connection with the ownership of MHCs, driven by inflation or tariffs; tax laws; general economic conditions; and the recent increased volatility of equity markets in the United States. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as they are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed or referenced under the heading “Risks and Uncertainties” in the REIT’s most recent Management’s Discussion & Analysis or otherwise disclosed in the Annual Information Form. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Further, certain forward-looking statements included in this news release may be considered as “financial outlook” for purposes of applicable Canadian securities laws, and as such, the financial outlook may not be appropriate for purposes other than to understand management’s current expectations and plans relating to the future, as disclosed in this news release. Forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

First Quarter 2025 Results Conference Call and Webcast

About Flagship Communities Real Estate Investment Trust

Flagship Communities Real Estate Investment Trust (TSX: MHC.U; MHC.UN) is a leading operator of affordable residential Manufactured Housing Communities primarily serving working families seeking affordable home ownership. The REIT owns and operates exceptional residential living experiences and investment opportunities in family-oriented communities in Kentucky, Indiana, Ohio, West Virginia, Tennessee, Arkansas, Missouri, and Illinois. To learn more about Flagship, visit www.flagshipcommunities.com.

For further information, please contact:

Eddie Carlisle, Chief Financial Officer
Flagship Communities Real Estate Investment Trust
Tel: +1 (859) 568-3390

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