Flagship Communities Real Estate Investment Trust Releases Fourth Quarter and Full Year 2023 Results

Flagship Communities Real Estate Investment Trust (“Flagship”) has released its fourth quarter and full-year 2023 financial results, showcasing significant growth and success. The REIT reported increases in rental revenue, net income, funds from operations (FFO), adjusted funds from operations (AFFO), net operating income (NOI), and more compared to the previous year.

In the fourth quarter of 2023, Flagship reported rental revenue of $18.8 million, a 19.5% increase from the same period in 2022. Same Community Revenue also saw a notable increase, reaching $15.7 million, up 11.8% year-over-year. The REIT’s AFFO per unit for the quarter was $0.258, a 23.4% increase from the previous year.

For the full year 2023, Flagship reported rental revenue of $71.1 million, up 20.8% from the previous year. Same Community Revenue for the year was $61.4 million, a 10.5% increase. The REIT’s net income and comprehensive income for the year totaled $65.1 million, showing a 52.5% increase from 2022.

Flagship’s operational metrics also showed positive growth, with NOI increasing by 20.0% in the fourth quarter and 20.5% for the full year. The REIT’s NOI margin and Same Community NOI margin maintained strong percentages, indicating operational efficiency and growth.

Subsequent to year-end, Flagship refinanced four mortgages at lower interest rates, providing the REIT with additional financial flexibility. The REIT’s outlook remains positive, as it believes in the long-term growth potential of the manufactured housing community industry in the United States.

Overall, Flagship’s financial performance in 2023 reflects its commitment to providing affordable residential living experiences while delivering value to its investors. With a focus on operational efficiency and strategic growth, Flagship is well-positioned for future success in the real estate market.