Canada's Flagship Communities REIT Q3 rental revenue jumps on acquisitions, lot rent hikes
Flagship Communities REIT's Q3 rental revenue and related income rose 17.6% year over year to $30.67 million, driven by acquisitions and lot rent increases. FFO per unit increased 6.8%.
1. Revenue and FFO rise
Q3 rental revenue and related income increased 17.6% year over year to $30.67 million, while FFO per unit rose 6.8%. The company attributed growth in same-community revenue and net operating income to higher monthly lot rents, ancillary revenue and improved occupancy.
2. Industry outlook
The company maintained a positive outlook for the manufactured housing community industry, citing high barriers to entry and demand. It said increasing household formations and declining homeownership rates support demand.
