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Flagship Communities Real Estate Investment Trust is an internally managed, unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT has been formed to own and operate a portfolio of income-producing manufactured housing communities located in Kentucky, Indiana, Ohio, Tennessee, Arkansas, Missouri, and Illinois, including a fleet of manufactured homes for lease to residents of such housing communities.
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A unique technical analysis driven score developed by Kalkine showing momentum in stock prices based on select technical indicators identified.
Flagship Communities Real Estate Investment Trust owns and operates residential rental properties, including purpose‑built apartments and manufactured home communities in Canada and select U.S. markets. Long‑term growth may be supported by tight housing supply, demographic trends favoring renting, and acquisition-driven scale gains. Investors may view the trust as a source of recurring rental cash flow with potential for steady NOI growth.
Key investment risks include sensitivity to interest rates and leverage, regulatory and rent‑control changes in core markets, exposure to local economic and occupancy cycles, and execution risk from acquisitions.
Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.
| Breakdown | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Income before tax | 65.90M | 42.68M | 60.01M | - | 28.90M |
| Net income | 65.90M | 42.68M | 60.01M | - | 28.90M |
| Selling general administrative | 8.36M | 7.24M | 5.32M | - | 1.03M |
| Gross profit | 44.84M | 38.93M | 28.66M | - | 8.91M |
| Reconciled depreciation | 0.37M | 0.29M | 0.17M | - | 0.02M |
| Ebit | - | 30.88M | 22.69M | 16.86M | 14.40M |
| Ebitda | - | 54.07M | 68.30M | - | 33.16M |
| Operating income | 32.30M | 30.82M | 22.69M | - | 7.86M |
| Interest expense | 13.72M | 11.10M | 8.12M | 0.00M | 4.24M |
| Net interest income | -12.81M | -10.13M | -7.10M | - | -4.24M |
| Total revenue | 67.99M | 58.80M | 43.08M | - | 15.44M |
| Total operating expenses | 35.69M | 27.97M | 20.38M | - | 7.58M |
| Cost of revenue | 23.15M | 19.86M | 14.41M | - | 6.53M |
| Total other income expense net | 46.41M | 21.99M | 44.42M | - | 25.28M |
| Net income from continuing ops | 65.90M | 42.68M | 60.01M | - | 28.90M |
| Net income applicable to common shares | - | 42.68M | 60.01M | 189.35M | 48.66M |
| Breakdown | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Total assets | 799.27M | 695.12M | 445.38M | 201.50M | 146.10M |
| Other current assets | 5.14M | 3.42M | 3.05M | - | - |
| Total liab | 441.52M | 372.43M | 299.00M | 99.38M | 79.31M |
| Total stockholder equity | 357.75M | 322.69M | 146.38M | 102.11M | 66.78M |
| Other current liab | 5.84M | 4.85M | 3.13M | 1.05M | 0.76M |
| Common stock | 221.49M | 221.49M | 99.90M | - | - |
| Capital stock | 221.49M | 215.35M | 99.05M | 102.09M | 66.77M |
| Retained earnings | 136.26M | 101.20M | 46.49M | - | - |
| Other liab | 0.06M | - | - | - | - |
| Other assets | 2.56M | 2.46M | - | - | - |
| Cash | 16.93M | 15.45M | 11.50M | 2.63M | 1.79M |
| Total current liabilities | 20.85M | 9.10M | 6.25M | 3.42M | 1.92M |
| Net debt | - | 243.66M | 208.36M | 94.63M | 75.68M |
| Short long term debt | 10.00M | 0.64M | 0.51M | 1.29M | 0.08M |
| Property plant equipment | 773.77M | 673.04M | 430.19M | - | - |
| Total current assets | 22.94M | 19.62M | 15.19M | 5.45M | 4.17M |
| Net tangible assets | 357.75M | 322.69M | 146.38M | - | - |
| Net receivables | 0.87M | 0.75M | 0.64M | 0.26M | 0.18M |
| Long term debt | - | 258.47M | 219.34M | 95.97M | 77.39M |
| Accounts payable | 0.41M | 0.98M | 0.60M | 0.01M | 0.30M |
| Non currrent assets other | 0.10M | - | - | 0.97M | 0.45M |
| Non current assets total | 776.33M | 675.50M | 430.19M | 196.05M | 141.92M |
| Breakdown | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Investments | -42.41M | -75.45M | -166.63M | - | -28.40M |
| Change to liabilities | - | -0.65M | 0.38M | 2.23M | 0.00M |
| Total cashflows from investing activities | - | -75.45M | -166.63M | -282.46M | -282.46M |
| Net borrowings | - | 68.87M | 40.92M | -53.67M | -53.67M |
| Total cash from financing activities | 7.44M | 45.89M | 145.76M | 313.09M | 313.09M |
| Change to operating activities | - | 0.15M | 1.46M | -5.38M | -5.38M |
| Net income | 65.90M | 42.68M | 60.01M | 113.61M | 48.66M |
| Change in cash | 1.17M | 1.48M | 3.95M | 46.00M | 46.00M |
| Begin period cash flow | 4.75M | 15.45M | 11.50M | 2.63M | 1.79M |
| End period cash flow | 5.92M | 16.93M | 15.45M | 11.50M | 2.63M |
| Total cash from operating activities | 36.13M | 31.03M | 24.82M | 15.37M | 15.37M |
| Issuance of capital stock | 21.86M | 44.29M | 121.59M | - | - |
| Depreciation | 0.37M | 0.29M | 0.17M | 0.10M | 0.10M |
| Other cashflows from investing activities | - | 0.02M | -2.42M | -2.42M | -2.42M |
| Dividends paid | 11.32M | 7.60M | 4.96M | 2.18M | 2.18M |
| Change to account receivables | - | -0.12M | -0.12M | 1.52M | 1.52M |
| Sale purchase of stock | - | -0.05M | 0.00M | - | - |
| Other cashflows from financing activities | - | -15.32M | -17.69M | -62.31M | -62.31M |
| Change to netincome | - | -11.32M | -37.09M | -172.44M | -172.44M |
| Capital expenditures | 23.24M | 17.62M | 7.57M | 31.07M | 31.07M |
| Change in working capital | -0.42M | -0.62M | 1.91M | - | -0.68M |
| Stock based compensation | 0.63M | 0.43M | 0.27M | - | 0.02M |
| Other non cash items | -8.74M | 10.01M | 7.30M | - | 0.19M |
| Free cash flow | 12.89M | 13.42M | 17.26M | - | 2.98M |
Sector: Real Estate Industry: REIT - Residential
|
Stock Name
|
Change
(CAD) |
Price
(CAD) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to Revenue (x) |
Enterprise Value
to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| MHC-U Flagship Communities Real Estate Investment Trust |
0.44 2.07% |
21.74 | 4.94 | 14.35 | 9.42 | 0.72 | 7.94 | 6.75 |
| CAR-UN Canadian Apartment Properties Real Estate Investment Trust |
0.74 2.36% |
32.14 | - | 17.83 | 7.60 | 0.85 | 14.21 | -114.18 |
| BEI-UN Boardwalk Real Estate Investment Trust |
0.19 0.30% |
63.24 | 6.35 | 18.28 | 7.15 | 0.95 | 13.19 | 11.47 |
| KMP-UN Killam Apartment Real Estate Investment Trust |
0.26 1.46% |
17.68 | 8.59 | 15.24 | 6.32 | 0.88 | 12.62 | 12.24 |
| MRG-UN Morguard North American Residential Real Estate Investment Trust |
0.43 2.96% |
14.95 | - | 25.32 | 2.55 | 0.30 | 6.58 | 55.94 |
Flagship Communities Real Estate Investment Trust is an internally managed, unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT has been formed to own and operate a portfolio of income-producing manufactured housing communities located in Kentucky, Indiana, Ohio, Tennessee, Arkansas, Missouri, and Illinois, including a fleet of manufactured homes for lease to residents of such housing communities.
467 Erlanger Road, Erlanger, KY, United States, 41018-1495
859 568 3390
| Name | Title | Year Born |
|---|---|---|
| Mr. Kurtis Keeney | Pres, CEO & Trustee | 1968 |
| Mr. Eddie Carlisle | CFO & Sec. | NA |
| Mr. Nathaniel Smith | Chief Investment Officer & Trustee | 1972 |
Disclaimer - (*)This information, including any data, is sourced from Unicorn Data Services SAS, trading as EOD Historical Data (“EODHD”) on an ‘as is’ basis, using their API. We cannot guarantee the completeness or validity of the information and data provided on this page, as well as via the API. In some cases, the data may include analyst ratings or recommendations sourced through the EODHD API, which are intended solely for general information purposes.
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