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Home CompaniesFlagship Communities Real Estate Investment Trust

Flagship Communities Real Estate Investment Trust

Real Estate REIT - Residential
PortfolioPortfolio WatchlistWatchlist
Company price
21.74 CAD 0.44 ( 2.07%)
Last update at 2026-11-04T20:50:00Z
VOLUME
3006
Market Cap
640.73M
P/E
4.94

Momentum Score

…

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.

Source: TradingView
The charts and visual representations are sourced from TradingView through embedded widgets. For any issues with chart display, please visit the TradingView website

Day Price Range
21.45
Low
21.75
High
52 Week Price Range
14.02
Low
20.35
High

Momentum Score

…
Loading momentum score…

A unique technical analysis driven score developed by Kalkine showing momentum in stock prices based on select technical indicators identified.

Score - Rating
>= 1 - Low / > 1 but < 2 - Below Average / > 2 but < 3 - Average / > 3 but < 4 - Above Average / > 4 - High
AI Summary

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.

Risk Score
Medium

Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.

Key Metrics*

Previous Close
21.30
Dividend Yield
3.94%
Revenue TTM
67.99M
Revenue Per Share
4.49
Gross Profit TTM
38.93M
Debt / Equity
-
ROE
16.47%
Net Debt
243.66M
ROCE
4.15%
Diluted EPS TTM
3.12

Key Financials*

Income Statement

Balance Sheet

Change in Cash

Total Operating Cash

Dividends Paid

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

Peer Comparison*

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

Profile*

Flagship Communities Real Estate Investment Trust

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

https://www.flagshipcommunitiesreit.com

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.
This information does not consider your personal objectives, financial situation, or needs. Kalkine is not liable for any errors or omissions in the information provided or for any actions taken in reliance on it. You should seek advice from a financial adviser, stockbroker or other professional adviser (including taxation and legal advice) as necessary before acting on this information.

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