Flagship Communities Real Estate Investment Trust Announces Second Quarter 2021 Results

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TORONTO, Aug. 10, 2021 /CNW/ – Flagship Communities Real Estate Investment Trust (TSX: MHC.U) (“Flagship REIT” or the “REIT”) today released its second quarter 2021 results for the three and six months ended June 30, 2021. Results are presented in U.S. dollars unless otherwise noted. The results presented are compared to the financial forecast contained in the REIT’s initial public offering (“IPO”) prospectus dated September 28, 2020 (the “forecast”).

Summary of Second Quarter 2021 Results:

Financial Highlights:

  • Revenue was $9.8 million, approximately $0.8 million higher than the forecast due mainly to the acquisitions completed since the REIT’s IPO

  • Same Community Revenue was $9.1 million, a slight increase compared to the forecast

  • Net Operating Income (“NOI”, see “Non-IFRS Financial Measures” below) was $6.4 million, which is approximately $0.6 million higher than the…

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