(MHC-U) Flagship Communities Real - Ratings and Ratios

Flagship Communities Real Estate Investment Trust (MHC-U) is a real estate investment trust that specializes in owning and operating manufactured home communities (MHCs) and related assets in the United States. The trust has a portfolio of 80 MHCs with 14,668 lots and two recreational vehicle resort communities with 470 sites, primarily located in eight contiguous states. The REITs strategic focus on key markets, such as Louisville, Cincinnati, and Evansville, leverages the managements comprehensive knowledge and experience.

The REITs business model involves owning and managing a portfolio of income-producing properties, with a mix of rental homes and tenant-owned homes. As of March 31, 2025, the REIT owned approximately 1,600 manufactured homes for lease to residents. The trust plans to continue converting rental homes to tenant-owned homes, while also making targeted additions to its rental home fleet based on community needs.

Key performance indicators (KPIs) for the REIT include occupancy rates, average monthly rent, and same-store net operating income (NOI) growth. The REITs internally managed team has expertise across various aspects of real estate investment management, including acquisitions, asset management, and property management. With a market capitalization of $449.38 million USD and a forward P/E ratio of 13.57, the REITs financial performance is characterized by an RoE of 18.01%, indicating a relatively strong return on equity.

To further analyze the REITs performance, other relevant KPIs could include the capitalization rate (cap rate), debt-to-equity ratio, and interest coverage ratio. The cap rate, for instance, could provide insight into the REITs ability to generate income from its properties, while the debt-to-equity ratio and interest coverage ratio could help assess the trusts financial leverage and ability to meet its interest obligations.