Flagship Communities Real Estate Investment Trust Announces Third Quarter 2025 Results

The financial results of the REIT are prepared in accordance with International Accounting Standard 34 (“IAS 34”),Interim Financial Reporting, as issued by the International Accounting Standards Board (the “IASB”). Results are shown in U.S. dollars, unless otherwise noted.

Third Quarter 2025 Results
Compared to Third Quarter 2024 Results

• Rental revenue and related income was $26.1 million, an increase of 12.3% compared to $23.2 million
• Same Community Revenue¹ was $23.3 million, up 10.0% compared to $21.2 million
• Net income and comprehensive income was $24.6 million, up 3.3% compared to $23.8 million
• Net Operating Income (“NOI”) was $17.0 million, up 12.3% compared to $15.1 million
• Same Community NOI¹ was $15.0 million, an increase of 10.2%, compared to $13.7 million
• NOI Margin¹ was 65.0% for both periods
• Same Community NOI Margin¹ was 64.7%, compared to 64.5%
• Funds from operations (“FFO”) per unit (diluted)² was $0.365 compared to $0.352, which was an increase of $0.013 per unit, or 3.7%
• FFO adjusted per unit (diluted)² was $0.365 compared to $0.318, which was an increase of $0.047 per unit, or 14.8%
• Adjusted funds from operations (“AFFO”) per unit (diluted)² was $0.333 compared to $0.314, which was an increase of $0.019 per unit, or 6.0%
• AFFO adjusted per unit (diluted)² was $0.333 compared to $0.280, which was an increase of $0.053 per unit, or 18.9%
• Rent Collections¹ were 98.8%, compared to 98.7%
• Expanded presence in Kentucky through the acquisition of a 504-lot manufactured housing community (“MHC”) in Georgetown, Kentucky (the “Acquisition”). The Acquisition is expected to be accretive to Flagship’s AFFO per unit and was funded using cash on hand along with approximately $17 million in assumed debt that carries an average interest rate of 3.5%
• Subsequent to quarter-end, Flagship increased its monthly cash distribution to unitholders for the fifth consecutive year; the monthly cash distribution to unitholders increased by approximately 5.4% to $0.0545per REIT unit or$0.654 per REIT unit on an annualized basis
• Also subsequent to quarter-end, Flagship announced two strategic acquisitions for total consideration of US$79 million, expanding its presence in both Indiana and Ohio (the “Acquisitions”). The Acquisitions are expected to be immediately accretive to the REIT’s AFFO on a per Unit basis

As at September 30, 2025

• NAV¹ and NAV per Unit¹ were $756.5 million and $30.02, respectively, compared to $670.8 million and $26.71 as at December 31, 2024, respectively
• Debt to Gross Book Value¹ was 36.8%, compared to 38.1% as at December 31, 2024
• Total portfolio Occupancy¹ was 84.3%, compared to 83.5% as at December 31, 2024
• Same Community¹ Occupancy¹ was 85.1%, an increase of 0.8% from 84.3% as at December 31, 2024

¹See “Other Real Estate Industry Metrics”
²See “Non-IFRS Financial Measures”

“In addition to our strong performance during the third quarter of 2025, where we continued to see significant increases in Rental revenue, NOI and Same Community metrics, we completed a strategic acquisition, expanding our presence in Kentucky and recently we announced another acquisition in the key markets of Indiana and Ohio,” said Kurt Keeney, President and CEO. “Our solid business performance this year helped enable our Board to approve a 5.4% increase in our monthly distribution to unitholders, the fifth consecutive year we have raised distributions, coinciding with our fifth year as a publicly traded REIT. We are proud to deliver one of the strongest distribution growth records among Canadian REITs, all while reducing leverage, maintaining a disciplined AFFO payout ratio and being recognized by our industry for award winning communities.”

Financial Summary

($000s except per unit amounts)
	For the three months ended Sept. 30, 2025		For the three months ended Sept. 30, 2024		Variance		For the nine months ended Sept. 30, 2025		For the nine months ended Sept. 30, 2024		Variance
Rental revenue and related income	26,087		23,228		12.3	%	75,935		64,380		17.9	%
Same Community Revenue1	23,271		21,157		10.0	%	68,535		61,275		11.8	%
Acquisitions Revenue1	2,816		2,071		36.0	%	7,400		3,105		138.3	%
Net income and comprehensive income	24,573		23,787		3.3	%	70,123		78,367		(10.5	%)
NOI, total portfolio	16,957		15,102		12.3	%	50,044		42,499		17.8	%
Same Community NOI1	15,048		13,654		10.2	%	45,303		40,242		12.6	%
Acquisitions NOI1	1,877		1,375		36.5	%	4,741		2,257		110.1	%
NOI Margin1, total portfolio	65.0	%	65.0	%	0	%	65.9	%	66.0	%	(0.1	)%
Same Community NOI Margin1	64.7	%	64.5	%	0.2	%	66.1	%	65.7	%	0.4	%
Acquisitions NOI Margin1	66.6	%	66.5	%	0.1	%	64.1	%	72.7	%	(8.6	)%
FFO2	9,175		8,830		3.9	%	27,196		21,122		28.8	%
FFO per unit2	0.365		0.352		3.7	%	1.082		0.902		20.0	%
FFO adjusted2	9,175		7,966		15.2	%	26,730		22,381		19.4	%
FFO adjusted per unit2	0.365		0.318		14.8	%	1.063		0.955		11.3	%
AFFO2	8,374		7,882		6.2	%	24,827		18,407		34.9	%
AFFO per unit2	0.333		0.314		6.0	%	0.988		0.786		25.7	%
AFFO Payout Ratio2	46.3	%	46.8	%	(1.1	)%	46.8	%	55.9	%	(16.3	)%
AFFO adjusted2	8,374		7,018		19.3	%	24,361		19,666		23.9	%
AFFO adjusted per unit2	0.333		0.280		18.9	%	0.969		0.839		15.5	%
AFFO adjusted Payout Ratio2	46.3	%	52.5	%	(11.8	)%	47.7	%	52.3	%	(8.8	)%
Weighted average units (diluted)	25,168,099		25,083,321		84,778		25,139,102		23,427,382		1,711,720
See “Other Real Estate Industry Metrics” See “Non-IFRS Financial Measures”

Financial Overview

Rental revenue and related income in the third quarter of 2025 was $26.1 million, up 12.3% compared to the same period last year. This increase was primarily driven by Acquisitions as well as lot rent increases and Occupancy increases across the portfolio.

Same Community Revenue for the third quarter of 2025 was $23.3 million, approximately $2.1 million higher than the same period last year. This increase was a result of increasing monthly lot rent year over year, growth in Same Community Occupancy, increased utility reimbursements and ancillary revenue agreements.

Net income and comprehensive income for the three months ended September 30, 2025 was $24.6 million, which was $0.8 million more than the same period last year, as a result of an increase in NOI offset by decreased insurance revenue and the fair value adjustments on investment properties and Class B Units of Flagship Operating, LLC (“Class B Units”) being $0.6 million more than in the same period in 2024.

NOI and NOI Margin for the third quarter of 2025 were $17.0 million and 65.0%, respectively, compared to $15.1 million and 65.0% during the third quarter of 2024. Same Community NOI Margin for the third quarter ended September 30, 2025 was 64.7%, which was an increase of 0.2% over the same period last year. While NOI saw an increase from ancillary services, NOI Margins were negatively impacted due to these ancillary services having a lower margin than what has historically been achieved by the REIT.

Same Community Occupancy was 85.1% as at September 30, 2025. During the year ended December 31, 2024, two communities completed an expansion that resulted in an addition of 81 and 31 lots, respectively, with capacity for more lots as opportunities allow. The addition of these 112 lots decreased Same Community Occupancy by approximately (0.6)% as at September 30, 2025, but the REIT expects to have these lots occupied, and to add additional lots to meet demand, in the normal course of business.

Adjusted for the impact of this expansion, total portfolio Occupancy and Same Community Occupancy would have been 85.2% and 85.7%, respectively, as at September 30, 2025.

FFO for the third quarter of 2025 was $9.2 million, an increase of 3.9% from the third quarter of 2024. FFO per unit for the three months ended September 30, 2025 and 2024 was $0.365 and $0.352 respectively, an increase of 3.7%.

FFO adjusted was $9.2 million for the third quarter of 2025, a 15.2% increase compared to the same period last year. FFO adjusted per unit for the third quarter of 2025 was $0.365, a 14.8% increase compared to the same period in 2024.

AFFO for the third quarter of 2025 was $8.4 million, an increase of 6.2% from the third quarter of 2024. AFFO per unit for the three months ended September 30, 2025 was $0.333, an increase of 6.0% from the same period last year.

AFFO adjusted was $8.4 million for the third quarter of 2025, a 19.3% increase compared to the same period last year. AFFO adjusted per unit for the third quarter of 2025 was $0.333, an 18.9% increase compared to the same period in 2024.

Rent Collections for the third quarter of 2025 were 98.8%, an increase of 0.1% compared to the same period last year.

As at September 30, 2025 the REIT’s Weighted Average Mortgage and Note Interest Rate (see “Other Real Estate Industry Metrics” for more information) was 4.31% and the REIT’s Weighted Average Mortgage and Note Term (see “Other Real Estate Industry Metrics” for more information) to maturity was 9.1 years.

Flagship’s Liquidity (see “Other Real Estate Industry Metrics” for more information) as at September 30, 2025 was approximately $14.8 million consisting of cash, cash equivalents, and available capacity on lines of credit.

Subsequent to quarter-end, Flagship increased its monthly cash distribution to unitholders for the fifth consecutive year, coinciding with Flagship’s fifth anniversary as a publicly traded REIT. The monthly cash distribution to unitholders increased by approximately 5.4% to $0.0545per REIT unit or$0.654 per REIT unit on an annualized basis.

Operations Overview

During the third quarter, Flagship expanded its presence in the key market of Kentucky through the acquisition of a 504-lot MHC in Georgetown, Kentucky. The Acquisition is expected to be accretive to Flagship’s AFFO per unit and was funded using cash on hand along with approximately $17 million in assumed debt that carries an average interest rate of 3.5%. Since 2022, significant improvements have been made to the MHC including the removal of approximately 50 older homes, the installation of new amenities, the re-installation of all new sewer lines, re-surfacing of all streets and the decommissioning of a wastewater treatment plant.

The Acquisition features many new amenities including two municipal grade playgrounds, four new basketball courts, a new dog park and a new community center. The community is 71.8% occupied, representing attractive occupancy upside potential, which is consistent with the REIT’s strategy of acquiring under-occupied MHCs with vacancy.

Subsequent to quarter-end, Flagship acquired an MHC in Seymour, Indiana, for total consideration of approximately US$45 million, which will be funded primarily through new debt financing sources. Additionally, the REIT waived due diligence on the acquisition of an MHC portfolio in the Greater Cincinnati, Ohio market, comprised of three separate MHCs for total consideration of US$34 million, which is expected to close in November 2025. This acquisition will be funded through the assumption of US$14.3 million of debt at a weighted average interest rate of 2.84% as well as additional debt financing sources. The Acquisitions are being funded with a new US$70 million unsecured term loan.

The Seymour MHC is comprised of 744lots of which 91.2% are occupied and includes 85 lots for future expansion,representing occupancy upside potentialand lot expansion opportunities. The Greater Cincinnati MHCs are comprised of 496 lots across three MHCs, of which 65.5% are occupied. The Acquisitions are consistent withFlagship’s strategy of acquiring under-performing MHCs with significant vacancyand adding valuethroughoccupancy growth and lot expansion.

As at September 30, 2025, the REIT owned a 100% interest in a portfolio of 81 MHCs with 15,680 lots as well as two recreational vehicle (“RV”) resort communities with 470 sites. The table below provides a summary of the REIT’s portfolio as of September 30, 2025, compared to December 31, 2024:

($000s except per unit and Weighted Average Lot Rent amounts)		As at September 30, 2025	As at December 31, 2024
Total communities	(#)	83	82
Total lots	(#)	15,680	15,137
Weighted Average Lot Rent1	(US$)	483	448
Total portfolio Occupancy1	(%)	84.3	83.5
Same Community1Occupancy1	(%)	85.1	84.3
NAV1	(US$)	756,481	670,784
NAV per Unit1	(US$)	30.02	26.71
Debt to Gross Book Value1	(%)	36.8	38.1
Weighted Average Mortgage and Note Interest Rate1	(%)	4.31	4.41
Weighted Average Mortgage and Note Term1	(Years)	9.1	9
See “Other Real Estate Industry Metrics”

Outlook

Flagship maintains a positive outlook for the MHC industry and believes it offers significant upside potential to investors. This is primarily due to the MHC industry’s consistent track record of historical outperformance relative to other real estate classes. Rising home ownership costs and limited new supply, have led to greater housing unaffordability for many Americans. Additionally, the lack of supply of new manufactured housing communities given the various layers of regulatory restrictions, competing land uses and scarcity of land zoned has created high barriers to entry for new market entrants.

Other macro and MHC industry-specific characteristics and trends that support Flagship’s positive outlook include:

• Increasing household formations;
• Lower housing and rental affordability;
• Declining single-family residential homeownership rates

Non-IFRS Financial Measures

In this news release, the REIT uses certain financial measures that are not defined under IFRS including certain non-IFRS ratios, to measure, compare and explain the operating results, financial performance and cash flows of the REIT. These measures are commonly used by entities in the real estate industry as useful metrics for measuring performance. However, they do not have any standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures presented by other publicly traded entities. These measures should be considered as supplemental in nature and not as a substitute for related financial information prepared in accordance with IFRS.

Funds from Operations and Adjusted Funds from Operations

Funds from operations (“FFO”) and adjusted funds from operations (“AFFO”) are calculated in accordance with the definition provided by the Real Property Association of Canada (“REALPAC”).

FFO is defined as IFRS consolidated net income (loss) adjusted for items such as distributions on redeemable or exchangeable units (including distributions on the Class B Units), unrealized fair value adjustments to Class B Units, unrealized fair value adjustments to investment properties, unrealized fair value adjustments to unit based compensation, loss on extinguishment of acquired mortgages payable, gain on disposition of investment properties, and depreciation. FFO should not be construed as an alternative to consolidated net income (loss), or consolidated cash flows provided by (used in) operating activities determined in accordance with IFRS. The REIT’s method of calculating FFO is substantially in accordance with REALPAC’s recommendations but may differ from other issuers’ methods and, accordingly, may not be comparable to FFO reported by other issuers. Refer to section “Reconciliation of FFO, FFO per unit, FFO adjusted, FFO adjusted per unit, AFFO, AFFO per unit, AFFO adjusted and AFFO adjusted per unit” for a reconciliation of FFO and FFO adjusted to net income (loss) and comprehensive income (loss).

“FFO per unit (diluted)” is defined as FFO for the applicable period divided by the diluted weighted average unit count (including Units, Class B Units, vested Restricted Units (“RUs”) and vested Deferred Trust Units (“DTUs”)) during the period.

“FFO adjusted” is defined as FFO adjusted for non-real estate industry specific operating transactions. FFO adjusted presents FFO in a normalized manner that is substantially in accordance with REALPAC’s recommendations. FFO adjusted may, as transactions occur, include adjustments that were not included in the definition of FFO adjusted in a previous period but are included in the current period to present FFO in a normalized manner that is substantially in accordance with REALPAC’s recommendations. Adjustments for the three and nine months ended September 30, 2025 included mortgages payable settlement, which is comprised of prepayment penalties, defeasance, amortization of financing costs, and other costs associated with the refinance and payoff of certain mortgages payable prior to maturity. Adjustments also include insurance proceeds related to covered damage of investment property and non-recurring general and administrative expenses related to non-real estate industry specific operating transactions.

“FFO adjusted per unit (diluted)” is defined as FFO adjusted for the applicable period divided by the diluted weighted average unit count (including Units, Class B Units, vested RUs and vested DTUs) during the period.

AFFO is defined as FFO adjusted for items such as maintenance capital expenditures, and certain non-cash items such as amortization of intangible assets, and premiums and discounts on debt and investments. AFFO should not be construed as an alternative to consolidated net income (loss), or consolidated cash flows provided by (used in) operating activities determined in accordance with IFRS. The REIT’s method of calculating AFFO is substantially in accordance with REALPAC’s recommendations. The REIT uses a capital expenditure reserve of $75 per lot per year and $1,100 per rental home per year, for the years ending, or ended, December 31, 2025 and 2024, respectively, in the AFFO calculation. This reserve is based on management’s best estimate of the cost that the REIT may incur related to maintaining the investment properties. This may differ from other issuers’ methods and, accordingly, may not be comparable to AFFO reported by other issuers. Refer to section “Reconciliation of FFO, FFO per unit, FFO adjusted, FFO adjusted per unit, AFFO, AFFO per unit, AFFO adjusted and AFFO adjusted per unit” for a reconciliation of AFFO and AFFO adjusted to net income (loss) and comprehensive income (loss).

“AFFO Payout Ratio” is defined as total cash distributions of the REIT (including distributions on Class B Units) divided by AFFO.

“AFFO per unit (diluted)” is defined as AFFO for the applicable period divided by the diluted weighted average unit count (including Units, Class B Units, vested RUs and vested DTUs) during the period.

“AFFO adjusted” is defined as AFFO adjusted for transactions that are not considered recurring measures of economic earnings with the goal of presenting AFFO in a normalized manner that is substantially in accordance with REALPAC’s recommendations. AFFO adjusted may, as transactions occur, include adjustments that were not included in the definition of AFFO adjusted in a previous period but are included in the current period to present AFFO in a normalized manner that is substantially in accordance with REALPAC’s recommendations. Adjustments for the three and nine months ended September 30, 2025 included mortgages payable settlement expense, which is comprised of prepayment penalties, defeasance, amortization of financing costs, and other costs associated with the refinance and payoff of certain mortgages payable prior to maturity. Adjustments also include insurance proceeds related to covered damage of investment property and non-recurring general and administrative expenses related to non-real estate industry specific operating transactions.

“AFFO adjusted Payout Ratio” is defined as total cash distributions of the REIT (including distributions on Class B Units) divided by AFFO adjusted.

“AFFO adjusted per unit (diluted)” is defined as AFFO adjusted for the applicable period divided by the diluted weighted average unit count (including Units, Class B Units, vested RUs and vested DTUs) during the period.

The REIT believes these non-IFRS financial measures and ratios provide useful supplemental information to both management and investors in measuring the operating performance, financial performance and financial condition of the REIT. The REIT also uses AFFO and AFFO adjusted in assessing its distribution paying capacity.

Other Real Estate Industry Metrics

Additionally, this news release contains several other real estate industry financial metrics:

• “Acquisitions” means the REIT’s properties, excluding Same Community (as defined below) (i.e., Acquisitions Revenue, as well as Acquisitions net operating income (“NOI”), and Acquisitions NOI Margin (as defined below)), and such measure is used by management to evaluate period-over-period performance of such investment properties throughout both respective periods. These results reflect the impact of acquisitions of investment properties.
• “Debt to Gross Book Value” is calculated by dividing indebtedness, which consists of the total principal amounts outstanding under mortgages and note payable, net and credit facilities, by Gross Book Value (as defined below). Refer to section “Calculation of Other Real Estate Industry Metrics – Debt to Gross Book Value.”
• “Gross Book Value” means, at any time, the greater of: (a) the value of the assets of the REIT and its consolidated subsidiaries, as shown on its then most recent consolidated statements of financial position prepared in accordance with IFRS, less the amount of any receivable reflecting interest rate subsidies on any debt assumed by the REIT; and (b) the historical cost of the investment properties, plus (i) the carrying value of cash and cash equivalents, (ii) the carrying value of mortgages receivable; and (iii) the historical cost of other assets and investments used in operations.
• “Liquidity” is defined as (a) cash and cash equivalents, plus (b) borrowing capacity available under any existing credit facilities.
• “Net Asset Value” or “NAV” is calculated by taking unitholders’ equity plus Class B Units, vested RUs and vested DTUs. NAV provides an indication of the total value of the REIT’s investment properties, after accounting for outstanding mortgages and note payable. NAV also provides an indication of the changes in the REIT’s overall value resulting from the performance of its assets. The reason for adding back Class B Units, vested RUs and vested DTUs is that they are economically equivalent to Units, receive the same distributions (or distribution equivalents) as Units, and can be exchanged for Units.
• “Net Asset Value per Unit” or “NAV per Unit” is defined as NAV divided by the total number of units (including Units, Class B Units, vested RUs and vested DTUs) outstanding.
• “NOI Margin” is defined as NOI divided by total revenue. Refer to section “Calculation of Other Real Estate Industry Metrics – NOI and NOI Margin”.
• “Occupancy” is defined as the number of economically occupied lots in a community, defined as a lot that is generating revenue for the REIT as opposed to a lot that is physically occupied by a vacant structure, divided by the total lots in that community.
• “Rent Collections” is defined as the total cash collected in a period divided by total revenue charged in that same period.
• “Same Community” means all properties which have been owned and operated continuously since the first day of the preceding calendar year by the REIT and such measures (i.e., Same Community Revenue, as well as Same Community NOI, Same Community NOI Margin, and Same Community Occupancy) are used by management to evaluate period-over-period performance.
• “Weighted Average Lot Rent” means the lot rent for each individual community multiplied by the total lots in that community summed for all communities divided by the total number of lots for all communities.
• “Weighted Average Mortgage and Note Interest Rate” is calculated by multiplying the interest rate of each outstanding mortgage and note by the mortgage and note balance (as applicable) and dividing the sum by the total mortgage and note balance.
• “Weighted Average Mortgage and Note Term” is calculated by multiplying the remaining term of each mortgage and note by the mortgage and note balance (as applicable) and dividing the sum by the total mortgage and note balance.

Reconciliation of FFO, FFO per unit, FFO adjusted, FFO adjusted per unit, AFFO and AFFO per unit, AFFO adjusted and AFFO adjusted per unit

($000s, except per unit amounts)	For the three months ended Sept. 30, 2025		For the three months ended Sept. 30, 2024		For the nine months ended Sept. 30, 2025		For the nine months ended Sept. 30, 2024
Net income and comprehensive income	24,573		23,787		70,123		78,367
Adjustments to arrive at FFO
Depreciation	130		124		384		353
Gain on sale of investment properties	–		–		(50	)	–
Fair value adjustment – Class B Units	5,633		6,972		22,812		(4,243	)
Distributions on Class B Units	865		824		2,595		2,471
Fair value adjustment – investment properties	(22,316	)	(23,042	)	(69,546	)	(55,751	)
Fair value adjustment – unit based compensation	290		165		878		(75	)
Funds from Operations (“FFO”)	9,175		8,830		27,196		21,122
FFO per unit (diluted)	0.365		0.352		1.082		0.902
Adjustments to arrive at FFO adjusted
Insurance proceeds	–		(1,040	)	(694	)	(1,440	)
Mortgages payable settlement expense	–		–		228		2,523
Non-recurring general and administrative expenses	–		176		–		176
FFO adjusted	9,175		7,966		26,730		22,381
FFO adjusted per unit (diluted)	0.365		0.318		1.063		0.955
Adjustments to arrive at AFFO
Accretion of mark-to-market adjustment on mortgage payable	(56	)	(257	)	(167	)	(772	)
Capital Expenditure Reserves	(745	)	(691	)	(2,202	)	(1,943	)
Adjusted Funds from Operations (“AFFO”)	8,374		7,882		24,827		18,407
AFFO per unit (diluted)	0.333		0.314		0.988		0.786
Adjustments to arrive at AFFO adjusted
Insurance proceeds	–		(1,040	)	(694	)	(1,440	)
Mortgage payable settlement expense	–		–		228		2,523
Non-recurring general and administrative expenses	–		176		–		176
AFFO adjusted	8,374		7,018		24,361		19,666
AFFO adjusted per unit (diluted)	0.333		0.280		0.969		0.839

Calculation of Other Real Estate Industry Metrics

NOI and NOI Margin

($000s)	For the three months ended Sept. 30, 2025		For the three months ended Sept. 30, 2024		For the nine months ended Sept. 30, 2025		For the nine months ended Sept. 30, 2024
Rental revenue and related income	26,087		23,228		75,935		64,380
Property operating expenses	9,130		8,126		25,891		21,881
Net Operating Income (“NOI”)	16,957		15,102		50,044		42,499
NOI Margin	65.0	%	65.0	%	65.9	%	66.0	%

NAV and NAV per Unit

($000s, except per unit amounts)	As at September 30, 2025	As at December 31, 2024
Unitholders Equity	646,354	585,651
Class B Units	105,971	83,159
Vested RU	1,879	626
Vested DTU	2,277	1,348
NAV	756,481	670,784
Total Units1	25,198,199	25,111,891
NAV per Unit	30.02	26.71
Total Units includes Units, Class B Units, vested RUs and vested DTUs

Debt to Gross Book Value

($000s)	As at Sept. 30, 2025		As at Dec. 31, 2024
Total Debt
Line of Credit	5,000		3,000
Mortgages and note payable, net (current portion)	710		45,271
Mortgages and note payable, net (non-current portion)	448,437		374,552
	454,147		422,823
Gross Book Value
Cash and cash equivalents	9,814		7,264
Tenant and other receivables, net	1,261		1,984
Prepaids and other assets	1,800		3,344
Lender escrow deposits	6,765		3,206
Other non-current assets	1,824		615
Investment properties	1,207,791		1,087,348
Property and equipment, net	3,341		3,274
Note receivable – related party	2,460		2,460
	1,235,056		1,109,495
Debt to Gross Book Value	36.8	%	38.1	%

Forward-Looking Statements

This news release contains statements that include forward-looking information (within the meaning of applicable Canadian securities laws). Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, “can”, “could”, “would”, “must”, “estimate”, “target”, “objective”, and other similar expressions, or negative versions thereof, and include statements herein concerning: the REIT’s investment strategy, objectives and creation of long-term value; the REIT’s intention to continue to expand in its existing operational footprint, increasing its presence in core markets to enhance efficiencies and achieve economies of scale, and to target growth markets; the REIT’s intention to convert rental homes to tenant owned homes as opportunities allow; expected sources of funding for future acquisitions and the expected performance of acquisitions; macro characteristics and trends in the United States real estate and housing industry, as well as the manufactured housing community (“MHC”) industry specifically; the REIT’s distribution policy and intended sources of cash therefor; and the REIT’s target indebtedness as a percentage of Gross Book Value. These statements are based on the REIT’s expectations, estimates, forecasts, and projections, as well as assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies that could cause actual results to differ materially from those that are disclosed in such forward-looking statements. While considered reasonable by management of the REIT as at the date of this news release, any of these expectations, estimates, forecasts, projections, or assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those expectations, estimates, forecasts, projections, or assumptions could be incorrect. Material factors and assumptions used by management of the REIT to develop the forward-looking information in this news release include, but are not limited to, the REIT’s current expectations about: vacancy and rental growth rates in MHCs and the continued receipt of rental payments in line with historical collections; demographic trends in areas where the MHCs are located; further MHC acquisitions by the REIT; the applicability of any government regulation concerning MHCs and other residential accommodations; the availability of debt financing and future interest rates, as there is no guarantee that the future Federal Reserve will continue to hold or decrease interest rates; increasing expenditures and fees, in connection with the ownership of MHCs, driven by inflation or tariffs; tax laws; general economic conditions; and the recent increased volatility of equity markets in the United States. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as they are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed or referenced under the heading “Risks and Uncertainties” in the REIT’s most recent Management’s Discussion & Analysis or otherwise disclosed in the Annual Information Form. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Further, certain forward-looking statements included in this news release may be considered as “financial outlook” for purposes of applicable Canadian securities laws, and as such, the financial outlook may not be appropriate for purposes other than to understand management’s current expectations and plans relating to the future, as disclosed in this news release. Forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Third Quarter 2025 Results Conference Call and Webcast
DATE:	Thursday, November 13, 2025
TIME:	8:30 a.m. ET
JOIN BY PHONE:	Conference Call Registration
	(Click the URL to join the conference call by phone)
	Please register at least 10 minutes before the start of the call. Upon registration, an email will be sent, including dial-in details and a unique conference call access code required to join the live call.
LIVE WEBCAST:	Q3 2025 Earnings Conference Call & Webcast

About Flagship Communities Real Estate Investment Trust

Flagship Communities Real Estate Investment Trust (TSX: MHC.U; MHC.UN) is a leading operator of affordable residential Manufactured Housing Communities primarily serving working families seeking affordable home ownership. The REIT owns and operates exceptional residential living experiences and investment opportunities in family-oriented communities in Kentucky, Indiana, Ohio, West Virginia, Tennessee, Arkansas, Missouri, and Illinois. To learn more about Flagship, visit www.flagshipcommunities.com.

For further information, please contact:

Eddie Carlisle, Chief Financial Officer
Flagship Communities Real Estate Investment Trust
Tel: +1 (859) 568-3390