None
SEDAR Interim Financial Statements
MHC · Price
[
{
"companyName": "FLAGSHIP COMMUNITIES REAL ESTATE INVESTMENT TRUST",
"reportingPeriodEnd": "2025-09-30",
"reportStatus": "Unaudited",
"auditorName": null,
"auditorKeyMatters": [],
"balanceSheet": {
"cashAndCashEquivalents": 9814,
"tenantAndOtherReceivablesNet": 1261,
"prepaidsAndOtherAssets": 1800,
"lenderEscrowDeposits": 6765,
"totalCurrentAssets": 19640,
"otherNonCurrentAssets": 1824,
"investmentProperties": 1207791,
"propertyAndEquipmentNet": 3341,
"noteReceivableRelatedParty": 2460,
"totalAssets": 1235056,
"tradeAndOtherPayables": 1308,
"lineOfCredit": 5000,
"otherLiabilities": 21490,
"mortgagesAndNotePayableNetCurrent": 710,
"classBUnits": 105971,
"totalCurrentLiabilities": 134479,
"mortgagesAndNotePayableNetNonCurrent": 448437,
"otherNonCurrentLiabilities": 5786,
"totalNonCurrentLiabilities": 454223,
"totalLiabilities": 588702,
"unitholdersEquity": 646354,
"totalLiabilitiesAndUnitholdersEquity": 1235056,
"cashPerShare": null,
"workingCapitalPerShare": null
},
"incomeStatement": {
"rentalRevenueAndRelatedIncome": {
"3m2025": 26087,
"3m2024": 23228,
"9m2025": 75935,
"9m2024": 64380
},
"propertyOperatingExpenses": {
"3m2025": 9130,
"3m2024": 8126,
"9m2025": 25891,
"9m2024": 21881
},
"netOperatingIncome": {
"3m2025": 16957,
"3m2024": 15102,
"9m2025": 50044,
"9m2024": 42499
},
"generalAndAdministrativeExpenses": {
"3m2025": 2895,
"3m2024": 2665,
"9m2025": 8771,
"9m2024": 7808
},
"financeCostsFromOperations": {
"3m2025": 5082,
"3m2024": 5068,
"9m2025": 15371,
"9m2024": 16392
},
"accretionOfMarkToMarketAdjustmentOnMortgagesPayable": {
"3m2025": -56,
"3m2024": -257,
"9m2025": -167,
"9m2024": -772
},
"depreciation": {
"3m2025": 130,
"3m2024": 124,
"9m2025": 384,
"9m2024": 353
},
"otherIncome": {
"3m2025": -139,
"3m2024": -1204,
"9m2025": -1177,
"9m2024": -2051
},
"fairValueAdjustmentClassBUnits": {
"3m2025": 5633,
"3m2024": 6972,
"9m2025": 22812,
"9m2024": -4243
},
"distributionsOnClassBUnits": {
"3m2025": 865,
"3m2024": 824,
"9m2025": 2595,
"9m2024": 2471
},
"fairValueAdjustmentInvestmentProperties": {
"3m2025": -22316,
"3m2024": -23042,
"9m2025": -69546,
"9m2024": -55751
},
"fairValueAdjustmentUnitBasedCompensation": {
"3m2025": 290,
"3m2024": 165,
"9m2025": 878,
"9m2024": -75
},
"netIncomeAndComprehensiveIncome": {
"3m2025": 24573,
"3m2024": 23787,
"9m2025": 70123,
"9m2024": 78367
}
},
"cashFlowStatement": {
"netIncomeAndComprehensiveIncome": {
"9m2025": 70123,
"9m2024": 78367
},
"unitBasedCompensation": {
"9m2025": 1140,
"9m2024": 775
},
"financeCostsFromOperations": {
"9m2025": 15371,
"9m2024": 16392
},
"accretionOfMarkToMarketAdjustmentOnMortgagesPayable": {
"9m2025": -167,
"9m2024": -772
},
"depreciation": {
"9m2025": 384,
"9m2024": 353
},
"nonCashGainLossOnDisposals": {
"9m2025": -50,
"9m2024": null
},
"interestReceived": {
"9m2025": -234,
"9m2024": -441
},
"fairValueAdjustments": {
"9m2025": -45856,
"9m2024": -60069
},
"distributionsDeclaredOnClassBUnits": {
"9m2025": 2595,
"9m2024": 2471
},
"changeInNonCashWorkingCapital": {
"9m2025": 1116,
"9m2024": 2679
},
"cashFlowProvidedByOperatingActivities": {
"9m2025": 44422,
"9m2024": 39755
},
"proceedsFromIssuanceOfUnitsNetOfCosts": {
"9m2025": -392,
"9m2024": 57082
},
"distributionsPaidToUnitholders": {
"9m2025": -9028,
"9m2024": -7822
},
"distributionsPaidToClassBUnitholders": {
"9m2025": -2595,
"9m2024": -2472
},
"cashPaidForRedemptionOfClassBUnits": {
"9m2025": null,
"9m2024": -78
},
"changeInLineOfCredit": {
"9m2025": 2000,
"9m2024": -10000
},
"proceedsFromMortgagesPayable": {
"9m2025": 64874,
"9m2024": 118894
},
"financingCostsAssociatedWithFinancingActivities": {
"9m2025": -2180,
"9m2024": -1734
},
"repaymentOfMortgagesPayableAndNotePayable": {
"9m2025": -45203,
"9m2024": -48968
},
"interestPaid": {
"9m2025": -14480,
"9m2024": -13395
},
"mortgagesPayableSettlementExpense": {
"9m2025": null,
"9m2024": -2060
},
"cashFlowUsedInProvidedByFinancingActivities": {
"9m2025": -7004,
"9m2024": 89447
},
"cashPaidForInvestmentPropertyAcquisitions": {
"9m2025": -14403,
"9m2024": -100007
},
"changeInOtherNonCurrentAssets": {
"9m2025": -1209,
"9m2024": null
},
"cashReceivedForInvestmentPropertyDisposal": {
"9m2025": 1486,
"9m2024": 2012
},
"capitalExpendituresOnInvestmentProperties": {
"9m2025": -20508,
"9m2024": -27354
},
"cashPaidForPropertyAndEquipment": {
"9m2025": -451,
"9m2024": -886
},
"interestReceivedInvesting": {
"9m2025": 217,
"9m2024": 424
},
"cashFlowUsedInInvestingActivities": {
"9m2025": -34868,
"9m2024": -125811
},
"increaseInCashAndCashEquivalents": {
"9m2025": 2550,
"9m2024": 3391
},
"cashAndCashEquivalentsBeginningOfPeriod": {
"9m2025": 7264,
"9m2024": 7814
},
"cashAndCashEquivalentsEndOfPeriod": {
"9m2025": 9814,
"9m2024": 11205
}
},
"investmentsAndOtherAssets": [],
"shareStructure": {
"authorizedShares": "unlimited",
"issuedShares": 19402056,
"classesOfShares": ["Units", "Class B Units"],
"warrants": [],
"options": [],
"rightsConvertibleInstruments": null
},
"managementCompensation": {
"currency": "USD",
"periods": {
"3m2025": {
"total": 532
},
"9m2025": {
"total": 2169
},
"3m2024": {
"total": 451
},
"9m2024": {
"total": 1883
}
},
"namedIndividuals": [],
"otherRelatedPartyTransactions": [
{
"counterparty": "Empower",
"description": "Interest revenue on promissory note",
"amount": 53,
"period": "3m2025"
},
{
"counterparty": "Empower",
"description": "Interest revenue on promissory note",
"amount": 158,
"period": "9m2025"
},
{
"counterparty": "Empower",
"description": "Acquisition of 6-acre parcel of land",
"amount": 1133,
"period": "2025-03-21"
},
{
"counterparty": "Empower",
"description": "Acquisition of 504 lot MHC (95% of appraised value)",
"amount": 24722,
"period": "2025-08-22"
},
{
"counterparty": "Empower",
"description": "Purchase of rental homes (154 homes)",
"amount": 8142,
"period": "9m2025"
},
{
"counterparty": "Empower",
"description": "Reimbursement for payroll and benefits, management fees, and other",
"amount": 614,
"period": "3m2025"
},
{
"counterparty": "Empower",
"description": "Reimbursement for payroll and benefits, management fees, and other",
"amount": 2021,
"period": "9m2025"
},
{
"counterparty": "Call Now HVAC",
"description": "HVAC services",
"amount": 310,
"period": "3m2025"
},
{
"counterparty": "Call Now HVAC",
"description": "HVAC services",
"amount": 846,
"period": "9m2025"
},
{
"counterparty": "BG3",
"description": "Landscaping and construction services",
"amount": 140,
"period": "3m2025"
},
{
"counterparty": "BG3",
"description": "Landscaping and construction services",
"amount": 430,
"period": "9m2025"
},
{
"counterparty": "Empower Park",
"description": "Floor plan interest and reimbursement for home sale losses",
"amount": 183,
"period": "3m2025"
},
{
"counterparty": "Empower Park",
"description": "Floor plan interest and reimbursement for home sale losses",
"amount": 693,
"period": "9m2025"
}
]
},
"subsequentEvents": [
{
"eventDate": "2025-10-31",
"description": "Acquired a 744 lot MHC in Seymor, Indiana for approximately $45,000, funded by the October 2025 Bridge Note",
"impactValue": 45000
},
{
"eventDate": "2025-10-31",
"description": "Entered a draw note commitment (October 2025 Bridge Note) for $70,000, with $45,500 drawn as of November 12, 2025. Variable interest rate at 2.25% over SOFR, maturing in 12 months with interest-only payments.",
"impactValue": 70000
}
]
}
]
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