Flagship Communities Real Estate Investment Trust

Hello, ladies and gentlemen. Thank you for standing by. Welcome to the Flagships Community's REIT second quarter 2024 earnings call. At this time, all participants are in a listen-only mode. Following the presentation, we will hold a brief question and answer session for analysts and institutional investors. I would like to remind everyone that this conference call is being recorded. Today's presenters are Kurt Keeney, Flagship's President and Chief Executive Officer, Nathan Smith, Chief Investment Officer, and Eddie Carlisle, Chief Financial Officer. Please note that the comments made on today's call may contain forward-looking information, and this information, by its nature, is subject to risk and uncertainties. Actual results may differ materially from the views expressed today. For further information on these risks and uncertainties, please consult the company's relevant filings on CDAR. These documents are also available on Flagship's website at flagshipcommunities.com. Flagship has also prepared a corresponding PowerPoint presentation, which encourages you to follow along with during this call. And now I'll pass the call over to Kurt Keeney. Kurt?

Thank you, Operator. Good morning, everyone. Thank you for joining us today. Our performance in 2024 to date has been strong, and we continue to demonstrate the merits of our business model through the improvement of our key metrics. Rental revenue this quarter increased by 22% over the same period last year. Same community revenue was up nearly 11% over the same period last year. And our FFO and AFFO grew by 27 and 29% respectively over last year. In addition to our solid results, the second quarter of 2024 was especially noteworthy because we completed the REIT's largest acquisition in our history during the quarter. We acquired seven MHCs, strengthening our existing footprint in Tennessee by entering Nashville, one of the fastest growing markets in the U.S. We also formed a foothold in our new market, West Virginia, with five distinct locations within the state. West Virginia is the eighth contiguous U.S. state where we will operate. The integration of these acquisitions has already begun and are within our expectations. Also during the quarter, Flagship raised gross proceeds of approximately $60 million, which were used to partially fund this acquisition. We are well positioned to continue executing our growth strategy by strengthening our balance sheet and maintaining a low cost debt profile. Since going public in 2020 of October, the REIT has grown every year. We began with 45 MHCs comprising of 8,255 lots across four states. Today, following the completion of our recent acquisition, Therete owns 80 MHCs with over 14,000 lots across eight U.S. states, as well as two RV resort communities with 470 lots. The ability to grow annually, complete transformational acquisitions, and generate strong financial results speaks to the strength of our business model and the fundamentals of the MHC industry, which continues to demonstrate a consistent track record of strong performance, regardless of the economic cycle. Manufactured homes remain a very appealing and cost-effective option for many Americans. Our customers enjoy homes that are detached structures, that do not share walls, utilities, air conditioning, or heating with any other homes. The homes include two, three, and four bedrooms, typically with two bathrooms. They have a deck, yard, driveway, and in-home laundry facilities, all for less than the cost of renting an apartment. Our mission is to provide affordable housing and exceptional residential living experiences in our family-oriented manufactured housing communities. We work hard every day to provide our residents with a best-in-class living experience, both from an affordability and an environmentally responsible perspective. and we are always pleased when these efforts are recognized by our industry. In June, we were awarded the Retailer of the Year and Retail Salesperson of the Year by the Kentucky Manufactured Housing Institute. We also were honored with the Community of the Year Award for the third consecutive year in Kentucky. This year's award featured our White Pine Point community. A 345-lot community is an amazing turnaround story. In a short span of 15 months, we helped transform the community by installing a brand-new clubhouse, a municipal-grade playground, pickleball court, dozens of new homes, along with street paving and new solar lighting. These awards are outstanding achievements, and we are thrilled to welcome new and diverse homeowners into the community. I will now turn it over to Nathan to provide more details on our recent acquisitions. Nathan?

Thanks, Kurt. Good morning, everyone. Acquisitions of new communities have always been a big part of flagship success, and this quarter was no exception. As one of the Midwest region's largest MHC operators, we can leverage our nearly 30 years of operating experience to source off-market opportunities through longstanding industry relationships. And that was the case with our recent Tennessee and West Virginia acquisitions. While this acquisition was the largest in our history, it is one of many that we have successfully completed in our short time as a public REIT. We continue to grow our top line revenue, which reflects how we have successfully ramped up and integrated the acquisition we have completed over the past number of years. We also continue to perform well on a same community basis, which shows our ability to optimize our existing portfolio. But despite our growth, our approach has remained the same. We are not interested in growth for growth's sake, which it comes to acquisitions, we stick to our plan, which is as follows. First, we're looking for opportunities that will be accretive to our AFFO per unit. Second, we are seeking opportunities that will enable us to leverage management synergies and generate economies of scale. And finally, We're seeking acquisition targets within our current markets or adjacent U.S. states where we currently operate with similar regulatory framework and characteristics as existing markets within our portfolio. This framework helps us achieve slow and measured growth, which allows us to establish a platform to acquire adjacent properties within our existing market, just as we did with Nashville and West Virginia. We have a proven operating strategy and we are well positioned within the MHC industry, which is primarily comprised of local owner operators. The top 50 MHC investors are estimated to control approximately 17% of the 4.3 million manufactured housing lots in the United States. There also continues to be a limited supply of new manufactured housing communities given the various layers of regulatory restrictions, competing land uses, and lack of land zones, which creates high barriers to entry. I'll now turn it over to Eddie, our CFO, to talk about our financial performance for the quarter. Eddie? Thanks, Nathan.