Flagship Communities Real Estate Investment Trust

Hello, ladies and gentlemen. Thank you for standing by. Welcome to the Flagship Communities REIT Third Quarter 2024 Earnings Call. At this time, all participants are on 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 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 risk 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 it 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 business performed well during the quarter, just as we have experienced throughout 2024. We continue to see notable improvements in many of our key metrics, including rental revenue, NOI, FFO, and AFFO, which speaks to the strong fundamentals of the manufactured housing space. We also continue to see significant improvements in our same community numbers, which are important metrics to measure the growth and stability of our business. Same community revenue was up over 12% over the same period last year. Same community NOI was up over 13% over 2023 levels, and same community NOI margin was up by 0.6% over last year. Our positive financial results enabled us to announce a 5% increase in our monthly cash distribution for the fourth consecutive year. We have been in the fortunate position of being able to raise our distributions every year since our IPO, which is a testament to our strong business performance, solid operating team, and the outlook for the future. In addition to our strong financial and operating performance, the business has achieved many significant milestones this past year. First and foremost, we completed the largest acquisition in our history by adding seven MHCs to our portfolio. We strengthened our existing footprint in Tennessee by entering Nashville, one of the fastest growing markets in the US, and formed a foothold in the new market, West Virginia, with five distinct locations across the state. We quickly began to integrate these assets and are pleased to note that the progress has exceeded our expectation to this point. We have also made a lot of progress in preserving our conservative capital structure. We refinanced our near-term debt at lower fixed interest rates, resetting the interest rates for another 10 years. The cash proceeds were used to pay off existing debt, leaving us with no substantial debt maturities until 2030. We have also begun the process of refinancing our bridge loan from the acquisition, which we expect to complete in early 2025. Completing this refinancing at more attractive terms helped us improve our financial position as we continue to increase the size and the scale of the REIT. In addition to acquisitions, one of the key ways to help us grow the REIT is our lot expansion strategy, which we have advanced considerably during this year. We have the ability to add an additional housing opportunities with certain existing communities for a modest capital investment. During the second and third quarters, we have added an additional 112 lots to our portfolio on approximately 300 acres, and we currently have the ability to add 638 additional lots to these sites throughout the next few years. I will now turn it over to Nathan to provide more details on our recent acquisitions. Nathan?

Thanks, Kirk. Good morning, everyone. In our nearly 30 years in the MHC business, Acquisitions have been a key part of our growth and success. Our ability to quickly make deals as they become available speaks to the solid foundation of our business and our strong reputation in the marketplace. The MHC industry has established record of strong and consistent performance regardless of economic cycles, and we believe the future prospects of the industry remain bright. Manufactured homes are a cost-effective dwelling 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 home. These homes include two, three, and four bedrooms, typically with a two-bath option. They also have a deck, yard, driveway, and in-home laundry facility, all for less than the cost of renting an apartment. We have a tried and tested operating strategy, and we are well positioned within the MHC industry, which is primarily consistent of local owners and 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 zoned land, which creates high barriers to entry in the market. As Kurt mentioned earlier, we have successfully grown our key metrics during 2024. A large reason for this is our ability to quickly ramp up and integrate the acquisitions we have made since our IPO in October of 2020. We are focused on slow and measured growth, which entails a disciplined approach to acquisitions we complete. Our criteria is also as follows. First, 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. Our recent acquisitions in Tennessee and West Virginia are good examples of our growth strategy in action. We already have a presence in Tennessee that we could leverage with this acquisition, and West Virginia is an adjacent U.S. state to our existing portfolio in the Midwest. I'll turn it over now to Eddie, our CFO, to talk about our financial performance for the quarter. Eddie?